On Tuesday, Interior Minister Constantinos Ioannou unveiled the government's housing policy, pledging €77 million over the next five years to address the country's housing challenges.

ETEK President, Constantinos Constantis, expressed optimism regarding the new measures and emphasized the importance of efficient implementation. He highlighted the collective responsibility to support the younger generation, stating, "We have a challenge to overcome, and our youth must not be forsaken. It demands the collaboration of all."

• Programme Duration: A five-year initiative with both short-term and long-term strategies.

• Focus: The government aims to increase the availability of affordable housing units for sale or rent. The primary beneficiaries will be young individuals and families, low-to-moderate income households, and socially vulnerable groups.

• Utilization of Existing Housing: The Ministry encourages the use of existing housing units. The "Renovate-Rent" Grant Scheme will grant financial incentives to improve and subsequently rent out currently unused houses. This initiative, proposed by the Cyprus Scientific and Technical Chamber (ΕΤΕΚ), aims to rejuvenate dormant housing stocks and make them appealing rental options within the next few months.

• New Residential Units: The "Built to Rent" plan promotes constructing new residential units on private land. The plan also involves revising urban planning incentives to expedite construction and licensing processes.

• Support for Young Homebuyers: The government will provide one-off financial assistance to individuals under 41 to help with constructing or buying their first homes.

• Rent Subsidy Scheme: To counter the effects of rising rental rates, the government will subsidise housing rents, offering immediate relief to many citizens.

• Rural Development: The Ministry of the Interior will allocate land plots to low-income families in specific areas with demonstrated need. Minister Ioannou estimates the release of existing plots and the development of an additional 300 plots within the five-year span. Since July 2019, about 1,300 beneficiaries have been aided with this plan, at a cost of €46 million.

• Housing in Refugee Settlements: The Ministry aims to promote apartment construction on empty land plots within refugee settlements across all provinces, targeting individuals and families facing socio-economic challenges.

• "ktiZO" Plan: This plan focuses on providing secure housing for residents of 358 apartment buildings in government-displaced settlements.

• Private Sector Involvement: The Ministry recognizes the vital role of the private sector in hastening project execution. With their involvement, the hope is to provide residential units faster to those in need.

• Loan and Rent Assistance: While matters concerning borrowers at risk and other specific loan schemes are managed by the Finance Ministry, the Interior Ministry will subsidise 2% of the rent for families with annual incomes up to €50,000 who've sought loans or applied between January 1, 2022, and the end of 2023. They project the addition of 5,500 new residential units to the market in the coming three years due to these measures.