In a recent speech, the Minister of Interior, Mr. Ioannou, addressed the government's new housing policy, aiming to gradually increase housing stock with an emphasis on providing affordable housing options for citizens in need. "The new housing policy is human-centered and strengthens the social state, offering solutions to socio-economically vulnerable citizens who struggle to meet their housing needs," he added.

Mr. Ioannou explained that two actions of this housing policy have been implemented since December: the "Build to Rent" scheme and revised urban incentives, such as granting an additional free building coefficient of up to 45% of the current standard, with the obligation to offer all additional units produced at an affordable rent for at least six years.

"Combined with the tax incentives and relief provided in the Plan, this offers a strong incentive to land development professionals, aiming to strengthen the market with an additional 800 residential units over the next three years," he emphasized.

The Minister also referred to the revision of urban incentives previously implemented, saying that with the aim of increasing the production and availability of new housing units, an additional building coefficient of up to 45% of the existing one is granted, with the obligation to sell 25% of the additional units produced for affordable housing purposes at an average construction cost price, and 20% for the owner's benefit at free market prices.

"We view the construction sector as an engine for development in our country, with a significant contribution to the economy and business," said Mr. Ioannou, adding that this is why they are investing in cooperation with all organized entities in the construction sector and further strengthening it.

Concluding, the Minister of Interior assured of "our political will to intervene and differentiate established procedures and practices, to ensure the interests of citizens and professionals."