[PIO] Implementation of the measures of the new single housing policy begins

The Guides for the Plan "Builtto Rent" on private land and the Revised Planning Incentives

The detailed Guidance Notes for the "Built to Rent" scheme on private land and the Revised Planning Incentives were approved at today's Cabinet meeting, marking the start of the implementation of two of the main pillars of the new single housing policy announced by the Home Office last October. The two medium-term measures are aimed at increasing the production of housing units and making them available on the affordable housing market.

Specifically, the Built to Rent scheme on private land involves the construction of a number of housing units with land developers utilising an additional build rate of up to 45% of the current rate, with an obligation to lease all additional units produced at an affordable rent for a period of at least six years. The Plan, which is a novelty by Cypriot standards, provides a strong incentive for the private sector to get involved, with the aim of strengthening the market with approximately 800 additional housing units over the next three years.

In addition, the Ministry of Interior has proceeded to revise the planning incentives, aiming to increase the production and supply of new housing units through the concession of an additional building factor of up to 45% of the current one. Land developers will be required to sell 25% of the units produced at the additional rate for affordable housing purposes.

The above measures put together an attractive package for the construction sector to bring more units to market, and ensure a minimum number of affordable housing units. At the same time, by granting a free building factor, which is an asset of the State, the Government is investing in strengthening the welfare state and providing solutions and options to specific population groups that face difficulties in meeting their housing needs.

Detailed Guides to the two Schemes are available on the Home Office website, Section "New Single Housing Policy" (Built to Rent Scheme on private land and Revised Urban Planning Incentives).

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(MCI)
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