The detailed Guides for the "Built to Rent" Scheme on private land and the Revised Urban Development Incentives were approved by the Council of Ministers at today's session, marking the start of implementation of two of the main pillars of the new unified housing policy announced last October by the Ministry of the Interior . The two medium-term measures are aimed at increasing the production of residential units and making them available on the affordable housing market.
Specifically, the "Built to Rent" Scheme on private land concerns the construction of a number of residential units with the use by land development professionals of an additional building factor of up to 45% of the applicable one, with the obligation to grant all the additional units that will be produced at an affordable rent for a period at least six years old. The Plan, which is an innovation for Cypriot data, gives a strong incentive to the private sector to get involved, with the aim of strengthening the market with approximately 800 additional residential units over the next three years.
In addition, the Ministry of the Interior has proceeded with the revision of urban planning incentives aiming to increase the production and availability of new housing units, through the granting of an additional building factor of up to 45% of the current one. Land development professionals will be required to sell 25% of the units produced with the additional rate for affordable housing purposes.
The above measures constitute an attractive package for the construction sector to offer more units to the market, and ensure a minimum number of affordable housing units. At the same time, by granting a free building rate, which is an asset of the State, the Government invests in strengthening the social state and provides solutions and options to specific population groups that face difficulties in meeting their housing needs.
The detailed Guides for the two Schemes are available on the website of the Ministry of the Interior, Section "New Single Housing Policy" ("Built to Rent" Scheme on private land and Revised Urban Development Incentives).