With the Ministry of Interior's Housing Policy being gradually implemented and the first agreement between a construction company and the Cyprus Land Development Organisation signed, the interest of professionals in the sector for the incentives announced is constantly growing, Mersina Isidorou, Director General of the Cyprus Land & Building Developers Association, told Entrepreneurial Limassol.
The director of the Cyprus Land & Building Developers Association, added that among these professionals, there are members of the Cyprus Land & Building Developers Association in the Limassol district, who are already studying the ways of utilising the incentives.
The Cyprus Land & Building Developers Association, according to Ms Isidorou, continues to actively participate in the effort to implement the measures announced last October by the Ministry of Interior. She added that in this effort, she is in constant contact with the Ministry of Interior, as well as the Cyprus Land Development Organisation, in order to utilize the experience and expertise of its members, to contribute to the best possible utilization of incentives and the construction of affordable housing units. She explained, particularly in Limassol, where housing is particularly strained, and in all the provinces of Cyprus.
The director of the LBDA also said that the partnership of the private and public sectors is the key to tackling the housing problem. "This is why our Association has been standing by the Ministry of Interior from the very first moment, submitting proposals and suggestions for the formulation of a comprehensive housing policy, which meets the modern needs of our country" she indicated. She also said that the members of the Association are now pleased to see these measures being put on track for implementation. She concluded that the goal of the Cyprus Land & Building Developers Association is to continue the effort to further strengthen the incentives, always in cooperation with the competent bodies.
"Entrepreneurial Limassol" contacted the President of the Federation of Building Contractors' Associations of Limassol, Haris Ioannou, who told us that the members of the Federation both in Limassol and throughout Cyprus have not been thoroughly informed about these incentives and that is why there is expected to be an informative meeting of the OSEOK with the Director General of the Ministry of Interior. However, Mr. Ioannou said that no interest has been expressed by Limassol contractors for the government's incentives and measures which, he said, are essentially aimed at Land Development Entrepreneurs.
Minister of Interior Constantinos Ioannou said at the end of July that there was a lot of interest in the announced planning incentives and that the Ministry had received 18 expressions of interest and one application for planning permission had been submitted. The Minister added that several applications are expected in September and October from interested parties for the planning incentives and the Built to Rent Scheme.
As a continuance of the housing policy announced by the Government in October 2023, the Ministry of Interior announced the signing last July of the first agreement for the utilization of the revised urban incentives between the Cyprus Land Development Agency, as the executive body of the housing projects, and a company (member of the "Evangelou & Frantzis" group of companies). The company will undertake development in the Municipality of Kourion, taking advantage of the urban incentive of securing an additional building factor of 25% of the permitted building factor. The residential units that will result from the utilization of the additional building factor will be made available to the beneficiaries of the Cyprus Land Development Organisation at an affordable sales price to be determined by the Agency.
According to the Ministry, it is expected that in the next period the examination of the applications submitted by other contracting companies will be completed and respective agreements will be signed for the utilization of the urban incentives and the Built to Rent Plan.
The aim of the new State housing policy is to alleviate the housing problem and create conditions of price decompression in the market, which will substantially reduce the problem of access to affordable housing options for citizens.
