Cyprus Unveils Ambitious 77 Million Euro Plan to Solve Housing Crisis

Learn about Cyprus' ambitious plan to solve the country's housing problem by investing 77 million euros. The government aims to improve housing conditions and support middle-class and young citizens in securing their own homes. Find out more about this significant initiative.

Recently, the government of Cyprus unveiled an ambitious plan aimed at tackling the pressing issue of housing in the country. With a dedicated allocation of 77 million euros over the next five years, the government aims to significantly improve housing conditions and provide support to the middle class and young citizens in securing their own homes.

The Interior Minister of Cyprus, Constantinos Ioannou, emphasized that these measures are specifically designed to assist the middle class and young people in overcoming the barriers to homeownership. The comprehensive support provided through this program will enable eligible individuals to access substantial financial assistance, facilitating their ability to acquire suitable housing.

In addition to the financial aid, the government's plan encompasses the creation of affordable options for both renting and buying properties. This multi-faceted initiative seeks to bring unused properties back into the market, effectively addressing the issue of housing scarcity and improving the overall housing situation.

A key component of the housing renovation program is the objective to reintroduce 1,000 units into the market within a two-year timeframe. Homeowners will be eligible to receive financial support based on the number of bedrooms, with one-bedroom units qualifying for €15,000, two-bedroom units for €25,000, and three-bedroom units for €35,000.

In order to qualify for financial assistance, certain conditions must be met. The property must be at least 15 years old and have been vacant for a year prior to its last listing. Renovation work must also be completed within six months of the application's approval. Additionally, the property must be leased on a long-term, affordable basis to ensure sustainable housing solutions.

To enhance transparency, the government will soon launch a dedicated website where all vacant properties will be listed. This platform will enable landlords participating in the program to showcase their properties and benefit from tax advantages, further incentivizing their involvement in the initiative.

Furthermore, the Cypriot government is actively promoting rural development by allocating building plots to low-income families. Since 2019, an impressive 1,300 individuals have already received financial assistance totaling €46 million. The eligibility criteria for this support are determined based on guidelines established by the Social Security Services and other relevant authorities. Criteria such as family composition and income level are taken into account when determining the amount of financial aid.

For instance, a single person can receive up to €25,000, while couples are eligible for €45,000. Families of three, four, or five people can access €50,000, €55,000, and €65,000, respectively. These substantial financial grants empower families to overcome the obstacles on their path to homeownership.

In closing, it is evident that the Cypriot government's commitment to addressing the housing problem in the country is admirable. By allocating significant funds towards improving housing conditions and providing financial assistance, the government is actively supporting the middle class and young citizens in achieving their dream of homeownership. The inclusion of affordable housing options, renovation programs, and tax benefits demonstrates the government's holistic approach in revitalizing the housing sector.