New housing schemes allow extra homes for children, state plots at 25%

Economy housingpropertiesTop News New housing schemes allow extra homes for children, state plots at 25% Ioaanou 1536x987 Relevant News New housing schemes allow extra homes for children, state plots at 25% 9 September 2026 What is the Kinahan cartel, and why has its name surfaced in Cyprus? 9 September 2026 ICPAC: Prospects of the accounting profession at the centre of workshop at CUT 9 September 2026 newsroom 9 September 2026 FacebookXWhatsAppEmailPrintViber Two new government housing schemes will give families new ways to secure homes, allowing existing homeowners to create an additional residence for a child or grandchild and making state-owned building plots available to eligible young people at 25% of their market value. The schemes, presented by Interior Minister Konstantinos Ioannou on Wednesday, September 9, are part of the government’s wider housing policy to increase the supply of homes and expand the options available to people seeking housing. Here is what the two schemes provide, who they cover and how they will work. An extra home for a child or grandchild The first scheme allows owners of existing homes to create an additional housing unit for one of their children or grandchildren. A key feature is that the additional home can be created even where the existing property has already exhausted its development density, subject to the scheme’s conditions. The scheme applies across Cyprus, with certain exceptions set out in its terms. The additional unit can be created in several ways: within the existing building through an extension by adding another floor by making use of available space on the plot The new home can have a buildable area of up to 150 square metres. On larger plots, this can rise to 180 square metres, provided the relevant conditions are met. The scheme also provides concessions relating to parking requirements. What is the restriction? There is a 10-year restriction on transferring the new home, except in cases of hereditary succession. According to Ioannou, the scheme will allow families to use property they already own and reduce the cost of securing housing. It is also intended to make better use of existing buildings and available planning potential in towns and communities. State-owned plots at 25% of market value The second scheme will make state-owned plots available to people who intend to build a home for their own use. Eligibility will be based on income, family circumstances and other criteria. The scheme is open to Cypriot citizens under 45 and covers: families with children couples without children single-parent families The plots will be made available at 25% of their market value. The measure is intended to support younger families on low or middle incomes and strengthen communities in rural and mountainous areas, according to the government. Application Process The initial expression of interest will be made through the presidents of Community Councils. The process will then work through the relevant District Administrations, which will receive the preliminary requests, assess them and proceed with the division of the proposed plots. Around 570 plots across Cyprus are expected to be allocated in the coming period to applicants who expressed interest during the first phase of the scheme. After those plots have been allocated, further plot divisions will be promoted in communities that have shown interest, with emphasis on mountainous, remote and disadvantaged areas. Detailed guides setting out the terms and conditions of both schemes are expected to be published on the Interior Ministry’s website in the coming days. How do the new schemes fit into the wider housing programme? The two new measures are being introduced alongside a number of existing housing schemes and projects. A housing scheme for young people and young families aged up to 41 has supported 700 beneficiaries, with total spending of €26 million. The government is considering relaunching the scheme if the necessary funding can be secured. Separate housing schemes covering mountainous, border, disadvantaged and rural areas approved 1,075 applications between 2023 and 2026, with total spending of €43 million. During the same period, more than 6,500 applications were approved under housing schemes administered by the Service for the Care and Rehabilitation of Displaced Persons, involving a total of €168 million, according to figures presented by the minister. What other homes are being developed? Work is also under way on 460 homes on state land, which will be offered at affordable rents to young people and families. The architectural competition has been completed and the model designs for the developments have been selected. The Cyprus Land Development Corporation (CLDC) has a further 702 housing units at various stages of implementation, licensing or planning, while the creation of 135 plots is also being promoted. Through the Planning Incentives and Built to Rent schemes, the Interior Ministry expects more than 4,100 additional housing units to enter the market over the next three years. Of these, 1,142 units are expected to be available for affordable purchase or rent. The government also expects more than €22 million to be added to the CLDC’s Affordable Housing Fund, allowing for around 250 additional units to be created. Projects for student and co-living accommodation are also being advanced to meet the needs of students and workers. Faster approvals for housing developments The government has also reported progress on faster licensing for residential developments. By the end of August, 2,533 detached and semi-detached homes had been licensed through the fast-track process within 40 working days, Ioannou said. A further 1,242 apartment buildings and residential developments had been licensed within 80 working days. The developments cover more than 15,000 families, who, according to the ministry’s assessment, could obtain their homes around 18 months earlier as a result of the faster approval process. Ioannou said the government’s housing policy would continue to focus on increasing the supply of homes, making use of state and privately owned land and speeding up approval procedures. Subscribe to our Newsletter Latest News What is the Kinahan cartel, and why has its name surfaced in Cyprus? 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