Significant interest in affordable houses

According to Interior Minister Konstantinos Ioannou, interest in the "Built to Rent" plan, which aims to increase the availability of inexpensive housing alternatives, is increasing.

Developers and residents alike were contacting Ioannou with questions, showing a great deal of interest in the project.

According to Ioannou, "we're setting up for the necessary studies for construction plans", and he anticipated receiving application submissions in the upcoming weeks.

Ioannou clarified the financial component by stating that developers are required to set aside 25% of the resulting units at a reasonable price in order to take advantage on the 45% additional building rate.

"For example, if the original plan was for 100 apartments, developers can now construct 145 units, with 25 set aside for affordable pricing," Ioannou explained. "Alternatively, rental prices will be reduced by 30%".

Ioannou pointed out the goal of providing more inexpensive alternatives while also expanding the construction of housing units.

Ioannou addressed issues with the "urban amnesty" project and gave reassurance that steps are being taken to simplify procedures and provide those affected with clarification.

"This amnesty will be a one-time opportunity, free from complicated procedures, Ioannou stated.

The initiative's proceeds will fund the state's social policies, with Ioannou stressing the value of strong protections.

These updates were given at a press conference that reviewed the ministry's 2023 activities.