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27 May, 2024
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Confusion clouds real estate policies in Cyprus

What you need to know about the Cyprus government's housing measures and its economic impact


In the current real estate landscape, confusion reigns supreme, even surpassing the realm of uncertainty, according to an op-ed written by Andreas Andreou, CEO of APS Andreou Property Strategy - Chartered Surveyors. Despite the well-intentioned government measures and policies regarding development, housing, and energy upgrading, a critical observer cannot ignore their lack of clarity and effectiveness. The crux of the issue lies in the communication gap between policymakers and the general public. While the government aims to champion communication, it often falls short in conveying clear plans, objectives, beneficiaries, and implementation details to the masses.

One such example is the affordable housing incentive, which, despite its good intentions, comes with stringent conditions like a minimum net property area requirement that may deter potential beneficiaries. For initiatives like these to succeed, restrictions on lot sizes need to be lifted, and incentives should be tailored to the scale of development. Similarly, institutions like COAG and public universities should explore alternative construction methods to address affordable housing needs effectively.

Another area of concern is the adoption of renewable energy solutions like photovoltaics. Despite the potential benefits, bureaucratic hurdles and lack of widespread implementation hinder progress. Energy upgrades for aging buildings should also be prioritized with increased financial incentives to expedite the process. Overall, a holistic, long-term planning approach is essential to instill certainty and economic stability, attracting much-needed investment.

Andreas Andreou emphasizes the need for practical proposals from political parties to navigate the uncertain economic climate effectively. While some initiatives have been proposed, broader consensus and action are necessary to steer the real estate market and economy toward stability and growth.

[This op-ed was translated and edited for brevity and clarity]

Cyprus  |  economy  |  real estate

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