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First developer joins Cyprus affordable housing scheme

First developer joins Cyprus affordable housing scheme

Cyprus’s new housing incentive programme has secured its first developer, with CYFIELD signing an agreement to build an apartment complex in Strovolos, the Cyprus Land Development Corporation (CLDC) announced on Friday.

The project will utilise the Special Housing Incentive for Affordable Housing Production, which allows developers to exceed standard building coefficients by 45 percent.

Under the agreement, CYFIELD will apply for planning permission to construct an apartment building in Strovolos municipality. The developer will allocate three units at affordable prices to eligible buyers selected by CLDC, which manages the urban planning incentives.

Additional developers have expressed interest in the scheme, with more agreements expected in the coming days, sources told philenews newspaper.

The incentives, announced as part of the Interior Minister’s New Housing Policy, aim to engage the private sector in affordable housing production and increase residential stock.

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