The government of Cyprus has a new plan. They will build about 500 rental homes owned by the state. President Nikos Christodoulides announced this. The homes will be built on public land. This project will cost around €70 million. It is meant to help young families and workers.
Many people in Cyprus find it hard to afford a home. Prices for renting and buying have gone up. The government thinks housing is very important. They see spending money on housing as a good investment for society. President Christodoulides said housing is a top priority.
The Cyprus Land Development Corporation will manage the new homes. Private companies will build them using a "design and build" method. The land for the homes is worth over €7 million. It is in four main cities: Nicosia, Limassol, Larnaca, and Paphos.
This building project is one part of the government's plan. Another part helps people buy homes. A program for young families has had many applications. Nearly three hundred families have received grants. The government is also encouraging private builders. They have helped create about 260 affordable homes.
There is also a plan for workers in tourism and other jobs. These homes will be smaller and simpler. This will lower costs. It will also help find homes for workers. Minister Constantinos Ioannou said this helps important industries. It also makes regular homes available. The government has spent over €300 million on housing. This shows they are serious about solving the housing problem.