Ministry highlights growing demand for apartments

The Interior Ministry this week highlighted a rising demand for apartments, linking this trend with the number of people who have utilised housing assistance provided by revised support schemes. This trend, the ministry said, is particularly e

By: cyprus-mail.com

Nov 14 2024
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Ministry highlights growing de

The Interior Ministry this week highlighted a rising demand for apartments, linking this trend with the number of people who have utilised housing assistance provided by revised support schemes.

This trend, the ministry said, is particularly evident in Nicosia, where people have leveraged these schemes to purchase flats, revitalising mountainous, border, and disadvantaged areas, as well as rural regions.

It also said its ongoing housing policy focuses on producing affordable housing stock and expanding options for both middle and low-income families.

The ministry noted that its initiatives include land allocation schemes for low and middle-income families, financial aid for young couples and individuals up to age 41, and improved support for mountainous and border areas to promote homeownership.

These measures, it said align with other strategic programmes such as the ‘renovate-rent’ scheme, urban planning incentives, and the ‘build to rent’ initiative.

The ministry said that ti expects these efforts to add affordable rental and sale housing, ultimately stimulating the residential property market.

Citing recently released data from the Department of Lands and Surveys (DLS), the ministry noted that there has been a 19.2 per cent rise in new home sales, including both apartments and houses, during the first nine months of 2024 compared to the same period last year.

Apartments drove this growth, recording an increase of almost 30 per cent, while house sales fell by 9.2 per cent.

Moreover, between January and September 2024, 5,253 property sale documents were filed, with 4,335 for apartments and 918 for houses.

The total value of apartment sales rose 38.1 per cent year-on-year, reaching €1.45 billion, while house sales values fell by 2.8 per cent to €457.2 million.

The ministry highlighted the preference for apartments, which saw nearly a 30 per cent increase in sales, is strongly linked to young people and young families facing high housing costs and limited financing options.

Finally, the ministry stressed that the demand for apartments is growing across all districts, including areas with less foreign investment interest.