Nicosia: The government's current total investment in housing schemes has exceeded £300 million, and more than 5,500 new residential units are being added to the market, President of the Republic, Nikos Christodoulides said on Sunday.

According to Cyprus News Agency, in a recorded video message regarding the government's housing policy, the President referred to the two new schemes that have been announced, noting that these offer additional opportunities to young people "and demonstrate in practice that housing is one of our government's most important priorities."

He explained that the first scheme allows family property to be used to build an additional home for children or grandchildren. "In simple terms, a family can use their existing home to build an additional dwelling," he said, adding that there is the option to build a new storey, extend the existing home or make use of unused space on their plot. "And this option is available even in cases where the permitted building coefficient has already been exhausted," he noted.

Referring to the second plan, he said that it provides for the development of state-owned land to the benefit of young families. "Specifically, we are making state-owned plots available at a sale price of just 25 per cent of their value," he noted, adding that, as a first step, 570 plots are being made available across all districts, with further allocations to follow.

"For a young family, this clearly means lower costs for acquiring land and, clearly, more opportunities to go ahead with building their own home," said President Christodoulides.

He went on to note that, since the start of this administration, more than 10 housing schemes have been designed, put out to tender and implemented, with the total investment exceeding £300 million, and more than 5,500 new housing units have been added to the market.

At the same time, he continued, the new fast-track licensing procedures have been utilised by more than 15,000 families. "Our vision of affordable housing for all is being put into practice," he emphasised, adding that the aim is to have "more homes, faster planning permission procedures, the development of state-owned land, collaboration with the private sector, and measures that offer real solutions to citizens."

In conclusion, the President of the Republic stated that the government's aim is to provide substantive solutions for the housing crisis, so that home ownership offers security and stability and enables young people and families to plan their future with hope.