The Cyprus government housing plans announced are positive steps, but they do not constitute a comprehensive housing policy

The housing problem in our country has developed into a social crisis, which is precisely why AKEL has been pushing for a comprehensive and socially just housing policy with the implementation of drastic and bold measures for some time now. The two housing plans announced today by the government are positive steps, but they do not constitute a comprehensive housing policy. A crucial issue is what the timetable for its implementation will be. We would like to remind you that there is also the experience of the “New Housing Policy” that had been announced back in 2023, but its results so far are generally considered to be unsatisfactory.

The obstacles to home ownership for the vast majority of society remain unresolved. The cost of living, low wages, rising interest rates, and the arbitrariness of the banks create insurmountable obstacles for young couples, low-wage earners, and young people who can neither buy, nor rent a home, while most of them cannot even obtain a loan. AKEL reiterates that the government’s housing policy needs substantial reinforcement with immediate measures such as:

The expansion and upgrading of existing housing plans to meet real economic and social needs,
Rent subsidies based on socioeconomic criteria, with an emphasis on those who cannot obtain loans due to their low income,
Interest subsidies based on socioeconomic criteria for young people and families below the tax-free threshold.
The creation of a special fund to provide low-interest financing to young couples who meet the criteria for borrowing but do not have the capital required for a loan.
Cyprus needs an ambitious, comprehensive, and socially just housing policy that guarantees the right to housing for all in practice.