President Nikos Christodoulides announced two new housing schemes on Sunday, approved by the cabinet to address housing needs among young people and families.

The first offers 570 state owned plots of land at a price reduced by 75 per-cent of their value, while the second grants incentives to families developing an existing home or plot, even where the permitted building coefficient has been exceeded.

Speaking in a video message, Christodoulides said, “with two new housing schemes, we offer additional opportunities for our young people and demonstrate in practice that housing is one of the most important priorities for our government”.

Under the first plan, families will be permitted to use existing property to create an additional home for children or grandchildren.

This may involve building a new floor, expanding an existing residence or making use of free space on an existing plot, regardless of whether the building coefficient has already been reached.

The second plan focuses on state owned land, with plots sold at just 25 per-cent of their value.

As a first step, 570 plots will be made available across all provinces, with further subdivisions to follow.

Christodoulides said this would mean “a clearly lower cost for acquiring land” for young families, giving them greater scope to build their own homes.

The president pointed to the government’s wider housing record, stating that more than ten housing projects have been designed and implemented since taking office, representing a total investment exceeding €300 million.

He said more than 5,500 new housing units have been added to the market as a result, while new fast track licensing procedures introduced by the government are being used by more than 15,000 families.

Christodoulides described the government’s approach as one aimed at “more housing, faster licensing procedures, utilisation of state land, cooperation with the private sector and interventions that offer real solutions to citizens”.