Nearly 3,000 residential units were licensed within 40 days, and about 1,000 apartment buildings were licensed within 80 days. This is a pivotal point in the land development sector, which is the result of the reforms that are underway.
In his greeting - on behalf of the President of the Republic - at the official dinner of the Real Estate Development Association, the Minister of Interior Konstantinos Ioannou noted that the above confirms the necessity of the reform and contributes both to the smooth implementation of development projects and to the strengthening of the housing policy of the State.
These changes were also welcomed by land development entrepreneurs, who, however, stressed at the same time that there is still a lot to be done, as long delays in the licensing sector continue to be the most important structural obstacle in the sector.
For his part, the President of the Cyprus Real Estate Development Association, Yiannis Misirlis, underlined once again that the housing crisis that Europe is currently facing – and Cyprus is no exception – is primarily a supply crisis. "In recent years, there has been a lot of discussion about affordable housing. I would like to be clear: The housing crisis that Europe is facing today is first and foremost a supply crisis," he said. To add that the answer cannot be a slowdown in growth, nor of course restrictions on investment. The answer is more housing and more supply, he added.
Licenses within days
In more detail, the Minister of the Interior, Konstantinos Ioannou, in his greeting, said, among other things, that the reform of development licensing is one of the most important interventions that have been implemented in recent years. Through new procedures, faster and automated licensing mechanisms, the strengthening of e-government and the use of modern digital tools, the government seeks to reduce bureaucracy, speed up procedures and improve the service to citizens, investors and businesses.
Characteristically, he pointed out that the results so far confirm the necessity of reform. Almost 3,000 residential units and about 1,000 apartment buildings were licensed within 40 and 80 working days respectively, contributing both to the smooth implementation of development projects and to the strengthening of the State's housing policy.
Modernization of services
At the same time, Konstantinos Ioannou continued, the changes promoted in the Departments of Urban Planning and Land Registry aim to create a more efficient, transparent and citizen- and investor-friendly public administration. "We are further investing in the digitization of procedures, the upgrade of electronic services, the reduction of administrative delays through the reorganization of the relevant services and the improvement of the processing of applications.
Our goal is to provide faster, better quality and more reliable services to everyone," he stressed. After all, as Mr. Ioannou said, the competitiveness of Cyprus as an investment destination is directly linked to the efficiency of public services and the ability of the State to license, serve and facilitate the implementation of quality developments.
Concluding, the Minister of the Interior noted that the green transition, the energy efficiency of buildings, smart cities, the utilization of technology and the integration of innovative practices in design and construction are now integral elements of our country's development strategy.
The market is changing
The President of the Cyprus Real Estate Development Association, Yiannis Misirlis, in his own speech, referred to the changes that are taking place globally, regarding the real estate market. "The global market is changing. Modern generations of professionals and entrepreneurs are now looking for more than just a property. They are looking for a complete living environment. They are looking for communities. They are looking for spaces where they can live, work, create, and evolve. They are looking for cities that are humane, sustainable and technologically advanced.
To add that Cyprus has all the conditions to respond to this new reality, with investments in modern housing, green buildings, new business hubs and projects that upgrade cities, strengthen the country's competitiveness and create real value for the economy and society.
The main issue is the offer
Mr. Misirlis pointed out once again that the biggest challenge we face today in the Cypriot market is the housing issue. In recent years, as he said, there has been a lot of discussion about affordable housing.
"I would like to be clear: The housing crisis that Europe is facing today is first and foremost a supply crisis.
And Cyprus is no exception. Population growth, the establishment of new businesses, the arrival of foreign professionals, and the creation of new jobs have significantly increased the demand for housing.
The answer cannot be slowing growth, nor restrictions on investment. The answer is more housing and more supply. Faster licensing procedures. Better urban planning, modern infrastructure and above all cooperation.
Delay equals higher cost
The president of the Real Estate Development Association stressed that the introduction of new incentives to increase the supply of housing and the promotion of self-licensing, are positive and substantial interventions that move in the right direction. However, he added, there is still a long way to go.
Long delays in permits continue - according to Mr. Misirlis - to be the most important structural obstacle to increasing the supply of housing. Each month of delay translates into higher costs, and each year of delay translates into fewer available housing. Fewer homes mean higher prices for citizens.
"That is why we believe that the further acceleration and simplification of licensing procedures must remain high among our common priorities," he concluded.
