The new Plan for Granting the Right to Build a New Home for the Housing of Family Members creates a new option for families who already own a home or residential property, which was presented by Interior Minister Konstantinos Ioannou.
The key change is that owners of existing homes will be able, under specific conditions, to build an additional home for their children or grandchildren, even if the plot’s building coefficient has already been fully utilized. The Plan will be implemented throughout Cyprus, with specific exceptions to be outlined in its terms of application.
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Not Just About Adding a Floor
Although the Plan focuses on the construction of an additional floor, the possibilities it offers are broader.
Specifically, the new residence may be created:
- within the existing building,
- by adding a new floor,
- by extending the existing building,
- or by utilizing the vacant space on the lot.
The maximum buildable area of the new unit is set at 150 square meters as a general rule. On larger lots and under specific conditions, the area may reach up to 180 square meters.
What about parking and property transfers?
The Plan also includes provisions regarding parking requirements to facilitate the creation of additional housing units within existing developments.
At the same time, restrictions are placed on the use of the new unit as an immediate investment property. Specifically, a ten-year restriction on its transfer is provided for, with the exception of cases of inheritance.
According to the Ministry of the Interior, the goal is for families to be able to use the property they already own to meet the housing needs of the next generation, while at the same time limiting the costs associated with purchasing land or another home.
The measure also aims to increase the available housing stock without the need to develop new lots, by making more intensive use of existing housing and urban planning potential in cities and communities.
The detailed terms and the implementation guide for the new Plan are expected to be posted in the coming days on the Ministry of the Interior’s website.
