Boosting housing supply: The essential step to easing the crisis

Cyprus is facing a serious housing challenge, with property prices rising and supply falling short of demand. At the recent RealtyOn Expo in Limassol, real estate experts agreed that the most effective solution is to increase the overall housing supply, not just focus on affordable housing projects. Yiannis Misirlis, Chairman of Imperio Group and the Cyprus Property Developers Association, stressed that this is the only way to reduce prices and stabilise the market.

One key issue discussed was the need for faster development licensing, as current delays in permit approvals can raise project costs by up to 10%, ultimately impacting homebuyers. New automatic licensing systems are a step forward, but further improvements—especially in outdated systems like “IPPODAMOS”—are essential for progress. Labour shortages were also highlighted as a major concern, with calls for joint action from the Ministry of Labour to ensure there are enough workers to meet the rising demand.

Misirlis concluded that solving the housing crisis requires teamwork from all key players: the government, banks, developers, and labour authorities. By improving processes, addressing workforce gaps, and boosting housing supply, Cyprus can work toward lower property prices and more accessible housing for all.