Cyprus: New Law for Urban Development Zones Approved

The Plenary of the Parliament has passed into law the Bill on Urban Development Zones (Urban Redevelopment), according to the Ministry of Interior. The aim is to create land ready for development and to reorganize properties within development areas.

The law aims to consolidate, manage, and redistribute real estate within a development area, with the goal of urban planning and activation. It is a reform within the framework of the Recovery and Resilience Plan.

Through urban redevelopment, the reduction of scattered development and the resolution of land ownership problems are pursued. Also, the rationalization of large-scale land uses and the restoration of inactive areas are streamlined.

Within the framework of housing policy, urban redevelopment contributes to the development of new housing units, especially within urban areas. The supply of land is increased, and the creation of public spaces is permitted.

Urban redevelopment will be implemented either by agreement of the owners, or by agreement of owners and the Local Authority, or by Decree of the Council of Ministers.