Cyprus: New Law for Land Development Approved

The Plenary of the Parliament has passed the Bill on Urban Development Zones (Urban Redevelopment), paving the way for the creation and provision of development-ready land, according to the Ministry of Interior.

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

Through urban regeneration, the aim is to reduce scattered development, solve land ownership problems, and restore inactive areas. It also contributes to the development of new housing units, especially within urban areas.

Urban regeneration will be implemented either with the consent of all owners, by agreement between owners and the Local Authority, or by Decree of the Council of Ministers.