Cyprus: Urban Redevelopment Bill Passed for Land Development

The Ministry of Interior announced that the Plenary of the Parliament passed the Bill on Urban Development Zones (Urban Redevelopment) into law, paving the way for the creation and supply of land ready for development.

The law aims to consolidate, manage, and redistribute real estate within development areas, and is a reform within the framework of the Recovery and Resilience Plan.

Through urban redevelopment, the goal is to reduce scattered development, solve land owners' problems, and develop new housing units, especially within urban areas.

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