Friday, 20 December 2024

Cyprus Economy - ETEK President: Also apply disincentives to real estate to solve the housing problem

The issue of affordable housing remains one of the top problems facing our society, according to the President of ETEK, Konstantinos Konstantis. Although sincere efforts have been made by the government with the implementation of a series of measures, the complexity of the issue requires coordination which is currently hampered by the absence of a central and effective body.


The importance of utilizing unused housing stock


For ETEK, the utilization of the existing housing stock that is unused and off the market is a priority. In this context, it is proposed to introduce disincentives for the mobilization of properties that remain unused, mainly by Asset Management Funds and Banks.


Proposal for disincentives by imposing an annual fee


Following the recent announcement by the Greek Government to impose an additional tax on properties that remain idle, ETEK is reinstating its proposal to impose an annual fee on unfinished and unused residential units. According to ETEK’s estimate, thousands of such units are currently in the possession of Funds, which, despite having acquired the properties at large discounts, are not putting them on the market due to lack of pressure.


The need for immediate solutions


ETEK underlines that beyond symbolism, the implementation of such measures serves the principle of sustainability through reuse and offers short-term results. He emphasizes that the addition of disincentives to the affordable housing policy package is not only fair and necessary, but also imperative for the immediate response to a social issue that particularly pressures vulnerable groups.


The challenge, according to the President of ETEK, is to dare and adopt new tools that will contribute to the effective response to the housing crisis, with sustainable and fair solutions for all.


"Phileleftheros" Dec 2024