Nicosia
Nicosia

Nicosia

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Population (AI)

315,000

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Last edited
Oct 1, 2024 7:02 AM
Category
Capital
Local programs

Housing Market

The housing market in Nicosia, Cyprus, is characterized by a mix of challenges and opportunities. Approximately 70% of residents own their homes, while 30% rent, reflecting a balance between homeownership and tenancy. The city faces a housing crisis driven by urbanization and a structural undersupply of housing, exacerbated by high construction costs and rising utility bills. This has led to increased rental demand and higher costs, making homeownership less accessible. To address these issues, Nicosia is focusing on energy-efficient properties and adapting to environmental, social, and governance (ESG) trends. The city is also exploring ways to support affordable housing, including social rental housing and rent regulations. Additionally, there is a growing interest in retrofitting older buildings to meet modern standards and comply with EU energy efficiency directives. These efforts aim to ensure that housing remains affordable and sustainable for both residents and investors.

Further Actors?

Cooperatives

There is no specific data available on the role of housing cooperatives in the city of Nicosia. However, based on the broader context of housing cooperatives in Europe, here is a summary: Housing cooperatives in Europe, including cities like Nicosia, play a crucial role in providing affordable housing, fostering community engagement, and promoting social equality. They often offer a democratic governance structure, allowing members to participate in decision-making processes. These cooperatives also contribute to sustainability efforts and align with renewable energy initiatives, enhancing their local and regional impact. In many European cities, housing cooperatives have a significant market share, especially in countries like Germany and Sweden, where they have a long history and substantial presence. For instance, in Germany, some cooperatives manage large numbers of dwellings, showcasing their professionalism and experience. Cities like Lisbon actively promote cooperative housing by providing land at reduced costs and mobilizing public and private resources to support new cooperative projects. This includes setting up guarantee funds to help cooperatives manage financial burdens. While specific data on Nicosia is not available, it is likely that similar initiatives could be beneficial in promoting cooperative housing in the city.