The informal meeting of European Union housing ministers in Nicosia aims to spur dialogue and define actions to help member states tackle the housing shortage, Cyprus Interior Minister Constantinos Ioannou has said.
Arriving at the session, Ioannou said the top item on the agenda is simplifying licensing procedures and addressing delays that hinder development. Streamlining approvals, he added, would cut administrative costs, make investments more attractive, speed up the entry of housing units into the market and boost the supply of affordable homes.
He noted that investment levels remain below what is needed to meet rising demand, estimating that an additional €650 billion in annual investment is required across the EU.
Cyprus is hosting the meeting as part of its presidency of the Council of the European Union.