Cyprus cabinet increases recognized restoration costs for listed buildings

The Cyprus Council of Ministers has approved an increase in the maximum recognized cost for the restoration of listed buildings. This decision by the Ministry of Interior aims to align official cost estimates with current market realities. Construction costs for materials and labor have risen by approximately 25% to 30%, which has discouraged owners from undertaking necessary restoration projects. The measure is designed to close the gap between the actual market price and the recognized costs supported by the state. This initiative is part of a broader reform package aimed at simplifying the management framework for historic properties. The government intends for these changes to facilitate the preservation, reuse, and utilization of architectural heritage. By making the restoration process more financially viable, the authorities seek to improve the protection of historic centers in cities and communities across the country.