The hidden cost of housing delays

Planning and permitting delays can add around €60,000 to the average price of a new apartment in Cyprus, without increasing a developer’s profit by a single euro.

According to Yiannis Misirlis, chairman of the Cyprus Property Developers Association (CPDA), public debate over housing affordability usually centres on rising property prices, construction costs and interest rates, while far less attention is paid to one of the most significant cost drivers of all, which are delays in the planning...