Affordable housing is the main problem facing the people of Limassol today.
This was stated recently by the Mayor of the city, Yannis Armeftis.
In this regard, the municipality is negotiating with the Cyprus Organisation for Land Administration (KOAG) to build more housing units for the needy. Construction of the first housing units is expected to start in the first half of 2025. The municipality is also working hard to solve a serious traffic problem in the city.
It should be noted that Limassol has been leading the growth in residential property prices for several years.
This is due to the high demand for properties in the city, especially in the new construction segment. Many residents of Cyprus cannot afford to buy a home due to inflation, rising property prices and mortgage interest rates against a background of modest incomes (salaries remain at the same level). Young couples are more often affected by this trend. In order to help them, the Cypriot government has launched an affordable housing programme.
Over the next six years, some 600 new houses will be built in Limassol for rent or sale to the needy. According to the plan, 138 units will be built in the first phase. Once work starts, the first 37 apartments will be rented out within 17 months. Work will then begin on three more apartment buildings, which will contain a total of 38 apartments. Part of the cost of the project will be borne by the government, which will have certain requirements regarding the amount of rent or sale value.