On Wednesday 21 May, Limassol Municipality signed an agreement with the Cyprus Organisation for Land Development (KOAG) to launch the first phase of the Affordable Housing Project.
The ceremony took place at Limassol Town Hall. The documents were signed by the Cypriot Minister of the Interior, Constantinos Ioannou, the Mayor of Limassol, Yiannis Armeftis, and representatives of KOAG.
Construction of the social housing complex will begin on 15 June in the Agios Nikolaos area on land owned by the municipality. The first phase includes the construction of four 6-storey buildings with 138 apartments of different layouts:
- 24 one-bedroom apartments,
- 72 two-bedroom apartments
- 36 three-bedroom apartments,
- 6 with four bedrooms.
According to KOAG, the plan is to create modern and compact housing for middle-income families. The main objective is to provide people with affordable housing at 25-30% below market prices. Of the total number of apartments
- 94 will remain under the management of KOAG and will be rented directly to the needy at an affordable rent;
- 44 will be transferred to the municipality, which will distribute them as part of social programmes and initiatives to support the city's residents.
According to preliminary estimates, construction will take 18 months. The project is expected to be completed by the end of 2026. The total cost of the first phase is estimated at more than 22 million euros. The project will be financed from KOAG's budget, with support from the state and local authorities.
The second phase of construction is planned for a later date - approximately two and a half years after the first phase. It will be a logical continuation of the project, bringing even more affordable housing to Limassol.