The Cyprus Land Development Corporation (KOAG) has officially announced the launch of its Affordable Housing Program. The project aims to support families and individuals seeking to purchase property for their own use at a subsidized price.
Applications from potential beneficiaries will be accepted until November 30, 2025.
The government scheme will initially operate in three major cities — Nicosia, Limassol, and Larnaca, where new-generation residential projects are currently under development. Residents of Cyprus now have an excellent opportunity to purchase a home at the fixed price of €1,650 per square meter, as set by KOAG.
This marks an important step amid the island’s rising property prices and shortage of affordable housing for local residents.
Eligibility Criteria
Applications are open to citizens of Cyprus and European Union member states who have permanently resided on the island for at least the past five years.
In addition, the applicant and their spouse must not have owned any residential property during that same period.
Applicants must also meet specific income criteria, which are set as follows:
- Up to €25,000 per year for single applicants
- Up to €45,000 for couples without children or single parents
- Up to €50,000 for families of three
- Up to €55,000 for families of four
- Up to €65,000 for families with five or more children
These parameters are designed to make the project accessible to middle-income earners and young families who previously could not afford to buy a home in Cyprus’s urban centers.
Financial Terms and Participant Obligations
Participants must be able to make an initial payment of 20% of the property’s total value.
The remaining 80% can be financed through a mortgage from any bank in Cyprus.
The program’s key advantage lies in its fixed price per square meter and government support, which simplify the loan approval process.
It is important to note that beneficiaries are not allowed to sell the property for ten years from the date of purchase.
Moreover, the home must be used exclusively as a primary residence for at least the same period.
Reapplication or participation in similar benefit schemes in the future is not permitted.
How to Apply and Get More Information
Interested applicants can apply online through the official website: www.cldc.org.cy.
The portal provides all necessary forms, detailed instructions, and a list of required documents to confirm eligibility.
KOAG also offers consultation services to assist applicants with budget planning, document preparation, and mortgage applications.
Given the strong public interest, it is recommended not to delay submitting applications until the final deadline.
Why KOAG’s Program Is a Milestone for the Housing Market
Against the backdrop of rising real estate prices and limited affordable housing supply, KOAG’s initiative stands out as one of the most significant social projects of 2025.
It aims to promote sustainable development, reduce housing inequality, and support local residents in achieving home ownership.
Furthermore, the government’s involvement and transparent eligibility rules make the program reliable and secure for all participants.
It is expected that in the coming years, similar initiatives will be expanded to other regions of Cyprus, including Paphos and Ayia Napa, allowing more families to fulfill their dream of owning a home.