The Cyprus Land Development Corporation (KOAG) has finally begun building affordable housing for the lower income residents of Limassol.
This was announced on Tuesday, August 17, by the mayor of the city Nicos Nicolaides.
By the way, the project was supposed to begin to be implemented last year, however, due to the coronavirus pandemic, the construction time had to be postponed. The first properties are expected to be commissioned as early as 2023. For the construction of housing, the municipality of the city has allocated 3 plots of land in the areas of Agios Nikolaos and Agios Ioannis. The total area of the construction site is 31,081 m2.
A total of 600 apartments will appear in the city under the affordable Cyprus housing program. The project cost is estimated at more than 100 million euros.
This is the largest residential project ever implemented in Cyprus with the cooperation of the municipality and government. I confess that I am very proud that we managed to launch it in our city together with KOAG, ” Nicolaides said.
As you may know, the project provides for the construction of modern residential complexes with amenities and infrastructure that will meet the housing needs of low- and middle-income families, students and young couples.
Apartments will be distributed based on the income of those in need, which should not exceed:
- 22,000 euros per year - for one person,
- 40,000 euros - income for a family without children,
- 44,000 euros - income for a family with one child,
- 48,000 euros - income for a family with two children,
- 58,000 euros - income for a family with three children,
- 64,000 euros - income for a family with four children,
- 70,000 euros - income for a family with five children,
- 76,000 euros - income for a family with six children.
Those who fit the criteria of the program will be able to rent or buy 1, 2, 3-room apartments at much lower prices than those currently offered on the Cyprus property market.
At the second stage of the project implementation, similar buildings will appear in the capital. The Municipality of Nicosia has allocated land for construction in the districts of Aglandjia, Agios Dometios and Lakatamia.
More information on new projects in Cyprus can be found on the DOM Real Estate portal. The website has over 20,000 properties in Limassol, Paphos and Larnaca - from residential to commercial. Choose and contact professionals who will help you make the right choice!