The Cyprus Land Development Organization (KOAG) start the construction of new housing units in Limassol to meet the housing needs of families on low incomes, students and young couples. The funds raised by the Republic from the Cyprus Investment Programme would also be used for this project.
The social renting housing for families with low incomes will be available in Nicosia and Limassol.
The first housing will be done by the first of half of 2023. According to the plan, the first building will be located in Limassol. It will be used three municipal blocks of a total area of 31.081 m2, located in the area of Agios Nikolaos and in the area of Agios Ioannis with the aim of building new housing units.
About 600 apartments can be built with affordable rent which will be granted on the basis of income criteria.
Homes are available to meet housing needs for households or people who are unable to solve their problem on their own. The agency’s residential projects cove all cities of Cyprus. Land separations take place mainly in rural communities where is a need to house young couples.
The annual cross income according to which households or persons to whom residential units are sold by the KOAG are selected are as follows:
Annual gross income depending on the composition of the family shall not exceed:
Single - 22.000 per year
Families without children - €40.000 per year
Families with 1 child - €44.000 per year
Families with 2 children - €48.000 per year
Families with 3 children - €58.000 per year
Families with 4 children - €64.000 per year
Families with 5 children - €70.000 per year
Families with 6 children - €76.000 per year
On the second stage of the development, the similar projects will be available in Nicosia. The building will be allocated in the district of Aglantsia, Agios Dometios and Lakatamia.
It should be remembered that €75.000 of each passport concession from the Republic of Cyprus will be used in the coffers of the KOAG, which will be used in this direction.
Source: inbusinessnews