Construction of New Affordable Housing Complex Begins on Cyprus.
In Larnaca, the construction of a new residential complex for low-income populations has commenced.
On Friday, May 19, Cyprus President Nikos Christodoulides laid the first stone in the foundation of the ambitious project named "Ianthi." The event was attended by the Mayor of the city, Andreas Vyras, the Minister of Interior, Konstantinos Ioannou, representatives of the Church, and other high-ranking officials.
The social housing construction program aims to erect a total of 32 multi-story buildings.
The complex will be situated on a municipal land covering an area of 4,000 square meters in the Agios Nikolaos district, near the Metropolis Mall shopping center. The project will be implemented in two stages.
The first phase, which includes 24 residential buildings, is expected to last approximately 18 months. It is planned that keys will be handed over to owners no later than mid-2024, according to KOAG (Cyprus Land Development Organization). Beneficiaries will have a choice of 2-, 3-, and 4-bedroom apartments in beautiful modern buildings. The second stage will involve the construction of an additional 8 buildings.
The overall budget of the project is estimated at 5 million euros, with approximately 3.8 million euros allocated for the first phase, according to Tiseas Ioannou, a member of the board of directors of KOAG.
It is worth noting that several years ago, KOAG developed and launched an affordable housing program for vulnerable populations, which continues to be promoted today.
Access to affordable square meters is limited to low-income residents of Cyprus. Allocation is based on the income levels of those in need, which should not exceed the following thresholds:
- 22,000 euros per year for an individual
- 40,000 euros per year for a childless couple
- 44,000 euros per year for a couple with one child
- 48,000 euros per year for a couple with two children
- 58,000 euros per year for a couple with three children
- 64,000 euros per year for a couple with four children
- 70,000 euros per year for a couple with five children
- 76,000 euros per year for a couple with six children
Cyprus residents who meet the program criteria can rent or purchase apartments at significantly lower prices compared to the current real estate market. To have the opportunity to buy an apartment in such a building, applicants must first fill out an application and submit it to KOAG. Application forms can be found here. Upon approval, a 20% down payment is required, and the remaining 80% must be paid after the completion of the property.
For detailed information about all projects in Larnaca, individuals can contact the real estate agency DOM at +357 24 030062 or visit their office at Agias Faneromenis 21, Faneromeni 6025, Larnaca, Cyprus.