Cyprus Land Development Corporation (ΚΟΑΓ), in cooperation with the Ministry of the Interior, is embarking on the next phase of the Affordable Housing program.
The Minister of Internal Affairs of Cyprus Nicos Nouris said on Thursday, February, 25 that soon the capital's residents will be able to buy budget housing at low rental rates.
According to the minister, 190 apartments will appear in Nicosia. The first houses are expected to be commissioned in December 2022, and the entire project will be completed by December 2025.
Social housing will appear in the following districts of Nicosia:
- Ekali - 16 residential units;
- Kaimakli - 17 residential units;
- Pallouriotissa - 30 residential units;
- Aglantzia - 48 residential units;
- Agios Dometios - 14 residential units;
- Lakatamia - 17 residential units;
- Pallouriotissa - 48 residential units.
Not everyone can buy these apartments. The housing will be intended primarily for the low-income residents of Cyprus. And it will be distributed based on the income of those in need, who don't earn more than:
- EUR 22,000 per year - per person;
- EUR 40,000 - income for a family without children;
- EUR 44,000 - income for a family with one child;
- EUR 48,000 - income for a family with two children;
- EUR 58,000 - income for a family with three children;
- EUR 64,000 - income for a family with four children;
- EUR 70,000 - income for a family with five children;
- EUR 76,000 - income for a family with six children.
At the same time, Nouris emphasized that the ΚΟΑΓ program, together with the new Housing Support Scheme for rural areas recently presented by the Government of Cyprus, will contribute to the development of entrepreneurship and the strengthening of the country's economy.
"We hope that along with ΚΟΑΓ, the private sector and local authorities will take advantage of these new incentives, which will give more people, especially young and new homeowners, the chance to enter the housing market" - said Nouris.
The minister stressed that the scheme for rural areas will improve the already existing programs of the ministry, designed to support families living in rural, mountainous, remote and disadvantaged areas, and will also attract new residents to these places.
The new program will cover an additional 130 communities, bringing the total number of cities and villages participating in the scheme to 258. It will significantly strengthen incentives for young couples and large families, as well as expand income criteria. This will attract more participants to the program.
The minister noted that applications for participation in the program will be accepted from March 1 to December 31, after which it will be revised again and opened on different conditions.