In June 2024, a major project will be launched in Limassol, through which hundreds of low-income residents of the city can rent affordable housing.
This was announced on Monday, January 29, by theWho can count on cheap apartments from the Cyprus Land Development Corporation? (KOAG) director general, Eleni Simeonidou.
According to her, houses will be constructed for affordable rent in cooperation with the Limassol municipality. KOAG plans to obtain the relevant license by the end of February. Simeonidou also noted that several more housing projects are planned in Larnaca and Nicosia in 2024. In addition, KOAG is also embarking on the subdivision of plots that will be available at favorable prices.
Regarding affordable rentals, Simeonidou expressed that the Limassol project is the beginning of similar projects to follow in other provinces, but noted the need for public funding. In addition, the head of KOAG emphasized that the Ianthi complex, under construction in Larnaca, is a model of affordable housing of the future.
Several years ago KOAG developed and launched a program of affordable housing for vulnerable groups of the population.
Not everyone can get inexpensive square meters. Housing is intended primarily for low-income residents of Cyprus. It is distributed based on the size of the income of those in need, which should not exceed:
- 22 thousand euros a year - for one person,
- 40 thousand euros - income for a family without children,
- 44 thousand euros - income for a family with one child,
- 48 thousand euros - income for a family with two children,
- 58 thousand euros - income for a family with three children,
- 64 thousand euros - income for a family with four children,
- 70 thousand euros - income for a family with five children,
- 76 thousand euros - income for a family with six children.
Cyprus residents who qualify for the program can rent or buy apartments at much lower prices than those currently offered in the Cyprus real estate market.
To be able to buy an apartment in such a building, you must first fill out an application form and send it to KOAG. If the application is approved, a 20% down payment is required and the remaining 80% is to be paid after the property is commissioned.
