The Cyprus Organisation for Land Development (KOAG) has announced the active implementation of a new housing policy aimed at increasing access to affordable housing for the economically vulnerable.
The strategy will focus on three key areas:
- Construction of housing for sale at affordable prices
- Creation of rental housing
- Management of incentive programmes and cooperation with the private sector.
According to Elena Koussiou-Hatsidimitriou, chairwoman of KOAG's board of directors, by the end of 2025 the construction of 220 housing units in Nicosia and Limassol will begin, with the possibility of buying or renting them on favourable terms.
In the next two years, Cyprus will have:
- 247 housing units for sale to low-income families;
- 213 housing units to be rented at affordable prices;
- 78 housing units in cooperation with the private sector (59 for sale, 19 for rent).
The most anticipated project is a housing development in the Agios Nikolaos area of Limassol - 138 apartments will be available for rent from May 2025. According to KOAG, by the end of 2026, 218 housing units will be available under social initiatives in Nicosia, 29 in Limassol, 39 in Larnaca and 6 in Paphos.
It should be recalled that the KOAG state programme is aimed at Cypriot and EU citizens who have lived on the island for at least five years and do not own any other housing. The main conditions for participation are: down payment - % (if buying) or solvency to rent at an affordable rate.
At the same time, the income of the beneficiaries must not exceed
- 25,000 euros for a single person;
- 45,000 euros - for a family/single parent with one child;
- 50,000 euros for a family of three
- 55,000 euros for a family of four
- 65,000 euros for - a family of five or more persons