Limassol to Have Affordable Housing

В Лимассоле появится недвижимость для малоимущих
22 December 2021 Liza Medvetskaya
1734

The increase in demand for real estate in Cyprus has led to a significant increase in rental prices.

This problem especially affected Limassol, where rental rates soared by 40% within 3 years. However, affordable apartments will soon appear in the city, and this will solve some problems.

On Tuesday, December 21, Limassol Municipality and the Cyprus Land Development Corporation (ΚΟΑΓ) signed a long-awaited agreement on the construction of 600 social housing units for low-income residents, students and young families, as well as the creation of the necessary infrastructure around these complexes.

As expected, affordable apartment buildings will be erected on three plots belonging to the city. Two of them are located in the area of Agios Nikolaos, another one is in Agios Ioannis. The total building area will be 31,081 m2, and the project cost will exceed 100 million euros.

As part of the affordable housing development program, Limassol will have 1-, 2-, 3-, 4- room apartments. The construction of the first apartment building will begin in early 2022. The project is planned to be completed by 2026.

The program will be implemented in three stages. The first phase of the project will include the construction of six apartment buildings. Four of them will appear in the area of Agios Nikolaos, and two in Agios Ioannis.

Affordable housing will be provided to residents of Limassol based on the size of their income, which should not exceed:

  1. 22 thousand euros per year - per person
  2. 40 thousand euros - income for a family without children
  3. 44 thousand euros - income for a family with one child
  4. 48 thousand euros - income for a family with two children
  5. 58 thousand euros - income for a family with three children
  6. 64 thousand euros - income for a family with four children
  7. 70 thousand euros - income for a family with five children
  8. 76 thousand euros - income for a family with six children.

People who fit the criteria of the program will be able to rent apartments at much lower prices than those currently offered on the Cyprus real estate market.

В Лимассоле появится 600 единиц жилья для малоимущих

The agreement we signed today will radically change the course of things in our country in the field of social and affordable housing. After a year of intensive preparation, negotiations and hard work, Limassol Municipality and KOAG will finally begin the construction of 600 social housing units that will be available for rent and purchase. This project is a powerful step towards solving the huge problem of high rents faced by middle- and low-income families in our country, and especially in our city. I am very proud of the fact that together with KOAG we were able to launch this important project in our city," Nicos Nicolaides said.

During the signing of the agreement, Nicolaides thanked, on behalf of the Limassol City Council, the head of KOAG, Elena Kousiou-Hatzidimitriou (with whom he signed the agreement) and other officials present for their contribution to housing construction in the city.

В Лимассоле появится 600 единиц жилья для малоимущих

В Лимассоле появится недвижимость для малоимущих

More detailed information about new projects in Cyprus can be found on DOM. The website has more than 20,000 properties in Limassol, Paphos and Larnaca - from residential to commercial. Choose and contact professionals who will help you make the right choice!
Source: philenews.com, limassolmunicipal.com.cy
Photos: limassolmunicipal.com.cy
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