Cyprus Land Development Corporation: Plans For 2022

Кипрская организация земельного развития рассказала о своих планах на 2022 год
22 January 2022 Liza Medvetskaya
1110

On Friday, January 21, the Cyprus Land Development Corporation (KOAG) announced a plan for the construction of social housing for low-income residents, students and young families for 2022.

According to the release, KOAG intends to implement 14 projects in Nicosia, Limassol and Larnaca, thanks to which many residents of the island will have the opportunity to get their own housing or rent real estate in Cyprus at very favorable prices.

In particular, the Cyprus Land Development Corporation will build:

  1. A residential complex consisting of 30 housing units in the village of Kokkinotrimithia, Nicosia. Of these, 8 high-rises with 3-bedroom apartments and 22 two-storey houses with three bedrooms. The project budget is estimated at 3 million euros.
  2. A residential complex consisting of 15 two-storey houses with 3 bedrooms and 2 multi-apartment buildings with 3-bedroom apartments. The project budget is estimated at 500 thousand euros.
  3. A residential complex consisting of 16 residential units (8 houses with 2-bedroom apartments and 8 houses with 3-bedroom apartments) in Ekali, Limassol. The project budget is estimated at 600 thousand euros.
  4. A residential complex consisting of 32 objects in the area of Agios Nikolaos, Larnaca. The project budget will be 4.5 million euros.
  5. A residential complex of private and apartment buildings in Sotiros, Larnaca, which will consist of 21 residential units.
  6. A residential quarter of 59 private houses in the area of Kato Polemidia, Limassol. The project budget is estimated at 6.2 million euros. Expenses in the amount of 1 million euros and completion of the first phase of construction are planned for 2022.
  7. Residential complex in Agios Nikolaos, Limassol. The project budget is estimated at 600 thousand euros.
  8. The second project of a residential quarter also in Agios Nikolaos, Limassol provides for expenses in the amount of 300 thousand euros for 2022.
  9. Residential complex within the framework of the Affordable Rental project in the Agios Ioannis, Limassol. The project budget is estimated at 600 thousand euros.
  10. Residential complex for 51 apartments in Aglandjia, Nicosia. The project budget is estimated at 200 thousand euros.
  11. Residential complex in the area of Agios Dometios, Nicosia for 14 apartments, designed for renting social housing. The project budget is estimated at 200 thousand euros.
  12. The residential project in Lakatamia, Nicosia will consist of 19 social housing units, the main purpose of which will be the sale of affordable apartments to low-income people. The project budget is estimated at 200 thousand euros.
  13. Two residential complexes in the village of Pallouriotissa, Nicosia consisting of 31 and 50 housing units. For 2022, the budget provides for expenses in the amount of 200 thousand euros for these projects.

Α few years ago, the Cyprus Land Development Corporation (KOAG) developed and launched a program affordable housing for vulnerable segments of the population, which continues to be promoted today.

However, not everyone will be able to get inexpensive square meters. Housing will be intended primarily for low-income residents of Cyprus. And it will be distributed based on the income of those in need, which should not exceed:

  1. 22,000 euros per year - per person
  2. 40,000 euros - income for a family without children
  3. 44,000 euros - income for a family with one child
  4. 48,000 euros - income for a family with two children
  5. 58,000 euros - income for a family with three children
  6. 64,000 euros - income for a family with four children
  7. 70,000 euros - income for a family with five children
  8. 76,000 euros - income for a family with six children.

Residents of Cyprus who fit the criteria of the program will be able to rent or buy 1, 2, 3-room apartments at much lower prices than those currently offered on the Cyprus real estate market.

The increase in demand for real estate in Cyprus has led to a significant increase in rental prices. The most uncontrolled growth is observed in Limassol. In just 3 years, the rental of real estate in Limassol has soared by 40%. Outraged tenants have repeatedly held protests in the city.

Limassol is catching up with Paphos and the capital of Cyprus - Nicosia. In order to somehow defuse the situation, the government has finally begun to take measures to eliminate the problem and has developed a new housing strategy. At the same time, the state has decided to focus on the introduction of new tools and incentives for the construction of housing that plans to rent or sell at affordable prices for the poor population of the island. 

On December 21, 2021, the Cyprus Land Development Corporation and the Limassol Municipality signed an agreement on the construction of social housing in the areas of Agios Nikolaos and Agios Ioannis. The innovation of the Limassol projects will be the fact that affordable housing can not only be bought, but also rented.

KOAG plans to build similar low-cost rental projects in Nicosia (a total of 165 residential units will be available for rent) over the next five years.

Кипрская организация земельного развития рассказала о своих планах на 2022 год

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: stockwatch.com.cy
Photos: pixabay.com
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