The Government of Cyprus continues to implement its large-scale program aimed at providing residents with affordable housing. On Tuesday, June 9, President Nikos Christodoulides participated in the foundation stone-laying ceremony for the Adonis III residential complex in the Polemidia area of Limassol. The new project is designed to help middle-income families purchase their own homes at prices significantly below market rates.
According to the President, housing remains one of the most pressing social challenges facing both Cyprus and many European countries. The government intends to further expand support programs in order to make homeownership more accessible to young families and citizens with limited financial means.
New Residential Complex in Limassol
The Adonis III project is being developed by the Cyprus Land Development Corporation (CLDC) and includes the construction of 29 semi-detached three-bedroom houses. The project is being carried out by A. Aristotelous Construction Ltd.
Home prices will range from €263,000 to €320,000. Applications from prospective buyers are already being accepted and will remain open until the end of August. According to CLDC Chairman Theseas Ioannou, prices in the new development are more than 20% below the average cost of comparable properties in Limassol. In a city that has become one of the most expensive housing markets in Cyprus in recent years, this difference could prove decisive for many buyers.
Why the Housing Problem Is Becoming More Acute
Over the past several years, property prices and rental costs in Cyprus have risen significantly. The increase has been particularly noticeable in Limassol, where strong demand from foreign investors and international companies has contributed to a substantial rise in housing costs.
According to Cypriot real estate market analysts, the cost of purchasing apartments and houses in the island’s major cities continues to increase, while housing affordability for local residents remains a serious challenge. This is why the government is focusing on expanding the public housing stock and creating new support mechanisms for homebuyers.
Government Increases Investment in Affordable Housing
President Christodoulides emphasized that Adonis III is part of a broader strategy to expand affordable housing in Cyprus. Under this initiative, the government is accelerating planning and building permit procedures, utilizing state-owned land for social housing projects, and providing incentives to construction companies.
One of the key objectives remains the construction of 500 affordable homes for young families across the country. In addition, the government is strengthening cooperation with the private sector, which is expected to bring more than 2,500 new residential units onto the market over the next two years. Authorities believe that increasing supply will help partially stabilize the housing market and ease pressure on prices.
Nearly €200 Million Allocated to Support Residents
Over the past two years, the government has allocated approximately €200 million to various housing support programs. More than 5,600 people have benefited from these initiatives, including first-time homebuyers, low-income families, and other groups requiring assistance.
The President noted that housing policy remains one of the government's top priorities. Authorities continue to develop new measures aimed at addressing the housing crisis and improving property affordability for Cypriot citizens.
Particular attention is also being given to the funding of the Cyprus Land Development Corporation. Before the termination of the citizenship-by-investment program, the organization received substantial financial support through mandatory contributions from participants in the so-called “golden passport” scheme.
Between 2019 and 2020, every applicant for Cypriot citizenship was required to make a non-refundable contribution of €75,000 toward affordable housing initiatives. These funds helped finance the construction of social housing projects and student accommodation. Following the closure of the program at the end of 2020, the government was required to identify alternative funding sources. According to the President, the state acted swiftly to restore the organization’s financial stability and prevent housing projects from being halted.
Today, the Cyprus Land Development Corporation remains one of the key instruments of the government's housing policy, and the launch of the Adonis III project demonstrates the authorities’ commitment to continuing the construction of affordable housing despite rising prices and strong demand in the property market.