The Cyprus Bank Employees’ Union Welfare Fund (ETYK) has announced the launch of a major residential project in the Aglantzia area of Nicosia. On land already owned by the organization, modern residential complexes with apartments of various layouts will be built. The initiative aims to strengthen the fund’s financial sustainability while expanding support opportunities for union members and their families.
Four Buildings and 40 Apartments at Special Prices
The project provides for the construction of four multi-story buildings, each containing 10 apartments. Both one-bedroom and two-bedroom units will be available, covering different housing needs.
Priority purchase rights will be granted to ETYK members. For them, the apartments will be offered at preferential prices, significantly below market levels, creating a real opportunity to acquire property in a prestigious area of Nicosia. Each membership allows the purchase of only one apartment. The application deadline is set for Sunday, November 30. If demand exceeds supply, allocation will take place via a lottery in the presence of applicants.
If any apartments remain unsold after the internal sale stage, they will be made available to non-members as well. Detailed plans, specifications, sizes, and prices have been published on the union’s official website.
ETYK Fund’s Social Projects
For decades, the ETYK Welfare Fund has implemented initiatives aimed at improving the quality of life of its members. Its mission is not only to ensure financial stability but also to create opportunities for leisure and recreation for employees and their families.
Today, the organization owns a hotel complex in Protaras (Pernera area) and, uniquely among similar funds, a holiday facility abroad in Keramoti, Kavala (Greece). These resorts provide union members with affordable vacation options comparable in quality to market offerings.
The fund also finances children’s camps, cultural events, gym memberships, and organized excursions, offering members additional social benefits beyond standard union support.
Over €4 Million in Annual Financial Support
According to recent data, the fund allocates more than €4 million annually in direct support to all members. Each employee receives €300 credited to their Health Fund account and an additional €300 as a summer holiday subsidy. In total, this amounts to €600 per person per year, making ETYK one of the most active and socially oriented organizations in Cyprus.
Development Prospects
Against the backdrop of rising real estate prices in Nicosia, ETYK’s housing project represents an important contribution to affordable housing for bank employees. Apartments in Aglantzia are expected to be in high demand due to the area’s developed infrastructure, proximity to universities, and closeness to the city center.
The project will not only strengthen the fund’s financial base but also continue its policy of social support—an increasingly vital priority in recent years amid economic changes and the rising cost of living in Cyprus.