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Affordable housing funded from casino revenue

Affordable housing funded from casino revenue


About 15% of government revenue from the soon-to-be-commissioned new casino resort will help build affordable public housing.

Cyprus Land Development Corporation budget for 2022 will increase to €11.6 million from around €3 million in 2021 for the construction of over 800 housing units to be allocated either through affordable housing or through a new affordable rent plan for low income households.

Europe’s largest integrated casino resort (ICR) City of Dreams Mediterranean will open in Limassol this summer. The opening of the €550 million casino complex was scheduled for the end of 2021, before the pandemic breaks out causing national restrictions.

Government spokesman Marios Pelecanos said the overall cost of housing policy implementation was also discussed at a meeting chaired by President Nicos Anastasiades and the ministers of finance, interior, labor, energy, trade and the deputy minister of social security.

Housing plans for 2022 include €15m for mountain and disadvantaged and rural revitalization, €62m for housing plans for displaced persons, €22m for rent subsidies and mortgage interest, €11.6m for CLDC and €12 million in rental subsidies for approximately 3,000 Minimum Guaranteed Income (MGA) recipients.

In addition to budgetary benefits, non-monetary benefits will also be considered, such as free allocation of land to young couples facing financial difficulties.Funding was also discussed for the Estia scheme, which is expected to benefit around 800 distressed borrowers with a total government contribution of €200m.

In addition, the application process for the Oikia plan for borrowers who have borrowed from public funds with a mortgage on their first home is currently underway.

Interest-rate subsidies will be provided to 4,750 households who will borrow a total of 700 million euros to buy their first home.

Approximately 2,300 applications were submitted to improve the energy efficiency of homes, totaling 35 million euros.

Source and photo:, Editor

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