On Monday morning, the President of the Republic of Cyprus, Nikos Christodoulides, officially laid the foundation stone for the first affordable housing complex. The project is being implemented through close collaboration between the Limassol Municipality and the Cyprus Organization for Land Development (KOAG). This event underscores the priority the current government places on addressing housing.
Technical characteristics and scope of the project
The new residential complex will consist of four six-story buildings. The project calls for a total of 138 apartments , including:
- One bedroom apartments;
- Two bedroom apartments;
- Three bedroom apartment;
- Four-bedroom apartment.
Construction is taking place on a plot of land valued at €8.7 million . This land was provided by the Limassol Municipality specifically for the social needs of the area.
Financing and economic significance
The total cost of construction work is estimated at 26 million euros . The project’s financial structure is broken down as follows:
- 62% – government funding;
- 38% – funds from the Cyprus Organisation for Land Development (KOAG).
President Christodoulides noted that this project is a model example of effective collaboration between the state, local authorities, and the semi-public sector. The new residential development is expected not only to help citizens in need but also to facilitate the commercial and economic modernization of the surrounding areas, while ensuring social balance in the area.
Expansion of the program to other areas
The Limassol complex is just one part of a larger government strategy. According to the president’s announcement, KOAG will also undertake the implementation of a new housing scheme. It envisions the construction of approximately 500 residential units in four key areas of the island:
- Nicosia;
- Limassol;
- Larnaca;
- Pathos.
The total investment in this expanded program will exceed €70 million . It was emphasized that Cyprus’s current housing policy is fully aligned with the new European strategy for providing affordable housing to the population.
The groundbreaking ceremony was attended by the Minister of the Interior , Constantinos Ioannou, and the Chairperson of the KOAG, Elena Koussiou. Hadjidemetriou , the current mayor of Limassol Yannis Armeftis , as well as former mayor Nikos Nicolaides , during whose term preparatory work on the project began.
