22.08.2024
In Limassol, around 600 new residential units available for rent or purchase are planned to be built in the next six years as part of the government’s affordable housing policy, the Cyprus Land Development Corporation ( Koag ) has announced.
to Koag CEO Eleni According to Simeonidou , work on the first phase of the project will begin this autumn – in October or November – in cooperation with the Limassol Municipality . The first phase includes the construction of 138 residential units, which will be rented out to the municipality. The first 37 units are expected to be ready for rent 17 months after the start of construction. After that, construction will begin on three more buildings, also designed to house 138 apartments.
The plan is to complete the entire project over a six-year period, creating 600 rental-oriented residential units, which is particularly relevant for Limassol , where there is a severe shortage of affordable apartments. The project is partly financed by the state, which will keep rental rates below market levels, expected to be 30%, and possibly lower, as financing details are negotiated.
The choice between building houses or apartment buildings depends on the characteristics of the land plots. For example, if the plot in Ayos Dimetrios has a high development factor and will be used for multi-apartment buildings in order to make the most efficient use of available resources and build as much residential real estate as possible.
The project has attracted interest from construction companies, as they are offered additional construction quotas.
