During her testimony before the Parliamentary Finance Committee, where the organization’s 2026 budget was being considered, Eleni Simeonidou, CEO of the Cyprus Land Development Organization, stated that the KOAG’s budget for the current year is balanced, projecting revenues of €41,949,400 and expenses of €41,956,346. The expected revenue breakdown includes:
- 21 million euros – from the sale of houses, apartments and land;
- 8 million euros – as part of the implementation of incentive programs in the field of urban planning.
The majority of the organization’s expenditure, €33 million , is allocated to capital expenditures. These funds will be used to construct new residential properties in various locations.
The list of key projects includes:
- Nicosia: 60 apartments are being built in Aglantzia, 48 in Pallouriotissa, 42 in Nicosia, 25 in Kaimakli, 18 in Lakatamia, and 15 in Agios Dometios. 48 units are also planned for Kokkinotrimithia .
- Larnaca: implementation of a project for 24 apartments in Agios Nikolaos.
- Limassol: Construction of 41 apartments in Polemidia.
- Affordable Rental: 54 apartments on Spyrou Kyprianou Avenue (former Troodos Highway) will be designated for the affordable housing program.
In addition to the construction of buildings, part of the budget has been allocated for the division of land for subsequent development. The work will affect the following settlements: Timi (Paphos district), Dromolaxa, Ypsonas, and Kokkinotrimithia.
The implementation of these initiatives highlights KOAG’s strategic role in providing affordable housing to the population and stimulating the construction sector in various regions of the country.
