KOAG Unveils €124,000 Apartments and Broader Affordable Housing Strategy

KOAG Introduces Budget-Friendly Apartments for Cyprus

The Cyprus Land Development Corporation (KOAG) has recently announced a new opportunity for affordable apartments of 75 square metres, priced at €124,000. This development aims to expand accessible housing options across the island.

New Projects and Strategic Goals

At a joint press conference with Interior Minister Constantinos Ioannou and KOAG Chairwoman Elena Kousiou-Hadjidemetriou, details of KOAG’s future plans were unveiled. The organisation expects to complete 220 homes this year and start developing 135 plots in Nicosia, Larnaca, Limassol, and Paphos by the fourth quarter. To explore other budget-friendly listings, consider visiting Cheap Apartments for Sale Cyprus.

Funding and Incentives

Minister Ioannou explained that €12 million will be allocated to KOAG’s fund through compensation incentives for land developers, a figure that may rise. A further €9 million will come from urban planning incentives, and an additional €5–€6 million is expected through amnesty schemes. So far, around 1,200 applications have been submitted under these schemes.

Three-Pillar Plan for Housing

Chairwoman Kousiou-Hadjidemetriou outlined KOAG’s strategy, structured around three pillars: building 247 units on 135 plots, constructing 213 government-funded units, and collaborating with private firms to offer affordable housing for both purchase and rental. Since its founding in 1982, KOAG has assisted nearly 5,000 families, including 1,000 low-income and 2,500 moderate-income households.

Upcoming Policy Changes

Minister Ioannou also highlighted a proposed 15% reduction in apartment floor area to ease construction costs, although this might not translate to an equivalent price drop. Meanwhile, Cabinet decisions are expected to remove strict percentage requirements for different apartment types in tourist zones, aligning regulations with those in other residential areas.

These measures are part of a broader government strategy to ensure both middle-income and low-income families can find reasonably priced homes across the country. Discover more property types in Nicosia to explore additional options.