Limassol to Build 600 New Affordable Housing Units as Part of Government Initiative

In Limassol, 600 new affordable housing units will be built as part of a government program aimed at addressing the high rental prices in the region.

Over the next six years, the Cyprus Land Development Corporation plans to create affordable homes for rent or purchase at reduced prices. Eleni Simeonidou, the Corporation’s General Director, stated that work on the first phase of the project will begin in October 2024 or early 2025. During this phase, 138 apartments will be built and leased to the municipality. The first 37 apartments are expected to be ready within 17 months of construction starting, followed by the construction of three more apartment buildings with an equal number of units.

“Our goal is to build 600 apartments in Limassol, as this is where the affordable housing crisis is particularly severe”, Simeonidou noted. The project will be partially subsidized, allowing rents to be at least 30% lower than market rates.

The Corporation is also working on affordable housing projects in other regions, including Nicosia, Larnaca, and Polemidia. These developments will include both apartments and houses.

source: Cyprus Butterfly