President Nikos Christodoulides laid the foundation stone Monday for government’s first affordable housing complex in Ayios Nicolaos, Limassol, expressing particular pleasure at policy delivering tangible results.
“I’m particularly pleased responsible economic policy brings concrete outcomes, specifically reactivating Cyprus Land Development Corporation (Koag) after three years,” Christodoulides stated, explaining his attendance.
State provides financial support while granting Koag executive powers, yielding around 1,000 housing units in preparation island-wide.
Ayios Nicolaos affordable housing details
Four six-storey buildings offer one- to four-bedroom apartments rented below Limassol market rates to eligible applicants via land-exchange on municipal plot.
€26 million total cost: €16 million state grant, remainder Koag-funded. Land valued at €8.7 million. Two-phase implementation completes 2030.
Christodoulides called project “tangible proof of political will investing in infrastructure solving citizens’ needs, particularly young people’s.”
Koag reactivation significance
Public-law entity Koag (est. 1980) acquires/holds land for low-income housing, previously funded by now-defunct citizenship-by-investment programme.
Christodoulides emphasised reactivation occurred under his administration after three-year idle period.
Hire-purchase interest noted
Public approached president Monday requesting hire-purchase option, leasing with eventual purchase rights. Christodoulides said they’d examine possibility.
Koag director Eleni Symeonidou noted wider programme includes 439 units, 181 under construction. Ayios Nicolaos hosts largest development with 138 rental apartments.
Applications exclusively via Koag’s new website post-construction start, ensuring confirmed final costs for applicants.
Source: Cyprus Mail
Also read: €12M boost for Strovolos affordable rental homes
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