Foundation stone laid for first affordable housing project

The foundation stone for the government’s first affordable housing complex was laid on Monday in Ayios Nicholaos, Limassol, with President Nikos Christodoulides saying he was “particularly pleased” that government policy was delivering results.

“I am particularly pleased that the government’s responsible economic policy is bringing tangible results and the very specific tangible result is the reactivation of the Cyprus land development organisation (Koag) after three years.”

He said this was the reason he attended Monday’s ceremony.

“This is why we are here today. Not only is the state providing financial support, but by granting executive powers there are currently around 1,000 housing units in preparation across Cyprus,” he said.

Christodoulides described the project as proof of the government’s political will to address a significant social challenge.

The apartments in the complex will be rented or sold to eligible applicants.

Last week, Koag general director Eleni Symeonidou said the wider programme comprises 439 units, with construction already under way on 181 of them. The largest development is in Ayios Nicholaos, where 138 rental apartments are planned.

The project consists of four six-storey buildings offering one- to four-bedroom apartments. It is being implemented through a land-exchange arrangement on a municipal plot, with rents set below current market rates in Limassol.

Applications will be submitted exclusively through Koag’s new website and only after construction begins on each project, a process intended to ensure final costs are confirmed and accurately reflected for prospective applicants.