The builders supported the government’s plan to construct 500 affordable rental homes in Cyprus.

The Federation of Cyprus Builders’ Associations (OSEOK) endorsed the government plan to build 500 affordable rental homes in four provinces of Cyprus, its president Stelios Gavriil announced on 12 December 2025. Funding of €70 million was announced by President Nikos Christodoulides.

According to Gavriil, the project can be implemented in a short time, with the allocated funds ensuring that the homes meet quality and energy-efficiency requirements. The Federation requested a meeting with the Minister of Interior, Constantinos Ioannou; the discussion of details is scheduled for next week.

The construction will be carried out by the private sector through open tenders, while ownership will remain with the state. The work is planned to follow the “design and build” method, and the management of the properties is expected to be assigned to the Cyprus Land Development Corporation (CLDC).

The estimated cost, including infrastructure and VAT, is €2,325 per square meter. Of the €70 million budget, €7 million is accounted for as land value. According to the distribution of funds, 30% will go toward one-bedroom, 60% toward two-bedroom, and 10% toward three-bedroom apartments.

Planned locations: Nicosia (plots in Latsia — Geri), Limassol (Moni, Kourion municipality, Episkopi, Amathus — Agia Paraskevi, Kapsalos), Larnaca (Voroklini), and Paphos (Acheleia). The new apartments will be offered at affordable rents, with a focus on young families and single tenants.