Limassol to Add 600 New Affordable Housing Units

Over the next six years, around 600 new affordable housing units will be built in Limassol for rental or purchase as part of the government's affordable housing policy. Construction on the first phase of the project is set to begin in October or November.

Eleni Simeonidou, CEO of the Cyprus Land Development Corporation (Koag), told the Cyprus News Agency that the first phase will include the construction of 138 housing units, which will be rented to the municipality.

Once construction starts, the first 37 apartments are expected to be available for rent within 17 months. Work will then proceed on three additional apartment buildings, which will include another 138 units.

“We plan to replicate this model in two other districts, aiming to construct 600 rental units in Limassol over the next six years, where rental affordability is a significant issue,” Simeonidou explained.

The government will cover part of the construction costs and will set specific guidelines for the rental rates. However, the exact amount remains undecided as “funding conditions are still under discussion.”

“Our goal is to set the rent at least 30 percent below market rates, with plans to reduce it even further in the future,” added Eleni Simeonidou.