By Maria Lazoura
Image Design/Architecture – Andreas Constantinou
An official agreement was reached between Limassol Municipality and the Land Development Corporation (KOAG) in June 2020, regarding the largest housing project ever to be undertaken in Cyprus to accommodate six hundred low-income families, students and young couples. Due to the Coronavirus pandemic, the project was stalled last year and the first phase is estimated to be commissioned in 2023.
The agreement came about from extreme pressure from locals who have found themselves unable to meet the high rents of Limassol that have increased by over 25% in the last few years or to buy property in an expensive housing market which has arisen from residential developments targeted at high-net-worth investors. Many have been forced to leave Limassol, move in with family or in extreme cases, been left homeless.
Although this is not an immediate remedy to the problems that locals are encountering it can be considered a step in the right direction for the future.
The project, worth €100 million will involve the construction of over 600 new housing units and will be built on three municipal plots of land amounting to 31,081m2 in the areas of Agios Nikolaos and Agios Ioannis. Companies from the private sector, along with the Limassol Municipality and KOAG will also be involved in the project, including funds raised by the Cyprus Investment Program as well.
An ambitious project of energy-efficient units based on the principles of sustainable development and environmental planning aiming to normalize housing prices, provide social and environmental benefits and lower maintenance costs.
Eligibility for the program is based on the annual income of the applicants, not exceeding the following amounts, offering them the possibility to buy or rent apartments at much lower prices than those currently offered on the open market.
- €22,000 for a single person
- €40,000 for families without children
- €44,000 for families with one child
- €48,000 for families with two children
- €58,000 for families with three children
- €64,000 for families with four children
- €70,000 for families with five children
- €76,000 for families with six children.
Planned to be completed in phases, the properties will be allocated accordingly to individuals and families meeting fully documented criteria approved by the state.
*The image is not related to the project or design of the architecture. It is purely illustrative.