affordable homes — The state is set to develop 500 new affordable homes to meet the growing housing demand, as President Nikos Christodoulides announced on Tuesday. This initiative aims to provide rental and sale options in Nicosia, Larnaca, Limassol, and Paphos.
Photo: cyprus-mail.com
- More details about the project and its timeline will be released in the coming months as the state moves forward with its plans.
President Christodoulides emphasised the importance of this measure, stating, “This is an important measure that will help to ease the pressure caused by rising housing demand and will significantly contribute to reducing housing costs. It is a plan long requested by social partners and developed in cooperation with them.”
The new housing units will be priced affordably, with a primary focus on young people looking to enter the property market. This demographic has been particularly affected by the rising costs associated with housing.
With construction costs estimated at around €70 million, the project will involve using state-owned land valued at over €7 million. The government intends to offer these plots to the private sector through a tender process, ensuring that the construction is carried out efficiently.
President Christodoulides also highlighted that the rental units will remain under state ownership, which will help maintain affordability in the long term. He noted, “In total, the current government’s investment in housing policy so far exceeds €300 million.” This investment reflects the government’s commitment to addressing the housing crisis and supporting citizens in their quest for affordable living options.
More details about the project and its timeline will be released in the coming months as the state moves forward with its plans.