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Low cost property developments in Cyprus

The Cyprus Land Development Corporation is planning to build 500 additional low cost properties in Cyprus and to buy land from property developers.

THE general manager of the Cyprus Land Development Corporation, Stelios Markides, has said that the organisation is planning to build 500 additional low cost properties in Cyprus and to buy land from property developers during 2009 and 2010.

In statements made after the House Finance Committee, which examined the Organization’s budget for 2009, Mr. Markides said that 251 units will be delivered in late 2009. A further 2,000 applications for the purchase of land via the Corporation are still pending.

The Corporation has been instructed by the government to hasten the procedures for the launch of new projects. The budget for 2009 provides for the construction of 287 housing units, while a new planning has been submitted with a new method“, he said.

Adding that “The Corporation has also reached the final stages for the purchase of 60 new housing units to a land that belongs to property development companies. The purchase price in which the Corporation is interested ranges from €1,200 to €1,300 per square metre“.

Mr. Markides said that the projects concern 80 – 100 units in Paphos, 150 in Nicosia municipality, 150 in Limassol and smaller numbers in Larnaca and Famagusta.

The regions are from Astromeritis to Dali for Nicosia, Erimi, Asomatos and Ayia Fyla in Limassol, Tsada, Anarita and Pegeia in Paphos, Liopetri, Xylofagou, Avgorou and Sotira in Famagusta and Aradippou, Larnaca and Meneou.

Referring to the income criteria, Mr. Markides talked about the proposal submitted to the Interior Ministry for the increase in income criteria, while an upward revision is also anticipated.

(Established in 1980, the Cyprus Land Development Corporation assists medium and low-income families to acquire their own home by dividing land and constructing dwellings that are offered for sale at reasonable prices and payment terms).

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