The Cyprus Land Development Corporation (KOAG) has announced the availability of affordable apartments, each measuring 75 square metres, at a price of €124,000.
This development was revealed on Tuesday during a joint press conference held by Interior Minister Constantinos Ioannou and KOAG Chairwoman Elena Kousiou-Hadjidemetriou, where they discussed the organisation’s ongoing housing initiatives.
According to Minister Ioannou, the KOAG aims to construct 220 homes in the current year and will begin developing 135 plots in Nicosia, Larnaca, Limassol, and Paphos during the fourth quarter.
The Minister also confirmed that a total of €12 million – a figure expected to increase – will be channelled into KOAG’s dedicated fund through compensation incentives offered to land developers. A further €9 million will be raised via government-announced urban planning incentives, while a further €5 – €6 million is expected from urban planning amnesty schemes, which have so far attracted around 1,200 applications.
Chairwoman Kousiou-Hadjidemetriou presented KOAG’s strategic three-pillar plan. This includes utilising 135 plots to develop 247 residential units, constructing 213 additional units funded by the government, and partnering with the private sector to create affordable housing available for both sale and rental.
KOAG’s Director-General also noted that since the organisation’s establishment in 1982, it has provided housing support to around 5,000 families. This figure includes approximately 1,000 families assisted through the low-income housing programme and 2,500 under the moderate-income applicants’ scheme.
Minister Ioannou also spoke about upcoming revisions to housing specifications, highlighting a proposal currently under consideration that would allow a 15% reduction in the floor area across all apartment types. However, some critics have pointed out that such a reduction in size may not lead to an equivalent decrease in sale prices.
Finally, the Minister touched on expected Cabinet decisions aimed at improving the housing framework. These include removing the obligation to adhere to fixed percentages for different apartment types in developments located in tourist zones – a change that would align regulations with those already in place in other residential areas.
These initiatives form part of the government’s broader strategy to address housing affordability and supply, particularly for middle- and low-income families.
