Large Residential Project in Limassol to Begin in July

Construction work is set to begin in July for 138 apartments in Agios Nikolaos, Limassol, aimed at providing affordable housing through the Cyprus Land Development Corporation (KOAG).

The contract with the contractor has been signed, and work is expected to commence in July. An exchange agreement between KOAG and the Municipality of Limassol was previously signed in late May.

The cost of constructing the first apartments will exceed €16 million. Simultaneously, procedures are underway for the allocation of property by the Municipality of Limassol in Agios Ioannis for the construction of additional apartments. In total, approximately 600 apartments will be built in the two areas, with the overall cost exceeding €100 million.

Of the 138 apartments in Agios Nikolaos, 94 will remain with KOAG, and 44 will be allocated to the Municipality of Limassol. Additionally, KOAG is proceeding with the construction of 29 houses in Polemidia, with tenders to be announced within the coming weeks.

Meanwhile, in Nicosia, tenders are expected to be announced for a five-story apartment building with 15 apartments in Agios Dometios next month. Construction of additional apartments in Lakatamia, Palouriotissa, Kaimakli, and Kokkinotrimithia is expected to begin in 2025.

In April 2025, the Council of Ministers approved an increase of €5,000 in the income criteria for KOAG's Affordable Housing Scheme for Middle-Income Earners.