Cyprus is set to get hundreds of new affordable homes, with the government announcing plans to build around 500 residential units across Nicosia, Limassol, Larnaca and Paphos. The total cost is estimated at 70 million euros, with state-owned land worth another €7 million provided for the project.
President Nikos Christodoulides unveiled the plan at the Presidential Palace, highlighting the focus on young families and single individuals. “Housing policy is at the forefront of our government’s priorities,” he said, noting that the current administration has already invested more than €300 million in housing over the past three years.
The new units will be developed on state plots through private-sector tenders using the Design-Build method, while ownership remains with the state. The Cyprus Land Development Organization is going to help manage the housing, leveraging its experience with affordable rent plans.
In addition, Interior Minister Constantinos Ioannou announced a plan to construct collective accommodation units aimed at supporting workers in industry, tourism and trade, particularly seasonal staff.