The largest housing project ever launched in Cyprus with the involvement of a Municipal Authority will begin in 2021. This is the first phase of an ambitious construction project of more than 600 units covering the housing needs of low-income families, students and young couples. The apartment complexes will be built on three municipal pieces of land (two in Agios Nikolaos and one in Agios Ioannis), that used to host working class families in the 1940s, under an agreement on affordable housing, signed between the Limassol Municipality and the Cyprus Land Development Corporation (CLDC). The first 150 houses will be built in Agios Nikolaos, with Mayor Nikos Nikolaides stating to "Entrepreneurial Limassol" that he is optimistic that by the end of the year the offers will be announced.
As Mr Nikolaides mentioned, the techno-economic study on the cost of the project, which will reach €100 million, has already been completed and detailed architectural planning has begun. Also, the agreement on co-development and co-management of the project with the CLDC will be signed by May. The aim is for construction work for phase A’ to get under way in 2022.
According to CLDC President Marios Pelekanos, this agreement changes the terms of the game as it opens the market for affordable rent, which was also a goal of the Corporation. He explained that with this cooperation, the CLDC, which traditionally constructed upgraded units for middle-income households, will now fill the gap and serve low-income households.