The government’s target of 500 quality affordable rental homes is achievable, according to Stelios Gavriil, president of the Cyprus Building Contractors Association Federation (OSEOK).
Gavriil told Phileleftheros the scheme represents a significant step towards addressing the housing problem, following announcements by the President and Interior Minister about building 500 homes in various areas across Cyprus.
The scheme is feasible and can be completed quickly, he said, welcoming the state’s efforts to secure €70 million for the construction.
Following the announcement, the association requested a meeting with Interior Minister Constantinos Ioannou. The request was immediately accepted, with discussions on programme details scheduled for next week.
OSEOK supports the scheme and is ready to contribute its views and expertise to ensure the homes are built to high-quality standards within a short timeframe, Gavriil said.
The €70 million secured is sufficient for the homes to meet all quality and energy performance standards whilst offering tenants quality accommodation with all amenities, without sacrificing functionality for affordability, he added.
The 500 homes will be built by the private sector through competitive open tenders, with ownership remaining with the state, according to current information from the announcements, Gavriil said. More details will be available after next week’s meeting with the Interior Minister, though the government’s decision can significantly help address the problem, he added.
President Nikos Christodoulides announced the total expenditure for building 500 homes in four provinces will reach €70 million, with €7 million representing the value of state land.
The new homes will be allocated at affordable rents to families and single people, with emphasis on the younger generation, according to the President.
Construction will take place through a competitive tender using the Design and Build method, with ownership remaining with the state. The Cyprus Land Development Corporation’s expertise will be utilised in managing the units.
The apartments are expected to be managed by the Cyprus Land Development Corporation, as it already does with its own affordable rental developments.
Calculations were based on standard homes already built by the CLDC, with the cost per square metre—including infrastructure, earthworks and studies—reaching €2,325 with 5% VAT, Phileleftheros has learnt.
From the €70 million budget, 30% (€21 million) will cover one-bedroom apartments, 60% (€42 million) for two-bedroom units, and 10% (€7 million) for three-bedroom apartments.
The 500 new residential units will be built in areas of Nicosia, Limassol, Larnaca and Paphos provinces, with most homes in Limassol, according to the presentation.
The land indicated by the Town Planning and Housing Department includes: in Nicosia, two plots in Latsia-Geri; in Limassol, sites at Moni, Kourion Municipality, Episkopi, Amathus-Agia Paraskevi and Kapsalos; in Larnaca, Voroklini; and in Paphos, Achelia.