The government will build approximately 500 housing units across four provinces at a total cost of €70 million, President Christodoulides announced.
The units will be constructed on state land worth €7 million, on plots indicated by the Town Planning and Housing Department in areas of Nicosia, Limassol, Larnaca and Paphos.
The new homes will be offered with affordable rent to families and single individuals, with emphasis on young people, within housing schemes presented at a Presidential Palace event. Construction will be carried out through a tender using the Design and Build method, whilst ownership will remain with the state. The Cyprus Land Development Corporation’s expertise will be used in managing the units.
The President said housing policy is a top government priority, noting the government has invested over €300 million in the last three years. He stressed that housing spending “is an investment” that offers holistic solutions for hundreds of households.
Interior Minister Constantinos Ioannou announced a new housing scheme for Collective Accommodation Units, targeted at workers in the industry, tourism and commerce sectors. The scheme provides for specialised accommodation spaces with reduced floor area, fewer parking spaces and limited communal areas.
The goal is to house seasonal and other workers, improve productive sector operations and gradually balance the labour and housing market, contributing to price decompression.
The minister stressed that housing policy is based on two pillars: increasing housing stock and strengthening citizens’ purchasing power, with priority on affordable housing production and supporting low and middle-income citizens.
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