The Interior Ministry and the Cyprus Land Development Organisation (KOAG) signed an agreement today for €12 million in additional funding to build affordable rental units in Strovolos Municipality.
Interior Ministry General Director Dr Elikkos A. Ilias and KOAG General Director Eleni Symeonidou signed the deal for 54 two-bedroom flats to be allocated to affordable rental beneficiaries in Strovolos.
The agreement follows a Cabinet decision to strengthen KOAG as part of the state’s integrated housing policy, specifically the pillar focused on increasing housing stock with emphasis on affordable housing production.
The government is pushing further financial strengthening of KOAG through a series of decisions to help it implement its development plan and carry out additional housing projects, tackling a housing problem that hits low and middle-income households hardest.
An affordable rental project in Agios Nikolaos, Limassol, is already under construction with €16 million in state funding. Other policies and measures have secured steady revenue flows to the organisation, speeding up programme implementation.
Construction of 181 affordable units started in phases during 2025, whilst another 258 units are planned to begin construction as part of the wider push to boost affordable housing supply in Cyprus.
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