439 affordable homes planned across Cyprus

Hundreds of below-market price homes are on the way across Cyprus, with construction already under way on part of the 439-unit affordable housing programme by the Cyprus Land Development Organisation (Koag).

The developments, aimed at eligible applicants, span multiple districts and are at different stages of delivery, from active construction to imminent launches and completed homes awaiting handover.

Koag’s general director, Eleni Symeonidou, told Brief news website that the total programme comprises 439 units, either for rent or for purchase.

Work has already begun on 181 units. The largest share of these is in Limassol municipality, where 138 rental apartments are being built in the Agios Nikolaos parish.

The project consists of four six-storey buildings offering one- to four-bedroom units and is being implemented through a land-exchange arrangement on a municipal plot, with rents lower than current market rates in Limassol.

The remaining 43 units under construction are located in areas such as Kokkinotrimithia.

In Larnaca, a number of homes are already completed and ready to be delivered to buyers.

A further 258 units scheduled for 2026 are at various stages, with some expected to be tendered and others already under construction.

In Strovolos, 54 rental apartments are planned, all with two bedrooms. The foundation stone is set to be laid by President Nikos Christodoulides on January 12, with full works slated for July 2026.

The project, part of the state’s integrated housing policy aimed at increasing housing stock, is backed by a €12 million grant from the interior ministry.

Additional developments are planned in Lakatamia, where construction of homes for purchase is expected to start in March 2026, and in Pallouriotissa, where works for units also intended for sale are due to begin in April 2026, although unit numbers for these areas have not been specified.

Of the projects announced so far, only the Limassol development with 138 units and the 54 apartments in Strovolos are confirmed as rental housing, with all other schemes intended for purchase.

Applications for the homes will open exclusively through Koag’s new website and only after construction begins on each project, a process designed to ensure that final costs are confirmed and accurately reflected for prospective applicants.