The Cyprus Land Development Corporation (CDLC) has outlined a development programme aimed at providing affordable housing for eligible individuals, according to General Manager Eleni Simeonidou.
CDLC’s initiatives include the sale of ready-made homes at affordable prices, construction of apartment buildings for rent, and the management of urban incentives designed to provide affordable apartments from private developers.
The eligibility criteria for these schemes are determined by the Council of Ministers and target moderate and low-income earners.
Build-Sell: Affordable homes for purchase
Simeonidou stated that CDLC will continue its 45-year practice of building and selling homes and apartments to those on moderate or low incomes.
Currently, apartments are available in Kaimakli, with beneficiaries also able to access grant schemes for border areas. Additional apartments are under construction in Larnaca, set for completion by February 2025. These units, priced at €153,000 for a two-bedroom flat, include a photovoltaic system and climate control.
Upcoming projects include the construction of homes in Polemidia in 2024, with further developments planned in Agios Dometios, Engomi, Lakatamia, and Kokkinotrimithia.
When asked whether future developments will involve houses or apartments, Simeonidou said, “We try to use the land we have in a way that will produce the largest number of units.”
However, she acknowledged challenges in securing bank financing for eligible individuals, stating, “People are interested and submit their applications, but there are some issues with financing,” particularly due to rising interest rates.
Build-Rent: Affordable rental apartments in Limassol
CDLC plans to develop 600 affordable rental units in Limassol over the next six years. The first project, in collaboration with Limassol Municipality, will deliver 138 rental units, with construction of the first phase set to begin in late 2024.
CDLC’s goal is to set rents at least 30% below market rates.
Urban incentives: Affordable homes by private developers
CDLC also manages urban incentives that allow developers to build additional units if they allocate part of the development for affordable housing, sold at prices set by CDLC. Developers will sell these units at construction cost, while retaining the rest for profit. Simeonidou explained, “We don’t want the entrepreneur to lose out on this.”
The first agreement under this scheme was signed in July, involving the development of six affordable housing units in Ypsonas. These apartments will be sold for €123,000.
