The Cyprus Land Development Organisation is set to begin construction in June on a new affordable housing project in Limassol, aiming to create a small community with rent prices 25-30% lower than the current market rates, sources told local media.
The Organisation is expected to sign a key agreement with the Limassol Municipality this Wednesday to secure land in the Agios Nikolaos area, marking the official start of the project’s construction phase. A second site in Agios Ioannis is also in the process of being allocated by the municipality to the Organisation.
The ambitious development plans to build around 600 residential units across the two locations, with an estimated total cost of €100 million, which includes both construction expenses and the land value provided by the municipality.
In the initial phase at Agios Nikolaos, set to begin this June, 138 apartments will be constructed in four six-storey buildings. The units will include 24 one-bedroom, 72 two-bedroom, 36 three-bedroom, and six four-bedroom apartments. Of these, 94 will remain under the Organisation’s ownership, while 44 will be transferred to the Limassol Municipality. Construction costs for this phase alone are projected to exceed €22 million.
Thiseas Ioannou, the Organisation’s Vice President, confirmed the timeline and described the project as the first affordable rent initiative of its kind in Cyprus and the first collaboration between KODA and a municipal authority on such a scale.
Beyond Limassol, the Organisation is planning to develop more than 400 housing units across Cyprus for sale and rent in the coming years. Current projects include three-bedroom apartments at “Ekali” in Kaimakli, “Ianthi” in Larnaca, and ongoing construction of homes in Kokkinotrimithia. In 2025, further developments will commence comprising 10 houses in Kokkinotrimithia and 135 units distributed across Pano Polemidia, Agios Dometios, Lakatamia, Palouriotissa, and Kaimakli.
The initiative reflects ongoing efforts to address Cyprus’s housing affordability challenges and expand access to quality, affordable homes.
