A total of 500 new housing units for rent or sale will be created in Nicosia, Larnaca, Limassol and Paphos, President Nikos Christodoulides said on Tuesday.

“This is an important measure that will help to ease the pressure caused by rising housing demand and will significantly contribute to reducing housing costs. It is a plan long requested by social partners and developed in cooperation with them,” he said.

The units, he added, will be offered at affordable prices and will primarily target young people.

Construction costs for the project are estimated at around €70 million, while the value of the state-owned land on which the units will be built exceeds €7 million.

The state plots will be offered to the private sector through a tender process for construction, while the rental units will remain state property, the president said.

“In total, the current government’s investment in housing policy so far exceeds €300 million,” he added.

More to follow…

affordable housing, government housing, interior minister, president, Christodoulides
Construction costs for the project are estimated at around €70 million, while the value of the state-owned land on which the units will be built exceeds €7 million