The government’s commitment to facilitating affordable housing is demonstrated by concrete results, President Nikos Christodoulides said on Tuesday as he laid the foundation stone for the Adonis III project in Polemidia, Limassol.

“Our policy is based on a comprehensive framework, very specific plans, and I’m genuinely glad that we can deliver tangible results,” the president said.

In his remarks, Christodoulides underlined the government’s efforts to tackle what he called a housing challenge facing not only Cyprus but much of Europe.

Undertaken by the Land Development Corporation (Koag), the Adonis III development features 29 three-bedroom semi-detached homes.

The contractors are A. Aristotelous Construction Ltd.

Prices for the homes range from €263,000 to €320,000. The first application period for interested buyers covers June 1 to August 31.

According to Koag chairman Theseas Ioannou, the prices are more than 20 per cent below going market rates in Limassol.

The project forms part of a broader government drive to increase affordable housing stock across the island.

“The project we are inaugurating today is yet another example of what can be achieved when you have a plan and clear political will,” Christodoulides said.

The government has accelerated licensing procedures, invested in state land, and introduced incentives aimed at boosting housing supply.

Among the measures already underway are plans for 500 affordable homes for young couples across Cyprus, as well as partnerships with private developers expected to deliver more than 2,500 housing units over the next two years.

“Housing is high on our priorities,” the president said, adding that the government is continuing to invest resources and develop new policies to address the housing crisis.

He also referenced nearly €200 million in housing-related support measures over the past two years, benefiting more than 5,600 people.

Christodoulides recalled that the government had moved quickly to restore funding streams for Koag, a semi-governmental public organisation tasked with addressing the housing needs of low- and middle-income individuals and families.

The government had to find new ways to fund Koag, which previously had relied on proceeds from the now-defunct citizenship-by-investment programme.

Between 2019 and the programme’s cancellation in late 2020, the rules required each citizenship applicant to make a mandatory, non-refundable €75,000 donation to Koag to finance affordable housing schemes.

Between 2019 and 2020, the fees injected millions into Koag’s affordable housing and student dormitory projects.