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Construction of low-cost housing units in Limassol

25.12.2018

The Ministry of the Interior supported the plans of the municipality of Limassol to build 500 units of low-cost housing units in the areas of Agios Nikolaos and Agios Ioannis to solve the problem of high rent in the city.

The matter was discussed at a meeting between Interior Minister Constantinos Petrides and Limassol Mayor Nicos Nicolaides. The municipality proposed to develop three properties, two in the Ayios Nicolaos area and one in Ayios Ioannis, for a total of 500 affordable housing units.

According to the proposal, these apartments would be built and realized over the next 5 years, either for rent or for purchase by young families based on income criteria, in a way that ensures the balanced composition of tenants of each apartment block.

Rents in Limassol have gone up by around 25 per cent in under two years, way faster than any other city in Cyprus and leaving ordinary Limassolians increasingly priced out of the market.

Local groups have protested that due to a concerted effort to attract foreign capital, partly through high-profile projects like the construction of tall buildings, a more expensive housing market has developed.

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