Lack of cheap housing in Limassol prompts council to build low cost apartments
The municipality of Limassol, in the south of Cyprus, has announced a 100-million-euro building project aimed at providing low cost housing for hundreds of families.
Rents have shot up by some 25 percent in the seaside district in the last few years with locals, mainly young couples and students, saying they can no longer afford housing as they blame demand from foreign buyers.
Mayor Nicos Nicolaides has described the project as the largest one ever launched on the island-state jointly by a council and the government.
“I confess that I am very proud that we managed to launch in our city, together with the Cyprus Land Development Corporation (CLDC), this ambitious investment that envisages the construction of modern housing complexes with amenities and infrastructure, which will meet the housing needs of low- and middle-income families, students and young couples,” he said on his Facebook page.
The development, in total, is expected to solve the living problem of about 600 families, including 100 families who, at this stage, live in the existing sub-standard infrastructure of the three plots to be developed, he added.
Those who qualify to benefit from the housing, based on income criteria, will be able to rent or buy an apartment at a price considerably below market value.
The 150-apartment complex will consist of 600 residential units of various sizes built over three blocks in an area stretching more than 30,000 square meters.