FAMAGUSTA GAZETTE – The Cyprus Land Development Organisation will begin construction in June on a new affordable housing project aimed at reducing rental costs by 25-30%, local media reported.
The organisation is set to sign an agreement with the Limassol Municipality to secure land in the Agios Nikolaos area, officially launching the construction phase. A second site in Agios Ioannis is also being allocated by the municipality.
The project will include around 600 residential units across both locations, with a total estimated cost of €100 million, covering construction and land expenses.
The first phase at Agios Nikolaos, scheduled to begin in June, will see the development of 138 apartments across four six-storey buildings.