**President Lays Foundation Stone for Polemidia Affordable Housing Project**
On Tuesday, President Nikos Christodoulides marked a significant step in addressing the housing challenges facing Cyprus by laying the foundation stone for the Adonis III affordable housing project in Polemidia, Limassol. This initiative underscores the government's commitment to enhancing the availability of affordable housing, a pressing issue not only in Cyprus but across Europe.
During the ceremony, President Christodoulides emphasized the government's structured approach to tackling housing shortages. "Our policy is based on a comprehensive framework, very specific plans, and I’m genuinely glad that we can deliver tangible results," he stated. The Adonis III project, developed by the Land Development Corporation (Koag), consists of 29 three-bedroom semi-detached homes, with construction led by A. Aristotelous Construction Ltd.
The homes are priced between €263,000 and €320,000, which is reported to be over 20% lower than the current market rates in Limassol. The first application period for prospective buyers is set from June 1 to August 31. These pricing strategies are part of a broader government initiative aimed at increasing the stock of affordable housing 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," President Christodoulides remarked, highlighting the collaborative efforts involved in the project. He noted that the government has taken steps to expedite licensing procedures, invested in state land, and introduced incentives to stimulate housing supply.
In addition to the Adonis III project, the government has announced plans for the construction of 500 affordable homes specifically aimed at young couples throughout Cyprus. Furthermore, partnerships with private developers are expected to yield over 2,500 housing units within the next two years, reflecting a robust strategy to combat the housing crisis.
"Housing is high on our priorities," the president affirmed, reiterating the administration's commitment to investing resources and developing new policies to alleviate the housing crisis. He also mentioned that nearly €200 million has been allocated for housing-related support measures over the past two years, benefiting more than 5,600 individuals.
President Christodoulides acknowledged the challenges faced by Koag, a semi-governmental organization responsible for addressing the housing needs of low- and middle-income families. The organization had previously relied on funding from the now-defunct citizenship-by-investment program, which required applicants to make a mandatory donation to Koag. Following the program's cancellation in late 2020, the government has sought alternative funding solutions to ensure the continuation of affordable housing initiatives.
The Adonis III project represents a critical component of the government's broader strategy to enhance access to affordable housing in Cyprus. As the demand for housing continues to grow, the administration's proactive measures, including the establishment of new projects and partnerships, aim to provide viable solutions for those in need of affordable living options.