Alpha News

€12 Million for KOAG to Build 54 Affordable Rental Apartments in Strovolos

Published December 29, 2025, 12:34

An agreement has been signed between the Ministry of Interior and the Cyprus Land Development Organization (KOAG) for the provision of additional funding of €12 million. This funding will be used to build 54 affordable rental apartments in the Municipality of Strovolos, as part of the state's housing policy. The agreement follows the Council of Ministers' decision to financially strengthen KOAG, with the aim of increasing the housing stock and providing affordable housing to low and middle-income households. The Christodoulides Government has reactivated KOAG, assigning it executive responsibilities for the implementation of housing plans. The construction of an affordable rental project in the Agios Nikolaos area of Limassol is already underway, with a state contribution of €16 million. In addition, revenue has been secured for the Organization, accelerating the launch of new programs. During 2025, the construction of 181 affordable units began, while the start of construction of another 258 units is planned. The overall effort aims to alleviate the housing problem and provide decent housing to those in need.