Nicosia, Cyprus. The Cyprus Land Development Organisation (Koag) expects to deliver 244 residences by the end of 2026, general director Eleni Symeonidou told the House finance committee on Monday. She was speaking during discussions on Koag’s budget.
Three pillars of Koag’s housing focus
Symeonidou said Koag was focusing on three pillars, the first being traditional housing construction, with 244 units expected by the end of 2026.
The second pillar targets affordable housing, including 138 units in Limassol worth €16 million and a €12 million project of 54 houses in Strovolos.
The third pillar involves managing housing projects announced by the state, based on urban planning incentives, with funds generated supporting affordable housing initiatives.
2026 budget projections
Koag’s budget for 2026 provides for revenues of €41.9 million against expenditures of €41.96 million.
Revenues include €21 million from sales of houses, apartments and plots of land.
Capital projects and land marking plans
Expenses include a €33 million allocation for capital projects, including the construction of 48 units in Kokkinotrimithia, 24 in Ayios Nikolaos and 54 for affordable rent on Spyros Kyprianou avenue, among other projects.
The plan also involves land marking in Timi, Dromolaxia, Kokkinotrimithia and Ypsonas.
Comments on affordable rent residences
After the meeting, Dipa MP Alekos Tryfonidis said 500 residences recently announced by President Nikos Christodoulides are earmarked for affordable rent through the design and build scheme by the private sector in collaboration with state departments.
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