Apartments in Limassol with lower rents. First 36 units to be delivered in summer 2027.

The first apartments in Limassol built under the affordable rental program are expected to be ready in early summer 2027. Agias Ekaterinis Street in the Agios Nikolaos district is being built 36 two-bedroom units, which will be made available to eligible tenants at rates below market rates.

The deadline has been pushed back from the previously planned March date. Neither rent nor the application deadline for these apartments have yet been announced. The first building is part of a project encompassing four apartment buildings with a total of 138 units, and the city is also preparing plans for another 400 apartments.

The first building is expected to be ready in early summer.

The progress of the work was checked on Wednesday, September 30, by Mayor Yiannis Armeftis and the new authorities of the Cyprus Land Development Corporation, known by the acronym KOAG.

Representatives of the institution assessed that construction of the first block is at a good stage. Two-bedroom apartments are being built there—this refers to the number of bedrooms, not all the rooms in the unit.

The initial goal was to deliver the apartments in March 2027. The current target date is early summer. KOAG Chairman Nikolas Diomidous noted minor difficulties and delays during the project's implementation.

Ultimately, four blocks and 138 apartments

The investment is being built on land owned by the city. The agreement signed by the local government and KOAG provides four six-story buildings with 138 apartments with different numbers of bedrooms.

According to information published at the time of the agreement, the state allocated €16 million to the project. The total investment at the time exceeded €22.3 million.

Construction was divided into phases. To prepare the site for the first block, existing buildings were demolished and their residents relocated. Similar work will be required before the remaining three blocks are completed.

No new, detailed timeline for the entire development has been presented at this time. The initial summer 2027 deadline applies to the first 36 apartments.

Apartments in Limassol with below market rent

The program is based on affordable rentals. The units are intended to serve low- and moderate-income individuals who meet the eligibility requirements.

Specific rates for the building under construction have not yet been announced. Therefore, it is not possible to provide a monthly fee or calculate the savings for the future tenant compared to commercial offers.

In Limassol, rent is one of the most important living costs for many households. Lower rents can make finding suitable housing easier, but access criteria and the number of applicants will also play a role.

Another 400 premises are planned

The city wants to expand its cooperation with KOAG. The city council has decided to prepare a competition for architectural concepts for approximately 400 additional apartments.

The new design will incorporate the principles of the New European Bauhaus, combining sustainable construction, quality of space, and social accessibility. KOAG's expertise will be utilized in preparing the competition.

However, this is still in the design phase. No construction start date or availability date for the additional units has been announced. Therefore, this announcement should not be interpreted as an offer of apartments available as early as 2027.

When will I be able to apply for a lease?

The latest information concerns construction progress, not the start of the allocation of apartments. Those interested in the first apartments should follow city and KOAG announcements regarding this investment.

Before submitting your documents, it's important to review the income criteria, household regulations, and tenant selection process. Merely being interested in the program doesn't guarantee a reservation.

The immediate, concrete goal remains clear: completion of the first building in early summer 2027. Only with information on rents and recruitment will residents be able to assess whether the offer meets their needs and financial capabilities.

Sources: KOAG, Cyprus News Agency, Economy Today