Housing policy is high on the government’s priorities and is based on a comprehensive plan that is yielding results, President Nikos Christodoulides said on Tuesday in Polemidia, Limassol district, laying the foundation stone of the “ADONIS III” housing project, of the Land Development Organization.
The ceremony took place in the presence of Interior Minister Konstantinos Ioannou. The President noted that housing is a challenge that affects not only Cyprus, but all the EU member states.
He went on to say that affordable housing has now become a topic of discussion at European level, under the Cyprus EU Presidency, adding that the issue was discussed during the Informal Council of EU Interior Ministers held in Nicosia.
The President said that as regards the national housing policy, the Cyprus Land Development Organisation plays a role in an effort to find effective solutions. The Organisation, he added, now has upgraded responsibilities.
He also said that the decision to link the Organisation’s affordable housing fund with the urban incentives scheme and the compensatory benefits from various other schemes, has brought tangible results.
President Christodoulides said that emphasis was placed on increasing the available housing and especially affordable housing, following a thorough study with clear targets. He also recalled that decisions were taken for faster licensing procedures, the use of state land, cooperation with the private sector and interventions that offer real solutions.
He said that through the fast-track licensing, almost 3,000 residential units and some 900 apartment buildings were licensed within 40 and 80 working days, respectively. He added that with an investment of pound 75 million the government is moving forward with the implementation of the Plan for the Construction of 500 Affordable Homes, for housing young couples across the island.
The President also said that Urban Incentive and Build to Rent Plans are being implemented, which will yield over 2,500 residential units in the next two years, of which 400 will be placed on the affordable housing market.
Furthermore, he indicated that, through these Plans, an amount exceeding pound 12.5 million will be paid to the Special Affordable Housing Fund of Land Development Organization for the implementation of more affordable housing projects.
Referring to the inauguration of the ADONIS III plan in Polemidia, the President described it as an another example of what can be achieved when there is proper planning and clear political will.
He said that this project will be a modern and vibrant community, offering security, stability and perspective to its residents.
Land Development Organisation Head of Board Thiseas Ioannou said that the project consists of 29 three-bedroom semi-detached houses and its design was the result of an architectural competition.
With sale prices starting from pound 263,500, he noted, the project’s homes are offered at levels that are more than 20% lower than the current market prices in the Limassol district.