Koag anticipates 244 housing units by end of year

The Cyprus Land Development Organisation (Koag) expects to deliver 244 residences by the end of the year, general director Eleni Symeonidou told the House finance committee on Monday, during discussions on Koag’s budget.

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, and the third pillar involves managing housing projects announced by the state, based on urban planning incentives, with funds generated supporting affordable housing initiatives.

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, while expenses include a €33 million allocation for capital projects, which feature the construction of 48 units in Kokkinotrimithia, 24 in Ayios Nikolaos, 54 for affordable rent on Spyros Kyprianou avenue inter alia.

The plan also involves land marking in Timi, Dromolaxia, Kokkinotrimithia and Ypsonas.

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.