The Ministry of the Interior supported the plans of themunicipality of Limassol to build 500 units of low-cost housing units in theareas of Agios Nikolaos and Agios Ioannis to solve the problem of high rent inthe city.
The matter was discussed at a meeting between InteriorMinister Constantinos Petrides and Limassol Mayor Nicos Nicolaides. Themunicipality proposed to develop three properties, two in the Ayios Nicolaosarea and one in Ayios Ioannis, for a total of 500 affordable housing units.
According to the proposal, these apartments would be builtand realized over the next 5 years, either for rent or for purchase by young familiesbased on income criteria, in a way that ensures the balanced composition of tenantsof each apartment block.
Rents in Limassol have gone up by around 25 per cent inunder two years, way faster than any other city in Cyprus and leaving ordinaryLimassolians increasingly priced out of the market.
Local groups have protested that due to a concerted effortto attract foreign capital, partly through high-profile projects like theconstruction of tall buildings, a more expensive housing market has developed.