The agreement involves the construction of over 600 new housing units in Limassol to meet the needs of low-income families, students and young couples.

Three municipal plots will be used for the project, two in the Ayios Nikolaos area and one in Ayios Ioannis, covering a total area of ​​31,081 square metres.

During the project’s unveiling, Mayor Nicos Nicolaides emphasized on the importance of this historical day for Limassol.

“After three years of efforts, we have finally succeeded to make our vision a reality. Today our goal of providing a roof for those who need it the most has become a reality.

“The whole project is based on the principles of sustainable development and environmental planning, so that long-term economic, social and environmental benefits are provided, not only for low-income families, but for the whole city, for current and future generations.”

KOAG president Marios Pelekanou also spoke during the project launch and thanked the Limassol municipality for their cooperation and for “a great effort that will change the game regarding affordable rents.”

“Our organisation has always placed affordable housing very high on the list and this agreement is a step forward towards helping families who are struggling with their rents.”

Pelekanou added that the houses will all be energy-efficient and their maintenance costs will be much lower than traditional housing units currently on the market.

Interior Minister Nicos Nouris said on Thursday the agreement represented an historical day not just for Limassol, but for Cyprus as well, pointing out that the housing project would be the largest ever built in the country.

“This agreement will help normalize housing prices in Cyprus, as well as help low-income families who are struggling with making ends meet,” he said.

“Companies from the private sector, along with the Limassol municipality and KOAG, will also be involved in the project, that will use funds raised by Cyprus Investment Programme as well.”

The project will involve several phases, based on a specific schedule that will be prepared by the Limassol municipality and by KOAG in the upcoming months.

It is expected that the maiden phase of the project, that will see the erection of the first housing units, will begin in about a year and a half and that the first newly-built houses will be rented out to individuals or families whose low-income has been fully documented to the competent state services.

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Source: CNA

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Source: CNA

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By type of project, an increase of 13.6% was observed for buildings and a decrease of 10.6% for civil engineering projects in the fourth quarter of 2019 compared to the corresponding quarter of 2018.

For the period January-December 2019, the overall index registered an increase of 12.3% over the corresponding period of 2018. An increase of 18.1% was recorded in the index for buildings whereas a decrease of 16.6% was recorded in the index for civil engineering projects.

The Output Prices Index in Construction for the fourth quarter of 2019 reached 112.62 units (base year 2015=100,0), recording a marginal decrease of 0.3% over the third quarter of 2019. Compared to the same quarter of the previous year, the index recorded an increase of 4.8%.

By type of project, an increase of 2.3% was observed for buildings and of 13.1% for civil engineering projects in the fourth quarter of 2019 compared to the corresponding quarter of 2018.

For the period January-December 2019, the overall index registered an increase of 6.0% over the corresponding period of 2018. An increase of 3.6% was recorded in the index for buildings and of 14.8% for civil engineering projects.

Source: CNA

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Most building permits were issued in Nicosia with 2,334 followed by Limassol with 1,961, Larnaca with 1,020, Pafos with 974 and Famagusta with 282. In terms of both total value and total area Limassol was at the top with € 1.8 billion and 1 million square meters, followed by Nicosia with a value of €623.1 million and 584 square meters, Larnaca with € 410.9 million and 298 square meters, Pafos with € 299.4 million and 236 square meters and Famagusta with € 166.9 million and 137 square meters.

During November 2019 the number of building permits authorized by the municipal authorities and the district administration offices stood at 707. The total value of these permits reached €332.4 million and the total area 222.4 thousand square metres. These building permits provide for the construction of 909 dwelling units.

Building permits constitute a leading indicator of future activity in the construction sector.

Source: CNA

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The new stadium will be located in the Kolossi area and will host the football teams of AEL, Apollon and Aris.

Constantinos Vasileiadis of the YouTube channel LifeWithDrones recorded drone footage of the construction underway.

Source: Cyprusdaily

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