Cypriot Government Reinforces Affordable Housing Initiative With Strategic Investment

by THEFUTURE.TEAM

September 4, 2025

Robust Financial Injection For Affordable Housing

The Cypriot government has committed an additional €12 million to advance an affordable housing project in Strovolos, a move confirmed by the Interior Ministry. The substantial allocation underscores the administration’s resolve to enhance affordable housing stock, alleviating the burdens on low- and middle-income households.

Strategic Partnership With Koag

Under the execution of the Cyprus Land Development Corporation (Koag), a total of 54 two-bedroom apartments will be constructed, with groundbreaking slated for later this year and completion anticipated within 24 months. This project complements a broader housing policy that aims to systematically address market pressures.

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Expanding Developments In Limassol

A parallel initiative is already in progress in Limassol’s Ayios Nikolaos area, bolstered by €16 million in state support. This development includes 138 units offered at affordable rents and constitutes the first phase of a larger, municipality-partnered rental program budgeted at over €22 million. In total, approximately 600 units are planned across Ayios Nikolaos and Ayios Ioannis at a combined investment of €100 million, with rents set substantially below market rates.

Koag: The Government’s Strategic Implementing Arm

The agency, entrusted with expanded responsibilities under the Christodoulides administration’s housing strategy, now acts as the primary executor for affordable housing projects. Its specialized fund is being replenished through supplementary urban planning schemes, including amnesty programs, incentive plans, and build-to-rent initiatives.

Future Prospects And Expanded Geographic Reach

Koag’s strategic pipeline extends well beyond Nicosia and Limassol. Currently, agreements with private firms for 84 units have been finalized, 16 homes for sale were completed last year, and an additional 24 are underway for delivery in 2025. Looking ahead, 135 new homes are expected to commence construction in regions such as Pano Polemidia, Ayios Dometios, Lakatamia, Palouriotissa, and Kaimakli by the end of next year.

Steady Market Influx Through 2027

Plans forecast the initiation of 181 housing units in Nicosia and Limassol in 2025, followed by an additional 204 units in 2026. This phased approach is designed to gradually infuse the market with new supply over the coming years.

Government Commitment To Sustainable Housing Solutions

With these calculated investments and development strategies, the government remains steadfast in its commitment to resolving the housing challenge through targeted and pragmatic measures. This approach not only addresses current market needs but also sets a robust framework for continued growth and stability in the affordable housing sector.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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