Overview of the Initiative
The Cyprus Land Development Corporation (Koag) has officially opened applications for its affordable housing scheme, a strategic initiative spanning the districts of Nicosia, Limassol, and Larnaca. The scheme, designed to foster sustainable community development, began accepting applications on October 1, 2025, and will remain open until November 30, 2025.
Eligibility and Registration Process
Eligible applicants, including Cypriot citizens and EU nationals who have maintained permanent residency in Cyprus for a minimum of five years prior to applying, are invited to register in the affordable housing beneficiary register. This registration is a prerequisite for later purchasing a residential unit developed under the Special Housing Incentive scheme for land developers.
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Financial Specifications and Terms
Koag has set the purchase price of each unit at €1,650 per buildable square metre. Applicants must also meet specific income thresholds that vary based on family composition: €25,000 for single applicants, €45,000 for couples or single-parent families, €50,000 for families of three, €55,000 for families of four, and €65,000 for families of five or more. In addition, applicants are required to demonstrate sufficient financial capability to cover a 20 per cent down payment, with the balance financed through a secured bank loan.
Usage and Resale Conditions
Successful beneficiaries must commit to using the purchased property as their primary residence for a minimum of ten years. During this period, reselling the property is strictly prohibited, and reapplication for any future iteration of the same scheme is not permitted.
Further Information
Applicants seeking additional details or wishing to obtain application forms can visit the official Koag website at https://cldc.org.cy/ or contact Koag directly at 22364695.
