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Cypriot Land Development Authority Embarks On Affordable Housing Initiative In Limassol

by THEFUTURE.TEAM

November 13, 2025

Project Launch Amid Long-Fought Challenges

After years of navigating bureaucratic obstacles and securing critical financial backing, the Cypriot Land Development Authority (KOAG) is set to transform Limassol’s residential landscape with its inaugural affordable housing project. This initiative aims to offer rental prices that are markedly more accessible than those presently prevailing in the market.

Government Funding Paves The Way

The foundation of this ambitious undertaking is scheduled for January 2026, with construction already underway since last June. A decisive government intervention unlocked €16 million in funding—the decisive catalyst for advancing the project. The funding follows significant setbacks after the abolition of the Cypriot Investment Programme (CIP), which had previously supported KOAG’s financial requirements. Without CIP, there was a tangible risk that the project might have remained confined to the drawing board, especially as Limassol faces one of the most severe housing crises in Cyprus.

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A Vision Realized Through Perseverance

KOAG President Elena Kousiou reflected on the project’s evolution, emphasizing that this initiative represents more than a construction venture. “For our organization, the affordable housing project in Limassol symbolizes a vision we have long strived to realize,” she noted. Kousiou highlighted the relentless dedication of KOAG’s team, who, despite challenges including red tape and persistent uncertainties, have maintained their belief in the project’s eventual completion. Her remarks underscore the commitment of the organization’s workforce, whose efforts are driven by the understanding that every element—each brick and beam—lays the groundwork for a meaningful social impact.

Strategic Investment And Residential Blueprint

The total construction cost at Agios Nikolaos is estimated at €22 million, with €16 million coming from government financing. The development will feature 138 residential units, including four six-story apartment buildings comprising:

24 one-bedroom apartments
72 two-bedroom apartments
36 three-bedroom apartments
6 four-bedroom apartments

Among these, 94 units will be retained by KOAG, while the remaining 44 will be transferred to the Limassol Municipality. The project represents the initial phase of a broader development plan which aims to build approximately 600 apartments across the Agios Nikolaos and Agios Ioannis areas. These residences are planned to offer rents that are 25% to 30% lower than current market rates, addressing the pressing affordability crisis in the city.

Conclusion

This pioneering project not only signals a strategic investment in Cyprus’s housing infrastructure but also reflects a resilient approach to public sector challenges. By combining visionary planning with robust government support, KOAG is setting a benchmark for urban development that prioritizes both affordability and long-term societal welfare.

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Bending Spoons Buys Miro As SaaS Valuations Continue To Reset

by THEFUTURE.TEAM

September 10, 2026

Bending Spoons is buying Miro for $1.36 billion in cash, implying an equity value of $1.79 billion. That is about 90% below the workplace collaboration company’s $17.5 billion valuation in late 2021.

From Digital Whiteboard To AI Workspace

Founded in 2011 as RealtimeBoard, Miro began as a digital whiteboarding tool for remote teams. Demand surged during the pandemic, helping the company expand from about five million users to roughly 30 million between 2020 and 2022.

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Miro later added more than 250 integrations and partnerships with Atlassian, Cisco, Microsoft and Zoom. Today, it describes itself as an “AI innovation workspace,” offering AI assistants, prototyping tools and integrations with GitHub, Jira and Slack.

Growth Slowed After The Pandemic

Miro now has more than four million paying customers and 100 million total users, with about $600 million in annual recurring revenue. Businesses and enterprises generate roughly 90% of revenue, while the company has about $435 million in net cash and is profitable.

Its valuation decline reflects a broader reset in SaaS markets. As pandemic-driven demand faded, companies cut software spending and consolidated overlapping tools, increasing pressure on stand-alone collaboration platforms competing with broader ecosystems from companies such as Microsoft, Canva and Figma.

Bending Spoons Targets Mature Software

Miro has also reduced its workforce since reaching about 1,200 employees in 2022, cutting 119 positions in February 2023 and another 275 in October 2024, according to its CEO.

The acquisition fits Bending Spoons’ broader strategy of buying established software companies whose valuations have fallen but whose recurring revenue and user bases remain substantial. It previously agreed to acquire Airtable for $1.28 billion after the company had been valued above $11 billion in 2021.

For Bending Spoons, the strategy is a bet on durable revenue and profitability rather than the rapid-growth expectations that drove software valuations during the pandemic.