Insider Economy Affordable Cyprus Land Development Corporation home rentals

Affordable Cyprus Land Development Corporation home rentals

The Cyprus Land Development Corporation (CLDC) is drafting a low-rent housing plan similar to that of Vienna’s where 45% of people live in affordable places provided by similar state entities.

Low-income housing is also provided in many European countries, CLDC Chairman  Marios Pelekanos on Monday told the House Finance Committee members reviewing the Corporation’s 2020 budget. Long-term affordable rentals are what is under consideration, he added.

There is strong interest from the European Investment Bank to finance this state provided housing project, he also said. At the moment, 5,000 families receive a rent subsidy of €12 million annually.

Responding to a question why CLDC would not offer these homes for sale through various leasing methods, he said that 80% of that plan had already been implemented. But those who purchased homes through this plan fail to pay the dues.

CLDC is actually in the process of launching two projects involving eight units in Kokkinotrimithia and 15 in Polemidia. The Corporations also promotes the construction of another 180 units. In the meantime, CLDC estimates that it will spend €22.5 million on naturalisation funds next year.

Under the new criteria of the island’s Citizenship by Investment scheme, an investor has to pay €75,000 to the Corporation and another €75,000 to the Research and Innovation Foundation before securing Cypriot citizenship.

It is estimated that some 300 citizenships will be granted within 2020, while 600 have been estimated for this year.


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