The Cyprus Land Development Corporation (KOAG) has announced a tender for the first group of Social Residences in Larnaca that will be built in the Agios Nicolaos district.
The first phase of the project includes the construction of 24 out of the 32 residences which will be given to young couples on the basis of income criteria, either for purchase or with a very affordable rent.
The cost of the first phase of the project will be 3.8 million euros and will be implemented in a plot that KOAG got from the Municipality of Larnaca. Work for the project is expected to begin in early 2023 and it will be completed in two years.
The first 24 residences will be of two or three bedrooms and the criteria are posted on KOAG’s website, Elena Kousiou, president of KOAG’s administrative council said, adding that KOAG will keep some residences to rent to help families that cannot proceed with a purchase.
The income criteria have been recently reviewed by the decision of the Cabinet dated 8/06/2022. For single persons, annual gross income should not exceed €25.000, for families with no children €45.000, families with one child €50.000, for families with two children €55.000, and for families with three children and more €65.000.
The deposit is set to 20% of the price, while the buyer is not required to make any intermediate payments until the completion and delivery of the property. Interested individuals can submit their requests until 12 December 2022.