Filenews 12 December 2025 - by Vassos Vassiliou
Two-bedroom apartments will be most government residences that, as announced, will be built with the aim of giving them to young families and single people with low rent. This is followed by the singles and finally the three-bedroom apartments.
Specifically, based on the preliminary plan that was prepared, the one-bedroom apartments will be 30% of the total and given that their total number was set at 500, then it will be 150. Two-bedroom apartments will cover 60% of the total and will amount to 300 while three-bedroom apartments will cover 10% of the total and will be limited to 50.
Based on the calculation made by the competent state services, the units will cost about €21 million. out of a total of €77 million. (€70 the construction cost and €7 the value of the land), the two-bedroom apartments will cost €42 million and the three-bedroom apartments €7 million.
The total buildable area for the 150 units will be 9,484 square meters (sq.m.), for the 300 two-bedroom apartments it will be 18,968 sq.m. and for the 50 three-bedroom apartments it will be limited to 3,161 sq.m.
As for the cost of the apartments, it was estimated that it will be around €1,650 per square meter. To these must be added the infrastructure costs, which were estimated at €198 per square meter. The cost does not end here since the earthworks estimated at €165 must be added, while another €201, per square meter, is estimated to cost the supervision. The amounts recorded bring the amount to €2,214 per square meter, which with the addition of VAT reaches €2,325 per square meter.
As the President of the Republic had announced, the construction of the 500 residential units will be assigned to the private sector while they will be erected on state plots through a tender using the Design and Build method. The ownership of the 500 units should remain in the ownership of the state.
Regarding the amount of the rent, the Minister of the Interior, Constantinos Ioannou, stated that it will be less than 50% of the market rent, i.e. the rent which will apply in the construction areas of the units that will be erected in Nicosia, Paphos, Limassol and Larnaca.
The process of building the units has been launched, but the works are expected to start in about a year and a half and will be completed 18-20 months after their start. In other words, the beneficiaries will enter the units in about three years.
At the same time, other housing programs are "running" with this project, mainly in collaboration with the Land Development Organization, in the effort of the Ministry of the Interior to increase the housing stock with the aim of reducing both the prices of real estate acquisition by citizens and the reduction of rents.
It is noted that, as the President of the Republic mentioned, in the context of the seven housing projects that have begun to be implemented by the current Government, more than €300 million has been allocated to date.
