Prices as low as €40,000 to €50,000, significantly below market levels, are being targeted by the Cyprus Land Development Organisation (CLDO) for new plots to be made available to eligible buyers in Nicosia, Limassol, Larnaca and Paphos.
As CLDO president Theseas Ioannou said, speaking on Politis radio and the programme Morning Briefing with Katerina Eliadi, the final prices are expected to be announced towards the end of the year, once subdivision costs are clarified.
Locations and timeline
According to Ioannou, the organisation is currently moving forward with the process to make 135 plots available across four districts. Specifically, these include 36 plots in Ypsonas, 44 in Kokkinotrimithia, 31 in Timi (Paphos) and 26 in Dromolaxia.
For some of these areas, necessary permits are still pending, with a goal to complete them by the end of 2026, so that applications from eligible buyers can begin in early 2027.
Ioannou noted that the organisation’s aim is to keep prices “as low as possible,” since the land is already owned by the CLDO and does not need to be purchased at current market rates. He clarified that the plots are not Turkish Cypriot land, but land acquired by the organisation through past purchases.
Who qualifies
Regarding eligibility criteria, Ioannou explained that existing CLDO income thresholds will apply. Indicatively:
- €30,000 annual income for a single person
- €50,000 for a couple
- €55,000 for a couple with one child
- €60,000 for a couple with two children
- €70,000 for families of five or more
He stressed that the process will be transparent and that applications will be assessed by the organisation based on these criteria. Applicants must meet all requirements, and their existing real estate holdings will also be examined.
Responding to a question about whether applications will be processed on a first-come, first-served basis, Ioannou said that while submission order will be taken into account, it does not guarantee allocation unless all criteria are met.
Restrictions on resale
Ioannou also said that restrictions will apply to the resale of the plots, similar to those in place for CLDO housing. A specific period will be set during which beneficiaries will not be able to resell the property, in order to prevent speculative use of the scheme.
“These plots alone are not enough”
Asked whether the number of plots can significantly impact the housing problem, Ioannou effectively acknowledged that this is only part of a broader effort.
If demand proves very high, the organisation will consider additional land it owns for future subdivision.
At the same time, he noted that the organisation has a broader development programme under way, including 244 housing units for sale and 192 apartments for affordable rent. There are currently two completed projects for sale, five under active construction, two in the pre-construction phase and seven projects at the permitting stage.
Major Limassol project
He made special reference to a major project in Agios Nikolaos, Limassol, involving 54 apartments for affordable rent.
For this project, the CLDO purchased the land for €1.8 million, while the state provided €12 million for construction.
