Housing Projects Set to Start in 2025, Says Land Development Organisation

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Construction work on numerous new housing units is set to kick off in 2025, according to Eleni Symeonidou, Director of the Land Development Organisation (LDO). During a session with the House Finance Committee on Monday, Symeonidou discussed the LDO’s budget for the upcoming year, which includes projected revenues of €33 million and expenditures of €35 million.

Symeonidou highlighted that the organisation’s primary source of income comes from the sale of homes, apartments, and land plots. She also noted that development will begin this year across several key areas, including Nicosia, Limassol, Paphos, and Larnaca.

Elena Koushou Hadjidemetriou, the organisation’s chairwoman, pointed out an issue: many eligible buyers are unable to afford the required 20% deposit. She urged banks to adopt more flexible policies to support these potential homeowners.

Akel MP Andreas Kafkalias voiced concerns about the worsening housing crisis in Cyprus, stating that while the government continues to announce measures, they have yet to yield significant results. Diko MP Christiana Erotokritou expressed optimism that the new plans presented would help alleviate the housing shortage and improve affordability for residents.

Meanwhile, Dipa MP Alekos Tryfonides showed support for the LDO’s initiatives, calling for generous housing projects in rural areas to further address the ongoing housing challenges.

Source: Cyprus Mail

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