The land development corporation (KOAG) is expected to submit an application for the construction of a €5 million social housing complex in Ayios Nicolaos, Larnaca, to the municipality by the end of this month, it was announced on Wednesday.
Work is expected to begin in the first quarter of 2022 and to last 18 months.
An architectural competition completed at the end of 2020 determined the design of the project.
It will consist of 32 residential units with two, three and four bedrooms, and will be located on a former municipal plot of 4,000 square metres which was acquired by KOAG for this purpose.
“The proposed plans in addition to the residential complex which is designed based on the principles of sustainable and environmental design include quality green spaces and places for the social gatherings of residents,” the announcement said.
“The project is located in an expanding residential area of the municipality of Larnaca, which is surrounded by important main urban, public and commercial uses.”
According to the statement, it is connected to a road network with access to public transport and bicycle paths.
The concession of the houses will be based on financial and other criteria to be set by KOAG.
Larnaca mayor Andreas Vyras expressed his satisfaction with the development.
“Social housing is one way in which public and local authorities can respond to the inability of the housing market to meet all housing needs at an affordable price, either for purchase or for rent,” he commented.
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