The Cyprus Land Development Corporation (CLDC) plans to initiate the construction of numerous housing units in 2025, according to Director Eleni Symeonidou. Speaking before the Parliamentary Finance Committee during a review of the organization's 2025 budget, she outlined the corporation's ambitious projects and plans for the upcoming year.

The CLDC’s 2025 budget forecasts revenues exceeding €33 million and expenditures of €35 million. Symeonidou highlighted that most revenues will come from the sale of homes, apartments, and plots, along with additional income generated through incentives linked to increased building density.

Major projects planned for 2025 include:

• Palouriotissa and Aglantzia: Apartment developments

• Limassol and Lakatamia: Housing projects

• Land subdivision: 96 plots in Nicosia, Limassol, Paphos, and Larnaca

Symeonidou added that properties in Kokkinotrimithia, apartments in Larnaca, and major developments in Polemidia and Agios Dometios are already on the market.

Symeonidou also discussed the Affordable Rent Scheme, noting progress in land valuation and tax assessments. Meetings with the Department of Lands and Surveys are scheduled to finalize compensation agreements. The first phase will include 138 apartments, with the initial building comprising 36 units ready to begin construction upon approval.

CLDC President Elena Kousiou-Hadjidemetriou highlighted a critical issue: many eligible buyers face difficulties securing loans due to the required 20% down payment. She called on banks to adopt a more humane approach to address this barrier.

The "Renovate and Rent" scheme, launched recently, has seen positive initial engagement, with applications and registrations submitted through its online platform. However, Kousiou-Hadjidemetriou noted it is too early to assess its overall impact.