The government's program to support housing construction in the mountainous and remote areas of Cyprus is very popular among the island's residents. In this context, the government has decided to extend the program until December 31, 2025.
This was announced by the Cyprus Interior Ministry on Thursday, October 17.
According to the ministry, more than 1.5 thousand people have participated in the program so far, and the amount of grants has already exceeded 56 million euros. The ministry underlined the importance of the state scheme, which helps young couples in particular to obtain housing. In addition, the initiative prevents the exodus of the population from rural areas.
The agency noted that since its launch, the program to support housing construction in mountainous and remote areas of Cyprus has undergone some changes. Firstly, its duration has been extended to give beneficiaries more time to obtain the necessary permits. Secondly, applications for benefits will no longer be approved on the basis of the stage of completion of the house, as was previously the case. The main criterion is now the existence of a valid building permit. At the same time, the house must not be connected to the electricity grid at the time of application.
Grants are paid in three stages. First, the beneficiary receives an advance payment of %. In the middle of the project, another % of the approved grant amount is transferred. The remaining 20% is paid upon completion of all work. It should be mentioned that now students who have studied abroad and returned to live on the island are also eligible to receive a grant from the government.
Recall that the program provides financial assistance to the applicant in the amount of up to % of the total cost of real estate. The amount of state subsidies for participants of the program:
- for singles - 20 thousand euros,
- for couples - up to 30 thousand euro,
- for families with children or single parents - up to 35 thousand euro,
- for couples whose age at the time of application is not more than 41 years - up to 45 thousand euros,
- for couples who are not older than 41 years at the time of application, with children - up to 50 thousand euros,
- for large families with four or more children - up to 55 thousand euros.
In addition, people with disabilities are allocated an additional 10 thousand euros for the installation of special constructions for their mobility in homes.