Since the launch of the first residential housing support program in Cyprus, 231 applications have been approved. In total, subsidies from the government amounted to €6.6 million. At the same time, young couples showed the greatest interest in the scheme.
The Ministry of the Interior's new and extremely generous housing program has generated even more excitement.
Since March 1, 2021, when the scheme came into effect, the Cyprus Ministry of Foreign Affairs has received 136 applications for a total amount of about €4.7 million euros from the inhabitants of the island. 37 applications were considered and approved until May 28, 2021, the total amount of sponsorship of which reached €1.5 million.
The Ministry of Internal Affairs noted that there is the unprecedented interest in the program, and everything possible is being done to consider the submitted applications in an expedited manner.
Our main goal is to solve the problem of astyphilia in the villages of Cyprus in order to revive life in the countryside.
It is worth noting that along with the promotion and consideration of the submitted applications, the competent service of the Ministry records the proposals and comments of citizens through the presentations of the plan made in all provinces in order to improve the existing scheme in the future.
As you may know, the new scheme of government subsidies provides for the provision of financial support in the amount of up to 50% of the total value of real estate purchased in rural areas.
The plan includes provisions for building a home, buying a new or existing home, and free acquisition (inheritance) and the cost of improving a private home for permanent ownership.
Financial support is paid in two installments. The first one is provided as an advance upon obtaining a building / home purchase permit, and the second installment is given upon completion of the home purchase.
In addition, the new and improved plan includes an increase in the ceiling for financial support for young couples and large families, as well as improved urban incentives for housing and affordable housing.
The amount of financial support for participants in the new program is:
- for young couples under 41 years of age - 40 thousand euros,
- for couples under the age of 41, with children - 45 thousand euros,
- for large families with four or more children - 50 thousand euros,
- for single persons - 20 thousand euros.
You can find out more information about property in Cyprus on the DOM Real Estate. The website has a huge number of properties in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!