Ministers of Finance and Internal Affairs Mr. Takis Klerides and Mr. Christodoulos Christodoulou, during a joint press conference yesterday announced the government’s decision to subsidise the housing plan for low income families, from CYP 3.000 up to CYP 10.000 and up to CYP 12.000 for families with more than three children. The government’s subsidy equals an additional CYP 6 mln, giving the opportunity to all Cypriots to purchase their own home.

Mr. Christodoulou stated that he will be advised by the Permanent Advisory Committee on housing matters, which will also be responsible for proposals on determination of housing policy and will have the general supervision and control for implementation of the housing plans. Subsidies will be for houses of one bedroom up to CYP 5.000, for two bedrooms up to CYP 7.000 and for three-bedroom houses up to CYP 8.500. Loans can be secured from the House Financing Organisation or from the Cyprus Land Organisation with a repayment period of 25 years and interest of 3%. There will also be a facility for 6% self-financing for applicant families.