The first-time buyer scheme in Cyprus is officially underway
The Cypriot government’s first-time buyer scheme would give the first time buyers the boost they need to find the property they are looking for in affordable housing developments across the country.
As there is a steep increase in the number of first-time buyers interested to get on to the property ladder in Cyprus, Government has announced a total of 200 million euros for the initiative. The scheme is officially underway as Cypriot finance minister Charilaos Stavrakis has already approved the first 30 loans for an average amount of 140,000 euros and totalled some 4.2 million euros.
Charilaos Stavrakis Commented: “30 loan applications have been approved within fifteen days after the announcement of the plan; particularly to young couples… the total amount of the approvals was over four million euros from the overall 200-million euro scheme”.
The Bank of Cyprus also has recently launched an 80% Loan to Value and provides a two year payment holiday scheme for off-plan purchases. The interest rate is also capped at 5% for the first three years. Now this scheme is only available for Cypriot residents and Industry experts believe that similar schemes to be rolled out to non residents in the coming months.
Steve Wright, managing director of Cherish Properties, suggested that Cyprus is experiencing strong growth. Cyprus has seen 20-30 per cent growth and it is now predicted to grow by around ten per cent a year, reports Birmingham Post.
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