The President of the Republic Mr. Nicos Anastasiades chaired today, at the Presidential Palace, a conference on the Government's housing policy, in the presence of the Ministers of Finance, Interior, Labour, Energy, Trade and Industry, the Deputy Minister of Welfare and other officials.
During the meeting it was agreed that with the commencement of the operation of the casino resort in Limassol, 15% of the Government's revenue from the use of the casino services will be allocated to the Cyprus Land Development Organisation for the promotion of the projects undertaken by the Organisation.
The Agency's plans provide for construction, for the next few years, in excess of 800 housing units to be made available either through affordable housing or through the new Affordable Rent Scheme, targeting economically vulnerable households.
The total expenditure for the implementation of the housing policy was also discussed, which amounts to €125 million for 2022, double the expenditure for 2018 and increased by 22.4% compared to 2021.
Indicatively, the housing plans for 2022 include:
- EUR 15 million for the Housing Plan for the Regeneration of Mountainous, Arid and Disadvantaged Areas and Countryside;
- EUR 62 million for the Housing Plans for Displaced and Suffering Persons;
- EUR 22 million for the Housing Plans for Displaced and Suffering Persons. EUR 11,6 million for rent and mortgage interest subsidies
- EUR 11,6 million for the schemes implemented through the Cyprus Land Development Agency, and
- EUR 12 million for rent subsidies benefiting approximately 3000 beneficiaries of the Minimum Guaranteed Income.
In addition to the total budget, non-monetary benefits, such as the free allocation of plots of land to young couples facing financial difficulties, should also be taken into account.
By way of comparison, the Ministry of Interior's budget of approximately 67 million Euros for 2021 increases to 79 million Euros for 2022, while the budget of the Ministry of Interior increases from approximately 3 million Euros to 11.6 million Euros for the same period.
In addition, the meeting referred to the amount allocated for the needs of the "Hestia" Plan from which about 800 borrowers are expected to benefit with the total contribution of the State amounting to 200 million Euros.
At the same time, the President was informed about the ongoing application process for the "Home" Scheme, which concerns borrowers who have taken out loans with government funds, with a mortgage on their first home.
During the discussion, reference was made to the effectiveness of other schemes that have been implemented such as, for example, interest rate subsidies. This Scheme will benefit 4750 households, which will borrow a total amount of 700 million Euros for the acquisition of their main house.
President Anastasiades was also informed about the "Save and Upgrade" Scheme, which aims to upgrade the energy efficiency of homes. For this Project, 2300 applications have been submitted with the total amount of the grant amounting to 35 million Euros.
Following the instructions of the President of the Republic, in the next few days the Ministry of Interior will announce the details of the new and upgraded, as agreed, Housing Plan for the Revitalization of Mountainous, Arid and Disadvantaged Areas and the Countryside.
In accordance with the President's instructions, the details of the new and upgraded Housing Plan for the Revitalization of Mountainous, Arid and Disadvantaged Areas and the Countryside will be announced by the Ministry of Interior in the coming days. In addition, the details of the integrated plan for the upgrading of refugee settlements will be announced in the coming weeks.
During today's meeting, the issue of the VAT rate for the acquisition of first homes was also discussed.
The Government will consult with the political forces and the European Commission to find the best solution, always in line with the guidelines of the European Union.
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