The cabinet has approved an extension to the housing grant scheme for young couples after applications fell short of the 400-target threshold by the December deadline.
The Interior Ministry has eased eligibility requirements for the scheme, which offers grants between €20,000 and €50,000, to accommodate more applicants.
Key changes include increasing the maximum allowable property size from 100 to 150 square metres and relaxing age restrictions to require only one partner to be under 41 years old.
Income criteria have also been adjusted upward to align with other housing schemes, following feedback that previous income limits were too low for mortgage approval.
The revision matches recent adjustments made by the Welfare Service, which increased thresholds by €5,000 across all categories.
By December 2024, officials had received 275 applications, with 42 deemed invalid and 233 under review.
The scheme offers €20,000 for single applicants, €45,000 for couples without children, and €50,000 for families with children, including single-parent households.
In related housing developments, the Cyprus Land Development Corporation (CLDC) has attracted interest from 36 developers expected to construct approximately 1,500 housing units.
Some developers have opted to pay compensation for increased building coefficients, allowing them to sell properties independently of CLDC regulations. This arrangement is expected to generate €7 million for the corporation’s housing programmes.
The grant scheme aims to assist eligible applicants with partial costs for constructing or purchasing new or existing homes, including improvements to properties acquired through donation or other legal means.
