Cyprus first-time buyer scheme launched

Monday March 2nd , 2009

The government's first-time buyer scheme in Cyprus is officially underway, it has emerged.

A total of 200 million euros was set aside for the initiative, which was announced just a few days ago.

Cypriot finance minister Charilaos Stavrakis has already approved the first 30 loans, which aim to help first time-buyers onto the country's property ladder.

The loans had an average amount of 140,000 euros and totalled some 4.2 million euros

Charilaos Stavrakis said: "The Finance Ministry in cooperation with the Housing Finance Corporation once again defeated bureaucracy.

"Just fifteen days after the first announcement of the plan we have already approved 30 loan applications, particularly to young couples... the total amount of the approvals was over four million euros from the overall 200-million euro scheme."

The Times newspaper recently claimed that Cyprus is an ideal spot for property-hunters seeking an affordable holiday home due to is accessibility and all year-round sunny climate.
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