The Cyprus Land Development Corporation (CLLC) yesterday announced that it was slashing its prices in a bid to kick-start property sales within the organisation.
Established in 1980 as part of the state’s social policy to assist medium and low-income classes to acquire their own home, the CLLC divides land into housing and apartment building plots and erects dwellings which are available at reasonable prices and terms of payment.
Potential homeowners must be within a certain income range in order to qualify for a property.
The exact reduction in prices will depend on the property’s location, its size and its design but candidate homeowners, who meet the CLLC criteria, could purchase a home around €7,000 to €30,000 cheaper.
Around 240 houses are still vacant and will need to be sold soon or run the risk of dilapidation.
In addition to the reduction in house prices, the down payment will also be reduced from 25% to 10% plus VAT.
The organisation also announced that the interest rate on the mortgage will be reduced to 3.25% for the first three years before increasing to its normal 6%.
The aim of this reduction is to give potential homeowners the incentive that for the first three years, they will be paying the same amount as they would in rent.
Other incentives offered to those who submit a request through the organisation before the end of September include:
– A 5% reduction in the price should the entire amount of the house price be paid up front.
– A 3% reduction in the price should 75% of the amount of the house price be paid up front.
– A 2% reduction in the price should 50% of the amount of the house price be paid up front.
Speaking to The Cyprus Daily, CLLC Chairman Adonis Yiangou said, “Due to the current financial climate, we saw it fit to help the public get a roof over their heads whilst at the same time release some of the stock we have available.”
“Right now, the banks are not giving out loans but we offer a financing solution to people wanting to buy a home and for very low rates.
Cyprus:Cheaper new homes made available
