Nicosia:More than £300 million has been invested over the past three years in housing initiatives targeting young people, families, and low-to-middle-income beneficiaries, as stated by Interior Minister Constantinos Ioannou in a video posted on the Presidency's account on X.

According to Cyprus News Agency, the Interior Minister highlighted that £26 million was allocated under a financial assistance scheme specifically aimed at young people and families under the age of 41, benefiting 700 individuals. Additionally, the latest scheme allows low and middle-income families to acquire state-owned plots at 25% of their general valuation.

The Minister further explained that a scheme enabling the construction of an additional dwelling within an existing residential building helps families utilize their property to house relatives, thereby reducing construction costs and the need to purchase new plots.

Ioannou also addressed tax reforms that offer deductions on rent or mortgage interest for primary residences, along with added relief for families with children. The Minister emphasized that the government's policies aim to improve citizens' daily lives by enhancing disposable income and providing more opportunities for financial security.

These interventions are part of a broader strategy to expand housing options, support the younger generation, and strengthen family budgets, ultimately aiming to maximize the economy's potential and return growth benefits to society.