New conditions within "Buy a House, Buy a Flat” Project will stimulate the sale of flats

Skopje, 21st August 2019 (MIA) - Construction Chamber of Macedonia supports the "Buy a House, Buy a Flat” Project at the beginning of its promotion, believing that the new conditions will additionally encourage the sale of new flats for the young population. Growth of the construction sector as regards building is also underpinned by building new flats, keeping the existing and generating new jobs, thus contributing to growth of the overall economy.

This was announced at today's press conference by the Vice President of the Construction Chamber of Commerce of Macedonia, Ivica Jakimovik. He underlined that this Project will be beneficial for the companies through increased sale of built high-quality and energy efficient flats, youth population who, as he said, will be able to buy a new flat under very favourable conditions.

Deputy Minister of Finance Shiret Elezi said that they started improving the models for the "Buy a House, Buy a Flat” Project.

Analyses showed that as a result of the simplified procedure, the young population is more interested in buying a flat, especially those not having start-up capital or land. In order to provide them with the necessary support, we created a new model "Buy a Flat for the Young Population". In line with the new improved conditions, the young population having up to 35 years, will receive 70% of subsidies of the country, thus, the subsidy for participation and the installment-related subsidy were increased.

By stating an example she said that if the loan amounts to EUR 50 thousand, the citizens will obtain around EUR 11,900 of the subsidy related to installment, while as for the participation -related subsidy, they will obtain EUR 8,750. Elezi stressed that the interest rates for subsidized housing loan are one of the lowest being currently offered.

Elezi stressed that the citizens may additionally apply for subsidized housing loan at reduced interest rates. Interest rate for the "installment subsidy” model for the first three years is reduced from the initial 3.9% to 2.9%, and 3.9% for the third and fourth year. Interest rate for the “participation subsidy” model has also been reduced. It accounts for 4% thorughout the loan repayment, increased by 6-month Euribor.

In addition, the beneficiaries of subsidized housing loan, will obtain, for every new born or adopted child throughout the repayment period, additional 1-year subsidy of the monthly installment accounting for 30%, Elezi said.

She said that the citizens having more than 35 years, wanting to build or buy a house, will obtain subsidies of 80% of the monthly installment in the first five years or 80% of the participation.

Deputy Minister Elezi said that they were assured by the Construction Chamber, that there are many available flats, as well as flats under construction, at a price of EUR 900 per square meter, including VAT.

Ministry of Finance prepared manual for "Buy a House, Buy a Flat" Project, published on the Ministry’s web site. In almost three months, after the new conditions entered into force, the citizens' interest therein increased.