A new housing program for young people, aged under 35, will provide significant subsidies for home buyers. Prime Minister Nikola Gruevski, who presented the program on Thursday, said that the subsidies will cover 80 percent of the monthly housing credit rate for the first eight years on a 20 year loan, or would completely cover the required down-payment.

"Considering the need to improve the conditions for young home-buyers, we go one step beyond the existing housing programs. We will focus on young people aged up to 35 years who want to have their own home. Young families are the ones who will have priority. The project will begin no later than February 1st 2016 and we expect it will dramatically improve the terms for buying a house for young families", Gruevski said.

Unlike earlier housing programs that applied to all types of housing, this one will be specialized for houses. The reason for this, Gruevski said, is that the program will be focused toward young people who want to create a family and have children.

Applicants can apply if they earn less than 900 EUR per month for an individual, or 1.300 EUR per couple, and if they don't own any other real-estate under their name. Approved applicants will be able to choose between the two types of subsidies - having their down-payment paid in full by the Government, or pay the down-payment themselves and then see their monthly credit rates greatly decreased for the first eight years.