The Finance Ministry called on citizens to apply for subsidized mortgages, under a program which should bring interest rates below 2.9 percent.

Finance Minister Dragan Tevdovski said that the reduced rates will apply in the first three years and afterwards higher rates will kick in, up to 3.9 percent.

These would be among the lowest interest rates in the mortgage market. It would save 1.300 EUR to citizens taking up a 50.000 EUR mortgage, Tevdovski said.

In an additional move, families who have a baby or adopt would receive an annual subsidy of 30 percent on their mortgage.