VAT break for young couples buying land for first home

VAT break for young couples buying land for first home

Young couples buying land for their first home in Cyprus may only pay 5 per cent VAT on its purchase price rather than 19 per cent under a draft bill submitted to parliament by the government. THE GOVERNMENT has submitted a draft bill to parliament indirectly exempting from payment of 19 per cent VAT young couples who buy land for the purpose of building a primary residence. ...
Local Tuesday, 24 April, 2018
ENERGY SAVING GRANT SCHEME

ENERGY SAVING GRANT SCHEME

There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the “I Save I Upgrade” grant scheme, which is co-funded by the European Union and the Cyprus Government.ON MARCH 19th  2018 the Ministry of Energy opened the second call for proposals for the grant scheme “I Save I Upgrade” for existin...
Local Monday, 16 April, 2018
Poseidonos Avenue (Paphos) and Others

Poseidonos Avenue (Paphos) and Others

Paphos is one of the main tourist centres in Cyprus with an operational season almost 12 months and with its existing beds increasing only next year by another 2.000 beds. The centre of the tourist/visitor area is Kato Paphos and especially the seaside road Posseidon avenue. There is not a single visitor who will not walk along the avenue with the top attraction mainly the spa...
Local Tuesday, 20 March, 2018
Strong growth in property sales (Update)

Strong growth in property sales (Update)

The strong growth in Cyprus property sales continued in February with the number of properties sold rising in all districts (with the exception of Larnaca) according to official figures.    THE DEPARTMENT of Lands and Surveys reports that the number of property sales contracts deposited at Land Registry offices across Cyprus in February 2018 rose 46 per cent compare...
Local Thursday, 08 March, 2018
Tourist Arrivals Increase by 12.5% in December 2017

Tourist Arrivals Increase by 12.5% in December 2017

On the basis of the results of the Passengers Survey, arrivals of tourists reached 98,924 in December 2017 compared to 87.927 in December 2016, recording an increase of 12.5%. December 2017 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month. For the period of January – December 2017 arrivals of tourists totaled 3,652,073 compared...
Local Tuesday, 30 January, 2018
Paphos First in Sales to Overseas Property Buyers In 2017

Paphos First in Sales to Overseas Property Buyers In 2017

Paphos had the lead in purchase contacts to foreign buyers in 2017 by 36% in comparison to Limassol which follows by 33.5 %. Larnaca is third with 16 % and lastly Famagusta with 7.5 % and Nicosia with just 7%. Property Sales in Cyprus rose 24 % during 2017 (the highest number since 2008) according to official statistics published by the department of Land and Surveys. Thi...
Local Saturday, 20 January, 2018
Paphos residents fear landslide

Paphos residents fear landslide

Residents and businesses in the Mousallas area of Paphos are concerned that their properties could be damaged by a landslide as huge rocks are moving down the hillside above them. Paphos authorities are taking urgent action following complaints from residents and businesses in the Mousallas area of Paphos that they fear land movement and piles of rocks tumbling down the h...
Local Wednesday, 01 November, 2017
Construction helps Cyprus exit recession

Construction helps Cyprus exit recession

The intensive activity recorded in the construction sector proves the government’s focus on exiting the vicious cycle of economic recession and making Cyprus an attractive destination for foreign investors, President Nicos Anastasiades has said.  Laying the cornerstone of what is to be Nicosia’s tallest building, named ‘360’, Anastasiades said &ldq...
Local Tuesday, 31 October, 2017
Peyia goes to court over Vasiliou Project

Peyia goes to court over Vasiliou Project

PEYIA municipality is challenging the government’s decision to issue a planning permit for a massive development on a hillside overlooking Peyia and is taking the town planning department in Nicosia to court. This is the first time that the local authority has taken such a step. In the last 18 months, Peyia council has raised documented concerns over the development incl...
Local Monday, 23 October, 2017
UPDATE: PAPHOS MARINA

UPDATE: PAPHOS MARINA

The Pafilia Group should hear by the end of the month whether it has met the required criteria to build the Paphos marina, which has been stalled by bureaucracy and legal battles for more than a decade. Andreas Demitriades told the Cyprus Mail on Monday that he expects a decision to be made before the end of October. “The Pafilia Group were asked to provide all of the n...
Local Wednesday, 11 October, 2017
Property prices continued to rise (RICS)

Property prices continued to rise (RICS)

This is the thirtieth publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. Introduction & Commentary During the first quarter of 2017 the Cyprus economy showed further signs...
Local Friday, 15 September, 2017
The Cyprus economy is surging ahead

The Cyprus economy is surging ahead

The Cyprus economy is running at a high rate of growth, at an estimated 3.6% in the second quarter of 2017, compared with the corresponding quarter of 2016. After GDP and seasonal fluctuations, the growth rate of the economy is estimated at 3.5%, compared to 3.7% in the first quarter of the year. The percentage change on a quarterly basis was 0.9%. Finance Minister Harris Geo...
Local Saturday, 02 September, 2017