Lower VAT on land bought for primary residence

Lower VAT on land bought for primary residence

Purchasers of undeveloped land to build an owner-occupied primary dwelling may soon be able to obtain a partial VAT refund if a bill currently being prepared by government is approved. THE GOVERNMENT is preparing a bill exempting from payment of the full 19 per cent VAT, purchases of undeveloped land for the purpose of building on it an owner-occupied primary dwelling. Cu...
Real Estate Wednesday, 24 October, 2018
Cyprus house prices rise 0.6 per cent

Cyprus house prices rise 0.6 per cent

The Cyprus house price index (HPI) rose by 0.6 per cent in the second quarter of 2018 and by 1.2 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT). THE CYPRUS Statistical Service (CYSTAT) has announced that prices for houses and apartments in Cyprus rose by an average by 0.6 per cent in the second quarter of 2018 compare...
Real Estate Friday, 05 October, 2018
Bill to tax Airbnb rents to go to plenum

Bill to tax Airbnb rents to go to plenum

A bill designed to regulate and tax the rental income on an estimated 40,000 short term Airbnb style properties in Cyprus should be presented at a plenary session of the Cyprus parliament within the next two weeks.  A BILL regulating and taxing the income on short-term Airbnb-style property rentals should go to the plenum within a fortnight, lawmakers said on Tuesday.&nbs...
Real Estate Thursday, 13 September, 2018
Green light for Limni Golf Resort

Green light for Limni Golf Resort

plans to build a multi-Euro golf course and resort complex at Limni at Polis Chrysochous have been approved after the latest environmental study that found the plans fully met environmental laws and recommendations of the European Commission. After years of effort and submission of a series of special studies, Cyprus Limni Resorts and Golf Courses Plc announced that it has fin...
Real Estate Friday, 17 August, 2018
Paphos high-rise resort gets off the ground

Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.  A proposed €3.4 billion resort development project in Geroskipou, Paphos has been given the go ahead with building permits issued to construct two 12-storey high-rises with a tota...
Real Estate Monday, 30 July, 2018
No tax on mortgaged property sales

No tax on mortgaged property sales

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees. Borrowers who sell their property to reduce or repay their loans on the free market will be eligible for tax relief, extending a regime that has so far applied only ...
Real Estate Wednesday, 18 July, 2018
Paphos marina contract awarded

Paphos marina contract awarded

The contract to build the long-anticipated Paphos marina has been awarded to Pafilia by the ‘new’ Marina Management Committee, which was appointed in March to examine documents submitted as part of the marina tender process.  After nearly three decades of bureaucratic delays and legal wrangles, the contract to build the Paphos marina has been awarded to Pafili...
Real Estate Monday, 02 July, 2018
Cyprus property rent reforms

Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved. AS MANY landlords will confirm, evicting tenants from properties in Cyprus that are regulated by the Rent Control Law who fail to meet their contractual obligations and fail to pay th...
Real Estate Thursday, 28 June, 2018
MPs table bill to tax Airbnb-style rentals

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.  TWO MPs have tabled a bill that aims to regulate and tax short-term property rentals like Airbnb. According to Disy deputy Averof Neophytou, who co-authored the legislative proposal, approx...
Real Estate Saturday, 23 June, 2018
Cyprus Property Price Index Q4 2017 Prices as at 31/12/17

Cyprus Property Price Index Q4 2017 Prices as at 31/12/17

This is the thirty-third 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 fourth quarter of 2017 the Cyprus economy showed further s...
Real Estate Friday, 15 June, 2018
Financial Times: Cyprus Developments Offer a Passport to the Sun

Financial Times: Cyprus Developments Offer a Passport to the Sun

The Cyprus property sector, a much-discussed topic among international investors, has been reviewed once again in an article featured on the Financial Times website which makes reference to the Cyprus Citizenship by Investment Scheme, the opportunities attracting foreign investors as well as various property developments offered such as ONE, Trilogy and Limassol Del Mar. &ldqu...
Real Estate Friday, 01 June, 2018
Cyprus property: biggest in Europe

Cyprus property: biggest in Europe

Did you know that the average size of a Cyprus property is the largest in Europe, while properties in Romania are the smallest according to the dwelling size statistics published by Eurostat. THE AVERAGE size of a Cyprus property (dwelling) is 141.4 square metres and it’s the largest in Europe according to the league table published by Eurostat. Commenting on the figure...
Real Estate Monday, 21 May, 2018
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