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
Property Prices Increase Significantly In Q3 2017

Property Prices Increase Significantly In Q3 2017

An increase of 7.4% in apartment prices and 4.2% in house prices on an annual basis was recorded by RICS’ Cyprus Property Price Index.Across Cyprus, on an annual basis (compared to Q3 2016), the price of flats increased by 7.4%, houses by 4.2%, offices by 8.8%, warehouses by 4.4% and retail by 4.5%.The Property Price Index has recorded increases on an annual basis in all ...
Real Estate Friday, 23 February, 2018
Paphos, The Champion In Sales To Overseas Property Buyers In 2017

Paphos, The Champion In Sales To Overseas Property Buyers In 2017

Paphos had the lead in purchase contracts 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. This follo...
Real Estate Wednesday, 14 February, 2018
Eden City Moving Forward

Eden City Moving Forward

A propsed 3.4 billion development project in Geroskipou in Paphos has finally been given a partial green light after protracted delays. Eden City, a project by Hungarian investor Atum Developments, is headed up by Sandor Kenyeres, and includes the construction of an artificial ‘luxury lifestyle’ island, a university, five-star hotel-resorts, multi-floor towers...
Real Estate Thursday, 01 February, 2018
Cybarco to Launch Trilogy Limassol Seafront

Cybarco to Launch Trilogy Limassol Seafront

Limassol’s ever-changing story is preparing to reveal a ‘trilogy’ on the seafront’s most premium location. Now in its pre-launch phase, Trilogy Limassol Seafront is an exciting new chapter for established developer Cybarco, with a success story spanning over 70 years. A statement of high living in the heart of the city’s affluent waterfront, it bui...
Real Estate Tuesday, 26 December, 2017
Parliament approves VAT on building land

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union. Parliament on Friday (3/11/2017) approved a bill imposing 19 per cent VAT on the sale of building land, fulfilling an EU condition some 10 years after the original deadline.The bill passed with the ...
Real Estate Tuesday, 07 November, 2017
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