Cyprus Property Index recovering

The Residential Property Price Index recorded an increase for the first time since the beginning of 2021.  Apartments showed an increase of 1.2% in prices compared to last quarter while houses rose by 0.2%.  Since the beginning of 2021 apartments had a total increase of 2.5%.  There is no clear reason for the increase however it is possible that this...

Government extends interest rate subsidy scheme

The Government decided to postpone the deadline for the interest rate subsidy scheme it introduced back on the beginning of the pandemic in March 2020. The subsidy is of interest is up to 1.5% for the first four years of the loan for a first residence up to €400,000. For companies and self-employed people the subsidy will be up to 2% for the first two years, and drop to ...

New property sales tax to support refugees

The parliament approved this week a new levy of 0.4% will be imposed on all property sales in order to support Greek-Cypriot refugees. According to the new law, the tax will be on any sale/transfer of real estate, the levy will be payable by the seller and the funds will be distributed to the support the refuges through various Governmental Schemes....