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
Vote imposing VAT on land sales postponed

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC. The legislation concerns the imposition of VAT on land sales for commercial property transactions. On acceding to the EU in 2004, Cyprus was granted a derogation from the relevant VAT direc...
Real Estate Tuesday, 11 July, 2017
Property prices in Cyprus continue falling, latest RICS index shows

Property prices in Cyprus continue falling, latest RICS index shows

Residential property prices in Cyprus continued to fall in the final quarter of 2014 but some local agents are reporting an increase in sales. Average price of houses fell by 1.1% and apartments by 0.7%, according to the latest index from the Royal Institute of Chartered Surveyors (RICS).  The country’s property market was particularly badly hit during the global e...
Real Estate Sunday, 13 December, 2015
November property transactions rise 21% boosted by external demand

November property transactions rise 21% boosted by external demand

For a third consecutive month, the number of property transactions rose 21 per cent to 446 in November compared to the respective month of 2015, boosted by increased sales in coastal districts amid rising external demand, the department of lands and surveys said. A total of 137 properties changed hands last month in Limassol alone, which was 33 per cent more compared with the ...
Real Estate Wednesday, 09 December, 2015
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