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Archive for August, 2011

VAT and other tax reductions on the table

VAT reductions for first-time home buyers and a suspension of transfer fees are being discussed as part of the Cyprus government’s austerity measures to bolster the Island’s failing economy.

Paphos development plans received with scepticism

Perhaps not surprisingly, the grandiose plans for the development of the western coast of Paphos have been received with some scepticism by the local media.

Will Cyprus follow Spain’s example

Will Cyprus follow the example of Spain where the government plans to halve the VAT payable on the sale of newly built housing until the end of the year in an effort to boost its property market?

Russians interested in Paphos tourist investment

Almost a month ago a Russian investment group approached the Mayor of Paphos, Savvas Vergas, to present a plan for a number of tourist developments of the town.

Cyprus at number nine in Top of the Props

In the August survey published by the overseas search portal themovechannel.com, Cyprus is the ninth most popular destination for British overseas property investors.

Town planning amnesty presentation at Paphos UKCA

The Scientific and Technical Chamber of Cyprus (ETEK) will be giving a presentation on the provisions of the Town Planning Amnesty laws at the Paphos UKCA on Saturday, 27th of August starting at 10:00 am. All are welcome to attend.

Austerity measures will add to property industry woes

The austerity package aimed at bolstering the failing economy unveiled by the government last Wednesday will only add to the chronic problems facing the Island’s property industry.

Fitch downgrades Cyprus two notches closer to junk

Fitch Ratings agency has cut Cyprus’ long-term local and foreign currency ratings by two notches to within two steps of junk territory, referring to the Island’s increasing budget and debt pressures.

Complimentary tickets to A Place in the Sun exhibition

Complimentary tickets are available to the overseas property exhibition ‘A Place in the Sun Live’ being held at the NEC in Birmingham between 30th September and 2nd October 2011.

Banks could face 1 billion Euro hit

Cypriot banks could take a hit of more than 1 billion Euros to shoulder their Greek bailout obligations, forcing them to raise capital and potentially deepening concerns over the Island’s own sovereign debt.

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