All reports tagged with: "2016"
An opportunity to reflect on the news and events that helped to shape the Cyprus property market over the past year in our list of Top 10 stories that have attracted the most readers in 2016.
In September the Tax Department will start sending Immovable Property Tax notices to some 237 thousand taxpayers who will find their tax bills reduced to 25 per cent of the amount demanded last year.
The Cyprus Central Bank has published its residential home price indexes for the first quarter of 2016 recording a fall in house prices over the quarter of 1.3 per cent and a rise in apartment prices of 0.6 per cent.
The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.
In isolated cases, where the demand for residential real estate in Cyprus is low and distressed assets result in excess supply, further discounts of up to 40% of market value are possible.
A revised Memorandum of Understanding (MoU) between Cyprus and its troika of international lenders – European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – has been published.
Transaction volume in the property market will remain at low levels throughout 2016 with prices of prime assets bottoming out during the first half of the year, with demand for secondary assets almost non-existent.