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All reports tagged with: "property price"

VAT delay on Cyprus land

Cyprus’ Minister of Finance, Charilaos Stavrakis, says the Government is confident that it will be able to secure a postponement of the introduction of VAT on building plots. Under its commitments to the EU, Cyprus was to have levied a 15 percent VAT charge on the sale of building plots on January 1 2008. However, […]

Elderly widow victim of property scam

AN 83-YEAR-OLD British widow who has been waiting 29 years for the title deeds to her home was shocked recently to receive an Immovable Property Tax (IPT) bill from her developer, Korfi Mountain Estates Limited, for €25,000 when it should have been around €430. The IPT bill amounts to nearly 50 per cent of the […]

Cyprus bank eases loan restrictions

THE Central Bank of Cyprus has eased the loan restrictions for the purchase or construction of second properties from 60% to 70%. According to a local newspaper report, the Governor of the Central Bank, Athanasios Orphanides, informed the banks on Tuesday that the Central Bank examined the market data and decided to review the lending […]

Cyprus property tax receipts plummet

ACCORDING to press reports, a decline in Cyprus property prices has resulted in a spectacular fall in Government revenue. During the first four months of 2008, Capital Gains Tax receipts fell by 17% to €116.18 million from €139.42 over the same period last year. Meanwhile, property revenue plummeted by a massive 25% to €1.5 million […]

2008 property sales down 30 percent

THERE was a 30 percent reduction in sales of property in Cyprus during the first four months of 2008 compared to previous years, the House Commerce Committee was told yesterday. The statement was made by the deputy head of the Town Planning Department, Christodoulos Ktorides, who added that £370 million were received in transfer taxes […]

Resale property scam warning

Without Title Deeds, the buyer must come to an ‘arrangement’ with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.

Cyprus home prices in the first quarter of 2008 up 3.3%

HOUSE prices in Cyprus, in the first quarter of 2008, appear resilient in the face of worsening global economic conditions. From January to March 2008, the BuySell Home Price Index recorded a total increase of 3.3% compared to December 2007, bringing the year-on-year increase to 18.6%. House prices depicted a 3.6% increase during the first […]

Backlash from Cyprus property developers

THE GOVERNMENT is facing a backlash from Cyprus property developers and estate agents over plans to introduce a 15% VAT charge on land purchases from July 1, with many saying the regulations are not clear. One estate agent said local buyers may now be priced

Cyprus property price index reaches 173.6

FIGURES just released by CySTAT indicate that the price index of new properties in Cyprus has reached 173.6. Cyprus Statistical Service’s (CySTAT) quarterly index measures the changes in unit prices charged to clients for the construction of buildings. It includes the costs of materials used in the construction of property, labour, energy, transport, etc, as […]

Sylikiotis wants to halt Cyprus house price increases

THE election campaign slogan of newly elected President Demitris Christofias for a “just society” passes mainly through his Ministry, given the fact that the majority of the laws which regulate internal administration has to do with issues the Minister of Interior deals with. Neoklis Sylikiotis returns to the “Ministry of the Citizen”, as he calls […]

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