Falling Cyprus property sales

ACCORDING to reports in the Phileleftheros and Cyprus Mail newspapers, Capital Gains Tax receipts resulting from the sale of property in Cyprus during the first quarter of 2008 have dropped by more than 5 million Euro.

The reports states that receipts in the first quarter of 2008 fell to €90.86 million compared with €96 million in the corresponding period of 2007 (-5%).

The Cyprus Mail goes on to say that Immovable Property Tax receipts have also fallen by 22% to just €1.22 million.

In another newspaper, it’s reported that a Paralimni developer sold 10 properties during the first quarter of 2008, compared to 52 during the same period in 2007.