Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020
Home Property Statistics Property activity slumps

Property activity slumps

FIGURES released by the Cyprus Inland Revenue Department show that Capital Gains Tax receipts resulting from the sale of properties slumped 42% in August, driving down total losses for the first eight months of the year by 18%.

The Cyprus Government collected approximately €54.5 million less from the property sales compared to the same period in 2007.

The figures confirm the forecasts for a sharp drop in demand, particularly in tourist areas, where there was a very high dependence on sales to British property buyers.

According to the IRD’s figures released Thursday, revenue from the Capital Gains Tax in the first eight months of 2008 fell to €246.9 million from €301.4 million during the same period last year.

A similar slump was reported in receipts from stamp duties, charges and real estate tax.

The world-wide credit crunch, the falling value of Sterling against the Euro, and the widely reported property scams are having a significant detrimental impact on the Cyprus property market.

LOCAL WEATHER

Cyprus
few clouds
24.3 ° C
27 °
22.2 °
60 %
10.8kmh
20 %
Tue
23 °
Wed
23 °
Thu
21 °
Fri
24 °
Sat
29 °

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1240
RUB
0.0130
CNY
0.1260
CHF
0.9304

MOST POPULAR

property tax

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.