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Property Statistics

Improvement in Cyprus direct tax revenues

There are signs that the Cyprus government’s efforts to avoid the island’s budget deficit exceeding 3% of its GDP, which would result in EU Supervision, are bearing fruit with Immovable Property Tax collections almost doubling during September.

Building permits for Cyprus residential property falls

Figures released today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,161 residential properties were authorised in July 2009; down by nearly 40% on the 1,925 authorised in July last year.

Row brewing over the Cyprus property price index

A row is brewing over the future of the Cyprus property price index. According to latest reports, RICS Cyprus has entered the fray and is planning to produce a regular property index starting in January 2010.

Cyprus property tax receipts plummet

Figures released by the Cyprus Inland Revenue Department reveal that tax receipts resulting from the sale and acquisition of property during the first eight months of 2009 have plummeted by more than €200 million compared to he same period in 2008.

Cyprus construction sector shows signs of recovery

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 2,125 residential properties were authorised in June 2009; up 28% on the 1,659 authorised in June last year.

Gaping hole in government revenues

The collapse of the Cyprus real estate market has resulted in a gaping hole in government revenues.

Residential property construction slows

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,191 residential properties were authorised in May 2009; down by more than 30% on the 1,715 authorised in May last year.

Building permits for residential properties down

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,252 residential properties were authorised in April 2009; down by almost a quarter on the 1,658 authorised in April last year.

Cyprus bank loans, deposits and liquidity

Over the past year, Cyprus banks granted loans valued at more than more than three times the amount they received in deposits according to figures released by the Central Bank of Cyprus.

Cyprus tax receipts continue to fall

Capital Gains Tax receipts in Cyprus, Stamp Duty and Immovable Property Tax continue to fall as a result of the on-going slump in the real estate market.

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