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29th March 2024
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Tag: property market

Cyprus market at risk from unsold houses

The ever increasing number of unsold apartments and houses in Cyprus is placing a heavy financial burden on the developers. As well as having to service their mortgages, developers have to pay for the maintenance and upkeep of their unsold properties.

Cyprus property sales stage slight recovery

Figures published by the Land Registry report that the number of properties sold during June fell by 45.7%, taking the first six months decline to 58.3% compared to last year.

Stagnant construction & property sector

Cyprus is not Europe. In many European countries the situation is bleak as activity and prices have plunged to levels that leave little room for hope.

Property tax revenues crash

The amount of Capital Gains Tax collected, the majority of which results from the sale of property, crashed to just €15.1 million from the €90.1 million collected during the same period last year; a drop of more than €75 million

Supreme Court rules town planning council illegal

The Court's ruling has created chaos in the Cyprus property market causing prices to collapse in many areas.

Property businesses expect increased domestic demand

Those in the property business anticipate that improvements in market conditions may lead to an increase in domestic demand.

Cyprus government revenues cut by property market crisis

The unprecedented crisis in the Cyprus property market and the problems faced by businesses have pushed government revenues down sharply.

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