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Transfer tax cut no use while house prices stay inflated

Despite the recession, house prices in Cyprus remain grossly inflated and it is highly unlikely that the suspension/reduction in Property Transfer Fees will have the desired effect until property prices fall to reasonable levels.

Cyprus government abolishes property transfer fees

In a measure to designed stimulate growth in the Island’s property sector by reducing the cost of home ownership, Cypriot MPs unanimously agreed to abolish or reduce Property Transfer Fees at a meeting of the House of Representatives earlier today.

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