Real Estate News

During the recently held International Association FIABCI Property Congress in Paphos, representatives of official authorities stated their intention to maintain the policy of simplifying the real estate purchasing procedure.

The Cyprus Government discussed the plan to increase taxes for immovable property, however, no decision was reached.

According to official statistics, the number of property sales in Cyprus during the first half of 2011 amounted to 954 million Euros.

The Cyprus Government is gradually working towards simplifying its title deed issuing system.

ReLux Estates is pleased to announce our participation in one of the most prestigious International Investment Forum, PROEstates in St. Petersburg, which took place between the 7th-9th of September.

The Cypriot Government as from 1 October 2011 has introduced a reduced rate of VAT 5% on every acquisition or construction of new residence provided that the residence will be used as the main residence of the purchaser.

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.

The golf project at Limni in Polis Chrysochous by Limni Resorts & GolfCourses Plc. is expected to have a licence to start the project issued by June according to the local mayor, Angelos Georghiou.

Earlier today, Antonis Paschalides spoke about a deal for the construction of a marina at Ayia Napa and also urged Paphos businessmen to resolve their differences that are delaying the Paphos marina project.

While sales are reportedly down 28% over the last couple of months according to OPP (Overseas Property Professional) the fact still remains that property is being sold with price tags slashed by up to 1/3 from their high value.

Cyprus Union Real Estate appraisers warn people to be careful when choosing a specialist in property appraisals.

AN OFFICIAL Russian Federation warning to its citizens against buying Greek Cypriot properties in the north is a “powerful slap in the face” for Turkey, Foreign Minister Erato Kozakou-Marcoullis said yesterday.