Property News

The state is losing €50 million per year because of delays in the issuing of planning permits, according to the Cyprus Technical Chamber.

Pafilia property developers are planning to build four high rise residential towers in Limassol of 43, 38, 31 and 25 storeys next to Limassol Municipal gardens, the tallest of which will reach 173 metres.

The Cyprus government is ready discuss ways to reduce the time taken to issue Title Deeds, which has tarnished the reputation of Cyprus as a safe place to buy property by overseas investors.

Although the number of property sales in Cyprus continued to rise in June according to the number of sales contracts deposited at Land Registry Offices, only a marginal rise was reported compared with June 2017.

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees.

It looks as if a high-rise development ‘Larnaca Tower’ will soon get underway in the seafront area of Phinikoudes if the paperwork submitted by the Russian investor Nikolai Potapenko is approved by the authorities.

The number of property sales in Cyprus continued to rise in July with the number of sales contracts deposited at Land Registry Offices across the Republic up 21 per cent compared with July 2017.

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.

Controversial plans to build a multi-Euro golf course and resort complex at Limni at Polis Chrysochous have been approved after the latest environmental study that found the plans fully met environmental laws and recommendations of the European Commission.

The impressive growth in Cyprus property sales continued in March with the number of properties sold rising in all districts (with the exception of Famagusta) according to the Department of Lands and Surveys.

Property rents in Limassol have increased by around 25 per cent over the past two years, much higher than other cities in Cyprus.

Young couples buying land for their first home in Cyprus may only pay 5 per cent VAT on its purchase price rather than 19 per cent under a draft bill submitted to parliament by the government.