Official data released by The Department of Lands and Surveys shows an increase in property sales of 21% when compared to November of the previous year. This amounts to a total number of property sales contracts relating to commercial and residential properties as well as building plots and fields of 446 compared to 370 such sales in November 2014 and another welcome sign of increased activity in the Cyprus property market. It is notable that 31% of the contracts deposited at the Land Registry Offices nationally originated overseas from foreign nationals with the remainder coming from Cypriots. The increasing likelihood of reunification of the island is also likely to have a beneficial effect in boosting the real estate industry island wide, although no time frame for this has yet been agreed and high level negotiations are ongoing.
President Nicos Anastasiades speaking at the General Assembly of the Cyprus Chamber of Commerce and Industry made a further welcome announcement that the government is planning to announce a reduction of Value Added Tax (V.A.T.) on all home renovations to 5% from the current rate of 19% and the proposal should be passed at the next cabinet meeting. This move is likely to further boost the building and real estate sector. This V.A.T reduction will apply to all residential properties not just a person’s primary residence and will allow for the general upgrading of properties and improvements to their energy efficiency. It will greatly benefit property owners and investors alike, especially those who like to buy properties in need of renovation at a low price and sell them on at a profit when upgraded. All of this could provide further impetus towards growth in the sector whilst at the same time improving the quality of the housing stock overall.
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