The Cyprus economy has recorded two consecutive quarters of increased Gross Domestic Product (G.D.P.) confirming, along with other indicators, that the current year 2015 marks the turning of the tide as the economy starts its recovery and return to growth. With economic growth, studies show that increased activity in the property sector usually results in property prices beginning to rise. Buyers from the United Kingdom (U.K.) are finding Cypriot property investment particularly attractive as sterling experiences a high of the currency against the Euro. The positive trend in the property market from both domestic and foreign purchasers is verified by figures from the Land Registry which show an increase of sales contracts amounting to 31% for the first seven months of 2015 for Cyprus residents and for foreign buyers a 72% rise for the first seven months compared to the same period in 2014. This marks the property sector as being very much a buyer’s market calling for immediate action to invest now before prices increase.
Incentives for investment in property by foreigners include the possibility of obtaining permanent residency and the Cyprus Investment Citizenship. Furthermore, the recent changes in the tax laws allowing exemption from Capital Gains Tax on the sale of properties until the end of 2016 and reduced transfer fees are all bound to ramp up demand and the prospects of profits on investments when wise choices are made.
Many banks are introducing new schemes for house purchases. Availability of cash for housing loans is likely to increase with the new legislation regarding non-performing loans N.P.L. currently held by the main banks. In addition pending legislation concerning the issuing of title deeds to purchasers who have paid the seller for their property is likely to increase confidence and result in a further boost to the property sector overall.
Более подробную информацию о налогах и сборах при покупке недвижимости на Кипре вы можете получить на нашей странице.
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