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Cyprus property sales increased 54% comparing to the last year

07 Feb, 2012
Oxana Mukhomedova

Cyprus Land Registry statistics shows a surprising increase of the property sales last month. Total number of contracts deposited at the land registry was 54% higher than during the same period last year.

Paphos is experiencing the biggest boost in sales comparing to other Cyprus regions

803 sales were made in Cyprus in January 2012, comparing to 522 last year. Most probably this increase is a result of the special incentives introduced by Cyprus Parliament last November and incredibly low property prices.

In order to boost Cyprus real estate market Cyprus government has passed a bill reducing transfer fees for VAT-free properties for the next 6 months. The same bill grants a levy on the transfer fees for the VAT-applicable properties for the same period of time.

Local property buyers also took advantage of the reduced VAT rate (5% instead of 15%, if property is bought for permanent residency by a Cypriot or EU citizen living in Cyprus permanently).

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