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Recent News for Cyprus Property Market

The House of Representatives has approved a six month extension for the submission of Statements of Intent for Planning Amnesty. The new date has been set on April 6, 2012. Additionally, it is noted that according to the above amendment, it is no longer required for the Statement of Intent to be accompanied by a sworn testament of a member of the ETEK, but a solemn declaration of the applicant.

The House of Representatives have agreed to a reduced VAT rate of 5% for first-time home buyers. The reduced VAT will apply to houses with a maximum area of 275 m². However, the reduced VAT rate of 5% will be set for the first 200 m². For example if someone were to build/buy a house of 275 m², VAT of 5% will be payable on the first 200 m²,and 15% for the remaining area of the house. If a house exceeds 275 m², then the owner does not benefit from the low VAT.

25% of total property sales made in Cyprus in the first eight months of 2011 were foreign buyers. In particular, from 4709 recorded sales contracts, 1197 purchases were by foreigners. The corresponding percentage in 2010 for the first eight months of last year was 21%. The increase occurs, however, not due to increased demand by foreigners, but mainly to reduce demand by locals.
The residents of Akrotiri are asking through their Community Council to be able to develop their land within the SBA Area of Akrotiri. The Community Council will hold a meeting with the Minister of Interior, Erato Markoulli, to discuss the ongoing housing problem.

During the period January - June 2011 4,024 building permits have been issued, a decrease of 12.9% over the same period last year, according to a publication of the Statistical Office. The total value of the permits decreased by 24.6% and the total area by 29.3%. These building permits provide for the construction 662 dwelling units. Building permits constitute a leading indicator of future activity in the construction sector.


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