real estate market

property tax real estate market

Understanding the New Property Tax Dynamics

In summary, the new property tax implemented in 2021 is a 0.4 percent levy on the sales price of properties, paid by the seller. This tax adds to the financial burden in real estate transactions, potentially impacting profit margins and indirectly affecting property prices. The implementation of the tax has caused confusion and debates about its fairness and consistency in the real estate market.

real estate market foreign investment

Exorbitant Property Prices Steering Foreign Investment Northward

The real estate market in Cyprus is experiencing a shift as foreign investors are turning their attention to the northern occupied territories where property prices are more affordable. Despite ongoing conflicts in the region, cost considerations are outweighing geopolitical concerns for many buyers, leading to a redirection of foreign investment and the need for the government to address the issue to sustain the market’s growth.

construction permits real estate market

Cyprus Construction Permits Decrease, Total Value Rises

The construction sector in Cyprus has seen a 7.5% decrease in permits but a 15.7% increase in total value, indicating a shift towards largerscale, more luxurious projects. This trend suggests investor confidence and a focus on the development of highvalue real estate, despite a tightened permit issuance.

real estate market property prices

Trikomo Property Market Sees Soaring Prices Amid New Developments

The Trikomo property market is experiencing soaring prices due to new luxury highrise developments, an influx of international buyers seeking refuge from regional conflicts, the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development, and historical complexities potentially reducing property supply. This surge in demand has led to apartments now selling for upwards of £200,000, marking a substantial rise from just a couple of years prior.

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