Residential property sales in Cyprus hit a 15-year record high in the second quarter of 2023, with a significant increase in prices, according to data released this week by the Central Bank of Cyprus.
The application for a planning permit for low-risk developments, that is, those that include houses and apartment buildings of 8-10 apartments, is abolished.
The following are key amendments and conditions regarding the reduced VAT rate for new residences in Cyprus, under Law 42(I)/2023, which will be in effect from November 1, 2023.
Cyprus is facing a housing crisis, as young couples are locked out of the property market by skyrocketing prices, while supply is quickly diminishing due to thousands moving to the island.
After 10 years of zero growth, property owners are calling for the repeal of the Tenancy Law
Conflicting Market Forces Affect Sales
March saw the second highest number of property sales in the month since records began in 2000. But these figures face conflicting market forces.