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IMMOVABLE PROPERTY TAX - INHUMAN AND ABSURD The Previous Administration, in 2011 raked in €11 million from the Immovable Property Tax (IPT). In 2012 the income from the same tax shot up to €25 million. Regarding 2013 the previous government proposed a tax hike to reach the sum of €200 million. In the end, the new administration lowered that figure and collected €100 million for 2013 as…
View Full Article >The deadline for Cyprus property owners to appeal the Land Registry’s property valuation and correct any other mistakes expires on April 24, the Interior Ministry said in an announcement. The basis on which Immovable Property Tax (IPT) is calculated will change this year; the calculation will be based on the revised valuation as at 1 January 2013. The details of the revised IPT rates and tax bands…
View Full Article >It is a fact that the island’s major financial institutions have lowered their interest rates significantly. Rates have been lowered by 2 per cent. An existing housing loan has seen a 2% decrease, i.e. from 4.75% to 2.75%. This is a serious reduction which has not yet received the appropriate attention by many. What will be the repercussions to the real estate market but also the economy in general?…
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