You thought Cyprus property prices are high?
Just add another 15% for VAT!
EU accession, Cyprus is no longer just another tourist destination
offering sandy beaches and fun. It’s becoming the home, work place,
business destination, retirement place for more than half a billion
people coming from all over Europe. Furthermore, the government is
introducing a 15 % VAT on Cyprus property purchases in accordance with
the “acquis communautaire”. All these lead to one and only conclusion -
property prices are only going up!
now, a foreigner was allowed to buy as much property as she/he wants,
but was only allowed to transfer one house or one plot of land up to
4,000 sq.m to her / his own name.
now most restrictions to foreigner buyers are lifted which will lead to
an increase in demand by 50-100% and generate an increase in both sale
and rental prices of Cyprus properties. Chris Michael, with his more
than 20 years experience in the real estate business, believes that
Cyprus property prices could rise by more than 50 %.
now, there was a rush to buy Cyprus property before EU accession and
VAT introduction. But freedom of movement after EU, will further
increase demand for Cyprus property real estate. Once restrictions are
lifted we will have a new wave of buyers coming here to live, work,
invest or retire. That’s millions of people coming to a small island
with limited land resources!”
these will for sure increase demand for Cyprus properties. What else
could push up the prices even more? VAT is definitely another factor.
Cyprus has a transitional period until 2008 before imposing VAT on land
but buyers of houses, e.t.c will have to pay the VAT.
will increase gradually, at least by 50 % by 2008. But then we have the
possible solution of the Cyprus problem. A solution that could result
in certain price stabilization - especially inland residential Cyprus
properties. But Cyprus, after all, is only a small island with limited
land resources and with the current high demand on Cyprus property,
empty land is vanishing fast, especially in prime locations near or on
future remains to be seen but what we know for sure is that now the
prices of real estate are going up fast and will continue going up even
faster for sometime to come.
keep in mind that the best investment are Cyprus villas or Cyprus
apartments on or near the beach. Demand for these Cyprus properties is
very high, yielding both high resale values and high rental return.
Every day new properties are added. Even though every effort is made to
keep our website always updated, because of the large variety and
demand for properties in Cyprus, prices and availability are subject to
change without any prior notice. Some of the information presented on
this website is supplied by the sellers/owners themselves. Chris
Michael Estates is not responsible or liable for any inaccuracies
supplied by the sellers. We urge all our visitors to double check all
information for properties they are seriously interested in. Buying a
property anywhere is serious business and the decision to do so should
be well researched and well advised.
use a registered and licensed real estate agent. A licensed agent is
covered by insurance that safeguards your property transaction both
legally and professionally.
For more information on Cyprus property please contact us at firstname.lastname@example.org
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2007 ® Chris Michael Estates