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Cyprus Property Prices Continue to Rise

The RICS Cyprus Property Price Index for Q4 2017 reports price increases for another quarter with significant price rises for houses and apartments in Limassol and Larnaca and offices in Nicosia. The THIRTY-THIRD publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose [...]

Cyprus Property Sales Up by 29%

The number of property sales in Cyprus continued to rise in May with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with May 2017. THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during May 2018 rose 23 [...]

Another High Rise Development in Limassol

THE SHACOLAS group is planning to demolish the Debenhams Olympia shopping centre in Limassol to make way for a new residential high rise building that would be the tallest in Cyprus. Shacolas’ Woolworth Properties has already applied for a town planning license for the 197-metre-high tower of luxury apartments through its subsidiary Limassol Beach & [...]

Cyprus’ Future is Linked with the Future of the EU

Cyprus’ future is linked with the future of the European Union, and only within the EU can the country look forward to reunification, former President George Vassiliou has said. In an interview with the Cyprus News Agency 14 years since the island’s accession to the EU on May 1 2004, Vassilou said that Cyprus’ accession [...]

‘Let’s Do It Cyprus’

‘Let’s do it Cyprus’ annual clean-up campaign kicked off islandwide on Sunday, having had more than 40,000 volunteers sign up for the event. The event is a one-day effort to clean the island of as much rubbish as possible which takes place every year in April. The aim was to surpass the number of 40,000 [...]

Cyprus-Egypt Gas Deal Expected Soon

Cyprus and Egypt will soon be signing an agreement to connect the Aphrodite gas field to the North African country, reports said on Monday. The inter-state agreement is expected to be signed sometime over the coming few weeks, Egypt’s Petroleum Minister Tarek el-Molla told Egypt Today. The Cairo-based publication recalled that in November 2017 the [...]

Closing the Loophole for Rental Income

The practice of renting properties in Cyprus through Airbnb and other websites has come under the scrutiny of the tax authorities who are looking to address the problem of tax evasion on rental income received. APPROXIMATELY 20,000 properties in Cyprus are rented via Airbnb and other websites and although some owners are paying tax on [...]

Tax Shock for British Residents

EARLIER this month Cyprus and the United Kingdom signed a revised double taxation convention, based on the OECD Model Convention for the avoidance of double taxation on income and capital. (The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and [...]

Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition. LAWMAKERS in Cyprus plan to draft a bill aiming to eliminate a distortion where certain buyers of real estate must pay Property Transfer [...]

Limassol in Top 100 Cities

Limassol is amongst the top 100 cities of the world according to the ‘Quality of Living Index’ produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities. ACCORDING to a survey conducted by Mercer, Limassol is one of the top 100 cities in the [...]

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