VAT to be charged on land in Cyprus

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On the 1st of Jan 2008 15% VAT (Value Added Tax) will be chargeable on land in Cyprus. Plots of land are expected to become more expensive overnight and compound the effect of Cyprus switching to the Euro currency on the same day. Investors are being urged to move now to secure properties exempt from the new tax.

"Clearly this will have two effects, new properties will become 15% more expensive and this will drag the prices of built properties upward", says Chris Richards, Overseas Property Centres UK.

This is good news for those who have already purchased properties and offers an opportunity to those looking to purchase over the coming months as some developments are currently being offered with no VAT.

Chris Richards says "you’ll need to move quick to find the best deals in Cyprus".

Another change on the 1st January sees Cyprus join the Euro with many local real estate agents predicting that this will fuel additional price hikes with some predicting a rise of 20% overnight. Chris Richards Overseas Property Blog

Geoff Burnz's picture

Posted July 17th, 2007 by Geoff Burnz