Revaluation of real estate in Cyprus - 2018

Revaluation of real estate in Cyprus

In order for real estate real estate in Cyprus to display its real market value in 2018 prices, re-revaluation of real estate started. Revised values ​​should be based specifically on the market value of the property. Until this time, the base was a total price that did not correspond to the real value of the property. The main purpose of the revaluation is to adjust the rates of municipal taxes and fees. The reassessment is expected to be completed by the end of 2018. Recall that the latest revaluation of real estate in Cyprus was held in 2013, and it was recorded almost 12 thousand complaints from owners, who subsequently contested its results. Such a large number of complaints forced the authorities to extend their admission period by 4 months.

Such mistakes in the valuation of real estate are due to the fact that essentially two identical objects may have different market value. When calculating the value of the property, the following factors are taken into account: the age of the property, its status, ownership status, the presence of permanent residents, proximity to infrastructure (schools, etc.), the cost of maintenance and more. Often the valuation of real estate is carried out by a qualified appraiser. With a view to finding such professionals in March this year, the Department of Land Resources of Cyprus held a special tender.

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New law to reduce the VAT rate of 5% on purchases

New law to reduce the VAT rate of 5% on purchases

New law to reduce the VAT rate by 5% on the purchase/construction of the main housing. New criteria: The above restrictions have been adjusted for persons with disabilities and for families with many children. The new law does not apply to real estate for which:

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5 reasons to hurry up to invest in property in Cyprus

5 reasons to hurry up to invest in property in Cyprus

At the moment, the real estate market in Cyprus is very active, with a good response from buyers: houses and apartments with an optimal price-quality ratio diverge quite quickly. Timely investment in Cyprus real estate opens up the possibility of business diversification and guarantees a stable income. Taking into account the time factor, popular wisdom […]

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Temporary residence permit for the whole family – Pink Slip

Temporary residence permit for the whole family – Pink Slip

Grounds for obtaining a Pink Slip in Cyprus for foreign citizens. To obtain a Pink Slip residence permit in Cyprus, at least one of the following conditions must be met: In order to obtain a Pink Slip residence permit with the possibility of its subsequent extension, it will be necessary to submit the relevant documents […]

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TOP – 10 questions when buying property in Cyprus

TOP – 10 questions when buying property in Cyprus

If this is your first transaction in Cyprus, it is better not to take risks and act through a realtor or organization. You can contact our experts for advice and direct assistance. Remember that the independent execution of all papers is a long, complicated and often incomprehensible process. Documents in a foreign language are perceived […]

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Buying property in Cyprus is the right investment

Buying property in Cyprus is the right investment

Buying a property is still the most profitable investment in Cyprus. This is because local residents have no other alternatives where they could invest money. By the way, interest rates on deposits remain at a very low level: 1.29% for individuals and 1.27% for legal entities. In turn, the Cyprus Stock Exchange also offers a […]

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Advice on the selection of real estate in Cyprus

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