The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.
If the Cyprus parliament passes the proposed changes to Immovable Property Tax the government expects to collect €44.4 million from more than 306,000 taxpayers, while some 65,000 taxpayers will be exempt.
THE MINISTRY of Energy, Commerce, Industry and Tourism said that Poseidon Grand Marina of Paphos was the successful bidder in a competition for the construction of a marina in Paphos with a capacity of 1,000.
After seven long years of house price falls, Cyprus’ housing market is now showing some improvement, amidst recovering economy. House price falls are now decelerating. Property transactions are rising. Residential construction activity is also increasing.
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