A slump in Cyprus property prices led to a dramatic decline in revenue for the government, with receipts from capital gains taxes on mostly property deals tumbling 17% YoY in the first four months of 2008, while income from property taxes fell 25% YoY.
Capital gains taxes in the period from January till April 2008 fell 17% to EUR 116.18 mln from EUR 139.42 mln in the same period a year ago, while property revenue fell 25% to EUR 1.5 mln from EUR 2 mln a year ago.
The decline in revenue from property dealings forced the total tax revenue of Cyprus in the first four months of the year to EUR 554.19 mln, up only 2% YoY compared to EUR 532.11 mln collected in the same period in 2007.
Sunday, May 25, 2008
Wednesday, May 14, 2008
Sotherby’s moves into real estate in Cyprus
THE FIRST office of Sotheby’s International Realty Affiliates LLC will open in Cyprus by the end of the year, under an exclusive 25 year licensing agreement that will cover the Eastern Mediterranean region.
Founded in 1976 providing independent brokerages with a powerful marketing and recommendation programme for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world.
According to Michael R. Good, the president and chief executive officer, the eastern Mediterranean region represents an important step in the brand’s overall European expansion.
Founded in 1976 providing independent brokerages with a powerful marketing and recommendation programme for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world.
According to Michael R. Good, the president and chief executive officer, the eastern Mediterranean region represents an important step in the brand’s overall European expansion.
Tuesday, May 6, 2008
Cyprus house prices seem to defy global trends
Prices rose by 1% month on month in February and by 3.6% in January, more than covering for the December 1.9% fall.
The BuySell Home Price Index closed at 143.64 units in March 2008, bringing the Average Home Price in Cyprus to EUR 191,216 (CYP 111,914).
The BuySell Home Price Index is the only house price index in Cyprus. It was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MAP S. Platis.
The Index is announced quarterly and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.
The BuySell Home Price Index closed at 143.64 units in March 2008, bringing the Average Home Price in Cyprus to EUR 191,216 (CYP 111,914).
The BuySell Home Price Index is the only house price index in Cyprus. It was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MAP S. Platis.
The Index is announced quarterly and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.
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