NICOSIA, Nov 20 (Reuters) - Cyprus's tax receipts from real estate transactions fell 27 percent in the first ten months of the year though overall revenues were marginally higher than last year, data released on Thursday showed.
Reflecting a downturn in the property market, capital gains tax fell revenue fell to 278.86 million euros from January to October, from 382.78 million in the first ten months of 2007.
The levy is primarily charged on disposal of real estate, a sector which has been hit by slumping demand from west European markets for holiday homes on the island.
High real estate revenues helped propel state finances to a 3.3 percent surplus in 2007. Authorities expect a surplus of around 1.0 percent in 2008.
Wednesday, November 26, 2008
Tuesday, November 11, 2008
Cyprus real estate ‘resilient’, says RICS
The Cyprus real estate market, based on its sturdy economy, has so far resisted the negative consequences of the global credit crunch. According to a recent survey by the Royal Institution of Chartered Surveyors (RICS) on the second quarter of 2008, Cyprus is one of the few countries that displayed strengthening tendencies during this period.
The latest RICS Global Commercial Property market survey confirmed that Cyprus was one of the few economies which showed strengthening trends into the second quarter of this year. Tenant demand expanded at the fastest pace of any country within western Europe as a still robust economy underpinned demand for business space. Furthermore, rental expectations remained positive into Q3.
The latest RICS Global Commercial Property market survey confirmed that Cyprus was one of the few economies which showed strengthening trends into the second quarter of this year. Tenant demand expanded at the fastest pace of any country within western Europe as a still robust economy underpinned demand for business space. Furthermore, rental expectations remained positive into Q3.
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