Major improvements have already taken place. Interior Minister Neoklis Sylkiotis promised that from now on every month approximately 1 200 Cyprus property owners will receive their Title Deeds. The above mentioned measures significantly increased the demand for the island’s property. From May to June 2011 the number of real estate transactions in Cyprus have increased by 10%. Also due to the global economic crisis prices for Cyprus property have been reduced. Experts believe that now is the right time to purchase property in Cyprus.

Since the beginning of 2011, the sales of residential property in Cyprus have been consistently growing. In June, the number of sales has increased significantly comparing to May of this year. In March and April sales were 908 and 1178 properties respectively. In total from January to June, 6213 units of residential real estate were sold on the island, according to the portal “Cyprus Property Buyers”.

Most of the properties were sold in Nicosia, while the fewest were sold in the Famagusta area.

“There was a preliminary discussion, which we will continue to see how the immovable property tax will become better and fairer, and we will revisit the matter,” said Filios Zahariades, the chairman of the employers’ federation.

At present:

-owners of property up to a value of €171 thousand do not pay Immovable Property Tax. 

-properties valued between €171 thousand and €427 thousand pay 2.5% 

-owners of property valued between €427 and €854 thousand pay 3.5% 

-owners of immovable property valued up to  €854 thousand and above pay 4%

It is significant that the matter of immovable property taxing has been already discussed last year, but the measure was rejected by the parliament.

Most experts agree upon the fact of foreign investment bringing considerable financial benefit to the country, developing tourism, construction and related sectors of the island’s economy.

Experts believe that Cyprus, is able to attract business from all around the world, possessing a number of advantages, such as a strategically important geographical location of the island, as well as its tax system.

During business meetings and seminars, the public officers from ministries and departments of Cyprus promised to contribute to the acceleration and simplification of the real estate purchasing transactions on the island.