2022 saw transactions for real estate in Cyprus reach nearly €3 billion, according to the Department of Lands and Surveys.
Limassol recorded the largest volume of sales amounting to 6,945 real estate transactions, followed by Nicosia with total transactions amounting to 6,237.
The 4th quarter of 2022 saw the highest value in sales which amounted to €1.7 billion.
It may be that property buyers are aware that the EU are demanding Cyprus amend the VAT situation where new builds only attract 5% VAT for 2023. Parliament need to amend it’s current legislation by February 15th 2023 as required by the EU. How much will be changed needs to be seen.
Property Developers are against amendments as the cost of building materials have increased which has in turn increased prices within the property market and any VAT amendments will affect the new build property market.
