New Real Estate Incentives

New Real Estate Incentives

by : Solomon Kourouklides    

B.Sc.Hons.(Econ) – UK,

SCV – Senior Certified Valuer

Honorary President of the Cyprus  Real Estate Agents Association (CREAA)

December 6, 2018

New Real Estate Incentives

Due to the 19% VAT imposed on residential land and plots, from the 2on January 2018 we suggest the following measures to alleviate the effect on higher property prices:

 

1) Reduce capital gains tax for Sellers of Flats and Plots from 20% to 10%, temporarily for a period of at least two years.

2) Where VAT is applied to residential land and plots for individuals (not companies), the VAT rate to be reduced to 5% without restrictions, to help the small and middle class individuals.

The two above-mentioned incentives will not only compensate, but also mitigate the negative effects of VAT on residential land and plots, and at the same time we believe that they will encourage the purchase of residential land and plots.

3) I would also like to highlight the issue of high rents. The market works with supply and demand and determines the amount of rent. Many reasons have led to higher rents. Here are some of them:

The daily rental or the so-called “Airbnb”

The VAT legislation on residential land and plots,

The arrival of large companies with their employees,

Higher education, etc.

It is remarkable that the phenomenon of high rents is mainly found in Limassol and Nicosia for the time being. However, if we do not pay much attention, then it will be extended to other cities.

We are proposing some solutions today to give time to the state to resolve this problem definitively. These solutions are:

amendment of the VAT Law on land and housing to enable young couples to build their own home,

to require owners to declare their property for daily rent with a certain period of time, in order to bear the corresponding taxes,

to stop the pirates of the profession from trapping the property or advising the owners to ask for high rent, the citizens must turn to licensed professionals who will advise them properly and

buyers entitled to the reduced VAT rate can offer their property for rent.

www.cyprus-buyrent.com/en/

Thank you for visiting our website,

Solomon Kourouklides

B.Sc.Hons.(Econ) – UK, SCV – Senior Certified Valuer.

www.cyprus-buyrent.com

Specialist for Limassol Properties,

Lemesos , Cyprus

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