Cyprus Property Causes Government Joy

Social Bookmark

London 6/1/2008- Proof that the Cyprus housing market has been popular with buyers can be seen from the latest financial reports from the Cyprus Inland Revenue. It has been profitable year for the government with bumper tax receipts as a result of the flurry of activity in the property market.

According to the Cyprus Inland Revenue Department total tax revenue in the first eleven months of 2007 jumped 43.3% representing a record CYP 321 million or EUR 549 million increase,

The top three Cyprus hot spots for overseas property portal Homesgofast.com include Paphos, Coral Bay and Limassol.

Paphos has seen consistent interest and house prices in Paphos areas steadily rising. Ideal for luxury home buyers can find stunning luxury apartments, penthouses, villas and townhouses Property in Paphos

Coral Bay which is 11 kilometres to the north of Paphos provides one of the best natural beaches in the area. This is an established resort with many luxury villas. Property in Coral Bay

Limassol is also proving popular with overseas buyers Pissouri and Governor's beaches are within easy reach as is the enormous beach at Curium

Property in Limassol 

Capital gains tax surged 142% year on year to CYP 247.1 million or EUR 422 million, with most of it originating from intense activity in the real estate market in the run up to the imposition of VAT on land purchases and a rush by foreigners to snap up luxury property in Cyprus.

The 4.4% GDP growth rate coupled with a rush by foreign companies, especially from Greece to set up companies here to take advantage of Cyprus’ competitive tax rate helped boost corporate tax revenue up by 39%

The increase in tax revenue, most of it unexpected and not sustainable according to the Finance Ministry has allowed the government to forecast a fiscal surplus for 2007 of up to 1.5% of GDP.

More about Cyprus Property

The Home of Overseas Property

Buying selling investing your in the right place!

We Can Distribute Your News

We put our clients news in front of thousands of people each day

Our news service includes distribution to Google News, our own network and 50 press release web sites all from one place

Learn more:HomesGoFast.com News Service

Overseas Property News

International real estate news

Our overseas property news is updated daily and written by a team of researchers dedicated to providing quality news. Many of our contacts in the overseas property market provide us with news and a variety of other news sources.

Overseas Property For Sale

Our top overseas property investment hot spots

Property sale Greece
From Crete to Corfu, hundreds of properties perfect for you! Property for sale in Greece… Don't miss out! Visit online today!

  Spain   France   Portugal   Bulgaria   Cyprus   Turkey   Italy   Malta   Greece   Egypt   United States   Brazil   Morocco   Thailand   Hungary   Germany   Dubai   Cape Verde   Dominican Republic   Poland