Limassol is a city that has met an increasing development during the last 10 years.

Though the actual development in the city had begun a lot of years before caused to a variety of reasons and political facts, with a result of an enormous expansion of the city area, the combination of the foreign and business interest on the city has turned Limassol the last 10 years  into a multiple role centre with the look that the city enjoys today. The result of this development has led to certain districts. These have been active for more that the 15 years, but it is the recent past that has turned particular areas of the city into sought after ones by particular categories of habitants, both foreign and local.
So, we are able today to offer an impression of the areas of the city and the reason why they are of any interest by any inhabitants. There are many sought after areas in the district of Limassol and this is not strange at all, since the city combines many characteristics that meet the demands and life style of different groups of people. Continue reading ..

Since 2004, when buying a new build property in Cyprus, there is a VAT charge. Currently, VAT rate is 19%.

Special regulations allow a lower VAT charge (5%). According to VAT Law, the reduced VAT rate of 5% is given to an eligible person (a person who is over 18 years old and he/she being a citizen of the Republic of Cyprus or a citizen of any other European member country, who is permanently residing in Cyprus*) for the construction or purchase of a new dwelling or apartment, used as the main and primary place of residence under certain criteria. The dwelling must be intended to be used or it must be used by the entitled person as his/her main place of residence.

Important note: 5% rate applies until 200 sq.m. area of a residence. Meaning, for example, that, if a residence bought for first time (in ten years) in order to be habituated and its area is 250 sq.m., 5% rate of VAT applies until 200 sq.m. and 19% rate applies to the rest 50 sq.m. of residence area. Also, the total covered area of the house cannot exit the 275 sq.m.

All second-hand property including houses, apartments etc, have no VAT charge.

Building plots/land are also exempt from VAT (this regulation is changing soon).

*Since 2012, eligible person for a lower VAT charge of 5% can be a citizen of a non European member country also.

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When buying a property in Cyprus, during the transfer of the property from the seller to the buyer, the buyer is obliged to pay transfer fees.   In this post there is some basic information about property transfer fees in Cyprus. Yet, it can cover most of your main questions.

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It doesn’t make a difference for what reason you would want to buy plot. It could be for building up your own private residence or to develop a project or even  for investment. Every time you should check for these four things that are important when someone is searching for a plot to buy:

 

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The Limassol region

Legends of kings and kingdoms, and the origins of the island’s wine making industry characterise the Lemesos region, which embodies both the ancient and the modern.

 

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