Cyprus government plans to increase property tax

Property investors in Cyprus should be aware that the government in the country is planning to increase property tax to combat the recession.

According to the Cyprus Property News website, the move will allow the government to collect an additional EUR10 to EUR20 million in fees.

The news provider reports that approximately 1,800 real estate owners in the country will be forced to pay more for their properties.

"Since the revaluation of the properties will take up to five years, we decided to take an interim measure in order to correct the distortions and to increase the state revenues in this critical period of recession," interior minister Neoclis Silikiotis told StockWatch yesterday (May 27th).

It may be of interest to those looking to find a home in Limassol, with the urban destination boasting lots of amenities for investors and attracting a number of tourists.

The Department of Land and Surveys in the country reported that real estate sales in Cyprus enjoyed a year-on-year rise of 11 per cent during April.

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