Property market causes increase in tax revenue
Latest financial reports from the Cyprus Inland Revenue are a testimony for the fact that the Cyprus housing market has been popular among property buyers. According to the Cyprus Inland Revenue Department total tax revenue till November 2007 jumped 43.3% and that is nearly CYP 321 million or EUR 549 which at the same time in 2006 was CYP 305 million (£357 million) . Official figures from the Statistical Service CYSTAT show that house prices are rising faster than any other consumer goods. The average price of a home in Cyprus has now become CYP 84,490 which is comparatively lower than that of UK.
The Index of Economic Freedom by the Heritage Foundation has also pointed out that Cyprus has one of the freest economies in the world. This is really encouraging news for the overseas investors because the countries with the most economic freedom also have higher rates of long-term economic growth.
Paphos has seen consistent growth and house prices in Paphos areas steadily getting higher. This place is perfect for luxury home buyers as they can find spectacular luxury apartments, duplexes, villas and townhouses. 11 kilometers to the north of Paphos is Coral Bay which is one of the best natural beaches in the area. This is a well-recognized resort with many luxury villas. Recently Limassol is also becoming popular with overseas property purchasers and becoming a property investment hotspot.
Popularity: 29% [?]
