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Developers association warns against VAT increase

Developers association warns against VAT increase


The Cyprus Land and Buildings Association (LBDA) has warned of possible NDS access to real estate, prompting reports that as a result of the economic, as well as the buyer, we should not buy.

The proposed law introduces repairs to the current structure of the NDS, which presupposes that the first 200 square meters of primary residential areas will be occupied by the NDS at a rate of 5 percent, resulting in a reduction of up to 140 per cent.

The association reads that proposing the correction of “moving in incorrect constructions” adds that the change divides conditions that are unfavorable for potential buyers of real estate.

According to the current associations, ready or laid at home, a square of 200 square meters can not be sold as semi-finished NDS items.

It hurts to re-examine the designated or licensed homes for the purpose of detaining them in accordance with the changing legislation, significantly shortening the proposal for the production of a ring and creating a dowry for higher prices.

The association concludes that the additional status of the NDS during the purchase or construction of a basic living area of ​​140 to 200 square meters, which includes a 19-percent order item, will not exceed the price at any time.

“Those who are pregnant with the purchase of a new home, especially at that time, when all the pain and suffering of the Cypriots could not share this first joke,” said the association, which added that the financially affected financially.

The association also explained that as a result of the amendment and the aforementioned implications, “many young or large families will be forced to cancel their plans and limit their purchases to houses with fewer square meters,” adding that homeownership will become a privilege for those who can pay the added value of VAT.

Source and photo:, Editor


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