29.03.2023
“Implementation of the proposed property tax law will negatively impact all households,” Michalis warned. Chazipanagiotu during the 17th Conference and Exhibition on Land Management, Planning and Construction.
In his opening speech, the President of the Pancyprian Association of Land Development Entrepreneurs, CEO of Cybarco Development Ltd and the conference coordinator initially commented on the fact that “we live in test conditions, but we have become accustomed to this since 2013”, recalling the financial crisis, covid-19, which led today to the war in Ukraine, to inflation and rising interest rates .
He then also mentioned construction costs, stating that real estate is still a safer tool to protect investors’ money. However, in his greeting, he also pointed to the reduction in building permits . “Land management entrepreneurs are concerned,” he said, estimating that this situation will further widen the gap between the market and demand.
He stressed the need to modernize the regulatory framework, which is relevant for the development of the project.
Impact on households
Regarding the revision of the proposed legislation on taxation, Mr. Hatzipanagiotu warned the parliament that “if the proposed law is implemented , it will negatively affect all households”.
to the Parliament provides for the introduction of a reduced VAT rate of 5% for the first 170 sq.m. houses with a total area of 220 sq.m. and a total cost of not more than 350,000 euros and for the first 90 sq.m. apartments with a total area of 110 sq.m. and a total value of not more than 200,000 euros.
Improving the quality of life
Cyprus has changed its face with modern buildings and developments that have contributed to the improvement of the everyday life of Cypriots.
“Bureaucracy is still a problem,” he said in conclusion, giving appropriate recommendations to speed up procedures for the benefit of both professionals and the citizens themselves.
