Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 July 2020 Μελέτη για τις περιοχές των Βρετανικών Βάσεων

    Ανακοινώθηκε η περιβαλλοντική μελέτη για... read more

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 July 2020 Μελέτη για τις περιοχές των Βρετανικών Βάσεων

    Ανακοινώθηκε η περιβαλλοντική μελέτη για... read more

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

Positive signs for the Larnaca Real Estate market

The new legislation passed by the Cyprus Parliament that Immovable Property Tax for 2017 will be abolished is a very positive development for the real estate market.  Specifically,  this new legislation provides that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75% on the amount paid last year.

 

The above new law, combined with the increased demand by foreign buyers for properties by the sea, as well as the restart of housing construction from developers in the favorable locations of Larnaca such as Krasa and Pascal areas, are all indicators of a very hopeful sign for the Real Estate market in the Larnaca region.

 

The banks have slowly begun lending to Cypriot buyers who comply with the new lending criteria.

It is worth noting that despite the fact that some banks have started selling/marketing repossessed properties, there is still a shortage of available flats for sale in good locations such as McKenzie and Dekelia Road.  We are confident that the real estate market is now on a good track.

Real Estate has been our business since 1970.