Here's an article from today's Cyprus Mail:
Property sales down in 2008
THERE was a 30 per cent reduction in property sales during the first four months of 2008 compared to previous years, the House Commerce Committee was told yesterday.
The statement was made by the deputy head of the Town Planning Department, Christodoulos Ktorides, who added that £370 million were received in transfer taxes in 2007. Ktorides said the possibility was being examined of reducing the percentage of transfer taxes, which are currently on a scale of three to eight per cent.
Committee Chairman Lefteris Christoforou of DISY called for specific measures in order to reduce the price of houses as well as the taxes imposed. He added that his committee had decided to invite the Interior and Finance Ministers to their next meeting to explain the government’s policy on the issue.
“Most countries’ constitutions say that the state must ensure its citizens are provided with homes, as a social benefit, in the easiest possible way,” said Christoforou, adding that his committee had tired of repeating its concerns over issues, such as high VAT and transfer tax rates.
Finance Ministry Spokesman Stavros Michail explained that the government’s main priority was to prepare a concise housing policy, before examining the various taxes that are imposed.
He added that the 15 per cent VAT imposed for property purchases was part of Cyprus’ commitments to the EU.
The committee will continue examining the issue in two weeks’ time.
Copyright © Cyprus Mail 2008
Read the original at:
http://www.cyprus-mail.com/news/main...39178&cat_id=1
I'd hardly call that 'booming' - would you??