Innovative property investments
Cyprus Property Investment News
Overseas property buyers 'boosting Cyprus economy'
Interest in the Cyprus property market has become highly lucrative for the country's government, new figures have shown.
According to data published in the Financial Mirror, revenue earned by the island's Inland Revenue department has risen by 44 per cent in the last year to £1.04 billion.
This was largely due to the fact that between January and September 2007, it received about £243 million in capital gains tax on property.
Growing demand for a residence on the island was cited as one of the main causes of this increase, which includes interest from overseas property buyers.
This means that the island's popularity with foreign investors has proved to be highly beneficial for the government and the economy.
The Foreign Property Buyer website recently predicted that the annual rate of house price inflation on the island would rise from 20 to 30 per cent as soon as it joined the euro next year.
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