VAT is coming to land for sale in Cyprus

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On the 1st of Jan 2008 15% VAT will be chargeable on land.

Clearly this will have two effects, new properties will become 15% more expensive and this will drag the prices of built properties upward which is good news for those who have already purchased and offers an opportunity to those looking to purchase over the coming months as some developments are currently being offered with no VAT but you’ll need to move quick to find the best deals.

Another change on the 1st Jan sees Cyprus join the Euro with many local agents predicting that this to will add to prices going up with some predicting a rise of 20% happening overnight

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