Cyprus is thinking about solving the problem of lack of affordable housing

Rising prices for housing and rent in Cyprus are forcing the authorities to look for opportunities to stimulate supply. Experts estimate that approximately 8% of properties in the country are unoccupied, and the government can take measures to bring them to market.

The technical chamber ETEK estimates the number of unclaimed real estate at 33,000 units and proposes to exempt owners from various types of taxes associated with repairs and maintenance, reduce VAT for them, cancel income tax for 2 years subject to rental, and reduce sales fees.

At the same time, it is also proposed to establish for such real estate, if it is not for sale, a tax of 2% of the cadastral value.

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