HomeNews MenuLatest News & UpdatesHigh rise apartments in Cyprus?

High rise apartments in Cyprus?

PAPHOS, the popular tourist town on the west coast of Cyprus, could soon see dramatic changes in its skyline if proposals for high rise buildings in the town are given the go ahead by government.

The mayor of the Paphos, Savvas Vergas, is reported to be examining ways of saving space as the town grows – and he has been meeting with architects to discuss plans for high rise apartment blocks and offices. Building land in Paphos is in short supply and, according to one local councillor, high rise buildings would help to reduce parking problems in the town which are growing year by year.

In June last year we reported that the Cyprus Government was looking into ways of encouraging better land use. It was believed that one of the incentives being considered was offering land owners increased building ratios to allow higher density housing to be built on the land.

Property developers have suggested that increasing the building densities in the town centres would also help the beleaguered construction industry.

RELATED ARTICLES

Essential Due Diligence

While buying property in Cyprus holds many opportunities, it also comes with risks. Carrying out due diligence before signing a sale agreement is essential to safeguard your investment, avoid legal complications, and ensure peace of mind.

Top Stories

Property Transfer Fees

Transfer fees are charged by the Department of Lands and Surveys (DLS) when the full legal ownership of a property is transferred to the purchaser. (In some cases this process can take many years, causing angst & frustration for buyers.)

EUR - Euro Member Countries
GBP
1.1676
RUB
0.0103
CNY
0.1292
CHF
1.0580

Capital Gains Tax

Capital Gains Tax (CGT) is generally 20% on the taxable gain from selling immovable property - and it can also apply to certain disposals of shares in companies holding real estate on the island, subject to applicable exemptions and deductions.

Elsewhere in Cyprus Property News