A short-term reduction of stamp duty on property purchases, was revealed by Cyprus Today in February, aiming to “shock boot” the real estate sector, has now entered into force.
The Interior Ministry announced that the temporary measure would apply to applicants to the Land Registry between 1 April and 31 August 2014.
First time buyers of a new property, which is not yet registered, pay only 1 percent of valuation, while first-time buyer of a resale property will pay 3 percent.
The discount also applies to the builder who gets building permit before 31 August and complete construction within two years.
