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The application for a planning permit for low-risk developments, that is, those that include houses and apartment buildings of 8-10 apartments, is abolished.
The following are key amendments and conditions regarding the reduced VAT rate for new residences in Cyprus, under Law 42(I)/2023, which will be in effect from November 1, 2023.
Cyprus is facing a housing crisis, as young couples are locked out of the property market by skyrocketing prices, while supply is quickly diminishing due to thousands moving to the island.