Cyprus government will abolish transfer fees on immovable properties as early as next week.

The Cypriot Mps unanimously agreed after a lenghy discussion to abolish or reduce Property Transfer Fees earlier today in afford to give a boost to the property market. As a result of this agreement property owners will be saving thousands of euros of transfer fees. This will be officially start after the law is presented in the government newspaper and will be in force for six months.

The transfer fees will be reduced by 50% in those cases where the purchase price of the property will not include VAT and will be completely abolished in those cases where the purchase price is applicable to VAT.

The new measure when in force will not only increase the number of transfers but will also increase the number of new sales since new purchasers will rush to buy new properties in order to save the transfer fees.