Finance Minister Gilles Roth has unveiled details of a package of tax cuts that will cost the state around €500 million a year from 2025, including reductions to personal and corporate taxes, tax credits for single parents and financial incentives for expats.The government has approved plans to adjust tax brackets by 2.5 indexations or 6.4% … Read more
A 15-year-old boy is in critical condition after falling from the roof of a four-storey block of flats in Paphos. He fell from a height of 16 meters and has sustained multiple fractures.
A fire broke out in an apartment on the first floor of a block of flats in Empa, Paphos. The occupant was taken to the hospital due to smoke inhalation. Other residents evacuated safely. The fire started in the bedroom and caused damage. The cause of the fire will be investigated by authorities.
The government has been pushed into a tight corner by Kition Ocean Holdings, the company responsible for developing Larnaca port and marina, with a contract estimated at €1.2bn. Despite efforts to resolve disputes, Kition failed to pay the €4.2m operation and management guarantee as agreed. The company has shown arrogance and disregard for the legislature, leading to a stalemate in the project. The government is hesitant to terminate the contract due to potential legal battles and delays in finding a new company to take on the project. Transport Minister Alexis Vafeades is seeking advice on how to proceed with the situation.
Altamira Real Estate has launched a new campaign featuring 28 apartments and villas in coastal tourist areas in Cyprus. The properties are ready for delivery, renovated, and offered at affordable prices. The campaign will run for two weeks, with bids opening on May 14, 2024. Interested parties can visit altamirarealestate.com.cy for more information.
Fact: The European Investment Bank (EIB) has identified land use regulation as the most important determinant of housing supply with an adverse effect on housing affordability.
Cypriots are facing difficulties in the property market due to climbing rents, high construction costs, and interest rates. The government is being urged to intervene to address the issue. In Limassol, renting a one-bedroom flat costs a minimum of €850 a month, making it unaffordable for many locals. The government has introduced new construction incentives to stimulate affordable housing development.
A fire broke out in a Limassol apartment building this afternoon. The fire started in a room on the second floor, specifically on a sofa. Two fire trucks quickly arrived and extinguished the fire, which damaged household equipment and the room’s wall. The homeowner had already evacuated, and the fire was caused by smoking materials.