The Turkish Cypriot media speak of an “urgent need to collect taxes”.
The “council of ministers” approved the “legislative decree” to extend the period of 60 working days provided for in “paragraph (4) of temporary article 1” of the “on the acquisition and long-term lease of immovable property (foreigners) amending law”, which was published in the “official newspaper” of the occupying regime.
According to the GTP, the media reports that the “decree” adds that “there is an urgent need to collect taxes and fees in order to prevent the loss of revenue that the state will suffer and to enable the collection of taxes and fees for the realization of urgent state expenses” and it is noted that the deadline of 60 working days, which expires on 19 August 2024, must be extended for another 60 working days from that date.
Kipris Postasi writes today that the Association of Turkish Cypriot Businessmen (İŞAD) reacted to the amendments of the “Real Estate Acquisition Law”, which came into force after its publication in the “Official Gazette” on May 21, 2024.
İŞAD stated that the “law” in question is far from enforceable, unpredictable and discriminatory and said that this situation is contrary to the basic principles of rights and freedoms and the rule of law, both locally and internationally. global level.
In its statement, İŞAD adds that “the real estate sector is one of the pillars of the country's economy” and that many businesses that live from this sector may face serious economic and social collapse in the face of negative developments that may occur with it the “law”.
The announcement also notes that some articles are against the “constitution” of the pseudo-state and “judicial proceedings” have been initiated before the “constitutional court” based on these grounds.
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Property prices are rising
Meanwhile, Jeni Bakis wrote yesterday that according to the data of the “2nd quarter of 2024”, the average price of an apartment 90 sqm in the occupied increased to 110,280 pounds.
Prices have risen due to excessive interest from “foreigners”, the astronomical increase in building materials and undiminished profit margins, it added. “Over the past 42 months, apartment prices have been rising steadily, far outstripping the purchasing power of citizens, with the exception of a minority.”
Apartment prices for sale in the period April-June 2024 increased by an average term 5.42% in sterling, noted. According to the calculations, the average selling price per square meter of flats, which was £1,162 in March 2024, has risen to over £1,225, the publication said.
According to house price index data, while the average price per square meter of apartments was £600 in December 2021, it has risen steadily in the following 14 quarters to over £1,225. During this period, the price of apartments doubled, increasing by 104%, he concludes.
