The problems and prospects of the Cyprus property market were the topic of discussion between the President of the House of Representatives Mr Yiannakis Omirou and the delegates of the Board of FIABCI-Cyprus under the President of the Federation, Mr. Lakis Tofarides.
Mr. Tofarides, having informed the President of the House of Representatives about the role and importance of the International Federation of Real Estate Professionals (FIABCI) and the initiatives taken at various levels by the FIABCI-Cyprus, he described the positions of the Federation regarding the current phase of Cyprus property market. Specifically, referring to the measures proposed by Troika and information about the counter-suggestions of the Cypriot government, he emphasised that the property market needs motivation in order to recover and mainly towards encouraging investment, simplification of procedures and attracting of foreign buyers and no additional taxes.
Special mention was given to the subject of the proposal for sale of mortgaged properties in case of non performing loans, within 18 months. It was stressed that any acceptance would be disastrous both for the industry and thousands of households. The President of FIABCI-Cyprus also indicated the need to expand existing incentives concerning the transfer duties and reduced VAT rate. Among other things, the President suggested to grant tax amnesty for those funds returned from abroad by the Cypriots, provided that they will be invested in the property market, to take immediate measures to facilitate the approval process for entry permit to third countries citizens and to speed up the examination and approval of permits for major projects and deployments.
Mr. Omirou has shown interest in the proposals of the Federation and promised that the dialogue initiated by the certain the meeting will continue. The President also commited to promote the memorandum given by the Federation, to the competent parliamentary committees.
What is FIABCI
The International Federation of Professional Real Estate (FIABCI - from the French Federation Internationale des Administrateurs de Biens Conseils et Agents Immobiliers) promotes collaboration and networking of real estate professionals from around the world, without getting involved in political processes. The Federation maintains local sections in 48 countries including Cyprus, an active member of the Federation since 1984. Regular members (individuals and companies) exceed 3.500, while members are also academic institutions and national associations representing around two million professionals, making FIABCI the most representative organization of Real Estate industry worldwide. FIABCI is represented at the United Nations as a consultant to the Economic and Social Council (ECOSOC). Finally, FIABCI attaches considerable importance to education targeting excellent training for those wishing to pursue a career in the industry.