Property market performance boosts Cyprus' economy
The strong performance of Cyprus' property market has proved to be highly lucrative for its government, new figures have revealed.
Statistics from the Cyprus Inland Revenue revealed that the high levels of activity in the housing sector had led to considerable amounts being collected in tax, reports the Financial Mirror.
This will prove to be good news for the country as a whole as it means the economy is growing, while the government will have more money to reinvest in other projects.
Overall tax revenue for the first 11 months of 2007 was said to have risen by almost half on a year-by-year basis, going up to £1.4 billion.
This is up from £944,000,000 during the same period of 2006.
The release of the figures comes after one of the biggest financial reforms in Cyprus' history, as it became a member of the single European currency earlier this week.
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