Paragraph 3 Of Schedule Five, Update 8 June, 2023

A. What the amendment is all about

1. With the amendment of Paragraph 3 of Schedule Five, the conditions for the imposition of the reduced rate of 5% in relation to the supply or construction of either a residential house or an apartment, have been differentiated as follows:

(a) There is a twofold limitation of square meters buildable coefficient (hereinafter 'sqm') for both the construction and the purchase of a property to be used as a permanent place of residence:

(i) The first limitation concerns the variation of allowable square meters and
(ii) the second the variation concerns the allowable values of purchase or construction