Realty market set to blossom

The government's intention to legislate tax-easing measures and incentives for investments has cultivated great expectations among property market professionals.

The reduction of the Single Property Tax (ENFIA) from this year is a measure that has already had a positive impact on the mood among households, and the government is eager to capitalize on the favorable momentum created with five more measures, including the suspension of the 24 percent value-added tax on newly built properties for three years, the provision of incentives for building renovations, and the reduction of bureaucracy.

It is also maintaining the suspension of the capital gains tax on property ownership and is planning a further reduction of ENFIA for 2020.

One of the moves seen likely to bring added value to the economy, as it will leverage funds, is the planned regulation for the 40...