In July 2015, as part of a package of measures introduced in order to stimulate the real estate market, a 50 per cent reduction of transfer fees on immovable property acquired between 16 July 2015 and the end of 2016 was announced, provided that the property was acquired on an arm’s-length basis and not under the foreclosure provisions of the Transfer and Mortgage of Immovable Properties Law. In July 2016 the reduction in transfer fees was made permanent by the Lands and Surveys Department (Fees and Rights) (Amendment) (No 2) Law.