Cyprus property revaluations underway

Cyprus property revaluations underway.

The values of around 2 million Cyprus property objects are being updated by the Department of Lands & Surveys to reflect their 2018 market values; the revaluation exercise was announced by DLS Director Andreas.

In 1980 and 2013 properties were assigned a general price, which did not represent the real value of the property. By October 2014 the Department of Lands and Surveys had received more than 4,600 objections while a further 7,000 or so objections had been received by the Citizens Service Centres. MPs reported receiving hundreds of complaints.

The revised 2018 valuations will be based on a property’s market price.

Mr Sokratous said that “the primary objective is to use the new property values, to levy municipal and community fees on immovable property.”

“The new property valuations are being carried out on the right terms and with the right criteria to get their real values as close as possible.”

Market values

It is perfectly possible for two properties with an identical external appearance to have different market values.

When assessing a market value factors such as the age of the property, its internal condition and decorative order, the quality of its fixtures and fittings, whether it is freehold or leasehold, whether it has statutory tenants, its proximity to local schools and amenities, service charges, etc. are also taken into account.

Typically market valuations are assessed by a suitably qualified property valuer, such as a RICS Chartered Property Valuer.

Hopefully the DLS’ 2018 valuations will be a little closer to reality.

Source “Cyprus Property News”.

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