Latest Headlines

Cyprus property revaluations underway

Cyprus properties are being revalued by the Department of Lands and Surveys to reflect their 2018 values; the revaluation exercise was announced by DLS Director Andreas Sokratous earlier today.

Cyprus property revaluations

DLS Office Limassol

THE VALUES of around 2 million Cyprus properties are being updated by the Department of Lands & Surveys to reflect their 2018 market values.

According to media reports the Director of the Department of Lands and Surveys, Andreas Sokratous, made the announcement on ANT1’s midday show earlier today.

The revised 2018 valuations will be based on a property’s market price. In 1980 and 2013 properties were assigned a general price, which did not represent the real value of the property.

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

“A great deal is being done to complete the process by the end of the year.

“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.”

Regular readers will recall the furore that followed the last property revaluation exercise in 2013 with former Interior Minister Hasikos admitting that mistakes were made.

Buy 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.

So great was the number of objections, the deadline for their submission was extended by four months.

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.

Submit a comment


We will not share your e-mail - see our privacy policy

Comment guidelines

  • All comments are vetted. Please keep all comments on-topic and relevant to the substance of the original article and ensure that the email address you provide is accurate and verifiable.
  • Comments considered to be potentially libellous and those containing racist, vulgar, derogatory, discriminatory or offensive language, personal attacks or advertising will be rejected.
  • Comments must not harass, abuse, or threaten another's personal safety or property, make false statements, defame, or impersonate someone else.
  • Do not submit the same comment more than once or it may be rejected.
  • Comments only please. If you have a question, visit the on-line Cyprus property forum.
  • Comments failing to comply with these guidelines will not be published.

  • Joanne Lambert says:

    If they couldn’t get it right when basing it on a ‘general’ price how on earth are they going to get it right when basing it on a market value, which is subject to all kinds of unquantifiable criteria!

    Ed: RICS Chartered Valuers (and other professionals) use the ‘Red Book’, which now incorporates the IVSC International Valuation Standards, to asses the market value of a property. I haven’t a clue what the DLS will use – they came in for some sharp criticism in 2013 when they failed to publish their valuation methodology.

  • embapaphos says:

    What are the chances that the state won’t revise all prices up to rake in more via the below?

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

    In the pipeline there is awaiting for most a hike in refuse collection fees, coupled with the increases in the municipal fees means any saving owners had after IPT was abolished basically comes to nothing…still paying the state more one way or another.

    I personally will dispute any valuation, my 2013 valuation price is way beyond a price I could ever get for property if I were to sell (didn’t dispute it as never ‘owned’ property at time). The price the land reg slapped on it at transfer time was even higher! and am still trying to get my head round how states values a property for tax purposes whereas the real sale re-sale value is much less, is not a value of a property a value regardless? valued higher when state wants more cash from owners, and valued lower when I comes to selling.

    Ed: A property is only worth what someone is willing to pay for it. Professional valuers such as RICS Chartered Valuers use the ‘RICS Valuation – Global Standards 2017’ (aka ‘Red Book’) to assess property values.

  • Chris says:

    I’ve looked at the Land Registry plan for my area in which shows all the plots and the houses on them. There are 48 houses in this area but only 16 are shown on the Land Registry plan. How can they value the 32 houses that are not registered?

    Ed: The DLS had the same problem in 2013 when they carried out the previous valuations. Hopefully they’ll spot these unregistered houses during this valuation.

  • Zoopla says:

    Gary well stated indeed. I am so very very pleased there is someone else out there who shares my opinion, I have commented the very same facts on many occasions now and tried so hard to expose the “Price Fixing” that occurs in the Republic.

    “Pull a figure out of the air for new build (off plan) prices” knowing the actual resale prices “if any” are not available for public inspection.

    Very well said Gary

    Ed: Here’s why:

    In England and Wales

    The Land Registry operates an open register which means that copies of all documents referred to on the registered title can be obtained by anyone, subject to payment of the necessary fee.

    In Cyprus

    Information or documents in the public register of Titles connected with the ownership of immovable properties and charges or encumbrances lodged against them are treated as confidential and unavailable for public inspection.

  • steve r says:

    It hopes to revalue around 2 million properties in 10 months but it takes 10 years to issue title deeds. Something wrong here.

  • andrewm says:

    And before rolling out any final decisions, I hope they spot check a number of various properties to make sure their valuations are fair and uniformed appropriately.

  • andrewm says:

    There are going to be some major assumptions going on, as I cannot see the effort going on for checking each property:its internal condition and decorative order, the quality of its fixtures and fittings certain factors making up the value would be fixed.

    To be fair, that’s probably going to be on best efforts as that would be an impossible task to get done. A transparency is required on the breakdown of value placed on each property.

    I know in the UK we don’t have such detail, but then I don’t think the UK valuations are based on the same conditions.

    Ed: In UK properties are banded by their 1991 values A to H (Wales has an additional band I ) for Council Tax.

  • Gary says:

    If a property has no ‘Final Certificate’ then it’s value should be recorded as worthless. That is the reality. If it has no Title Deeds, and in particular there are legal issues to be resolved, then it’s value should be reflect that. At the end of the day, a property is only worth what the market will pay.

    Ed: Hopefully the DLS will be transparent and publish the criteria/methodology it’s using to assess a property’s market value (rather than keeping it secret as they did in 2013.)

  • Deanna says:

    Oh what a brilliant idea to screw a bit more out of us for our untitled and crumbling properties….

  • Pantheman says:

    The last comment: ‘Typically market valuations are assessed by a suitably qualified property valuer, such as a RICS Chartered Property Valuer.’ is not strictly true, it needs to be valued by a registered member of ETEK. Since a RICS chartered surveyor may not be recognised in Cyprus, and thus cannot give such a valuation.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size

SELECTED REPORTS

Back to top