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Cyprus property value change notification

The owners of property in Cyprus must be notified by the Land Registry personally if there is any significant change in the value of their property the island’s Supreme Court has ruled.

Cyprus property valuationTHE SUPREME Court on Thursday ruled that a law passed last November, obliging the Land Registry to personally inform owners of property in Cyprus of any significant change in the value of their property, was constitutional.

The legislative proposal, an amendment to the retention, registration and valuation law, had been passed by parliament by unanimous vote.

It requires the Land Registry to inform by letter anyone whose Cyprus property value is, or may be, significantly affected by any decree or court decision.

This includes zoning arrangements that may affect the value of a property.

The president had refused to sign the bill into law on the grounds that it was unconstitutional – he argued that it violated the separation of powers and that it would incur additional administrative costs, which parliament had no authority to effect.

The matter ended up being referred to the Supreme Court, which has decided the law does not breach the constitution and thus stands.

Previously, the Department of Lands and Surveys did not notify property owners on an individual basis of any changes that might affect the value of properties.

Notifications of such changes had been published in the government gazette, on the land registry website, or via bulletins posted in communal spaces like coffeeshops.

The reasoning behind the amendment, introduced by Edek MP Costis Efstathiou, was that the state should inform all property owners – including those who are not internet savvy – in a timely manner of any decisions impacting the value of their property.

By law, property owners have 40 days in which to appeal any such decisions.

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