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All reports tagged with: "property values"

Help needed to revalue 2 million properties

Approximately two million properties in Cyprus are to be revalued and the Department of Lands and Surveys will soon invite tenders from property appraisers to help with the task.

Confusion over Cyprus property values

While the European Commission contends that Cyprus properties are overvalued by 5 per cent, the European Central Bank considers they are undervalued by between 4 per cent and 16 per cent.

Hasikos admits valuations mistakes

The Cyprus Interior Minister, Socrates Hasikos, has admitted that mistakes were made during the recent property revaluations exercise undertaken as part of the island’s bailout agreement.

Clarity over property values essential

Land Registry officials have been allowed to arbitrarily determine property values for far too long to boost tax revenue for the state oblivious to the distortions caused to the property market.

Property values call for transparency

The chairman of the Cyprus Technical Chamber (ETEK) has argued that the government should make public the methodology used to reappraise property values to 2013 prices for taxation purposes.

Property tax bills hit obstacles

Concerns have been raised over the process by which property valuations have been assessed with the Land Registry providing “unconvincing explanations” on how these have been calculated.

Cyprus property values updated

Announcing the completion of the task of updating Cyprus property values as part of the island’s bailout agreement, Interior Minister commented that privately owned land in Cyprus is worth some €200 billion.

Title Deeds issuance completed by year end

The Land Registry should complete its revaluation of all properties by June 2014 and the Finance Minister expects it to complete the issuance of Title Deeds as agreed with the troika by the end of the year.

The MoU and its impact on banking and real estate

As the Cyprus economy has been in a downward spiral for two to three years, it would be unfair to argue that the MoU with our international lenders is responsible for the fall in property values and demand.

Race to revalue half a million properties

The race is on to complete the revaluation of some 500,000 properties island-wide by the end of June 2014 to meet one of the bailout conditions agreed with Cyprus’ international lenders last month.

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