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Friday 7th May 2021
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HomeLegal MattersThird Cyprus property revaluations underway

Third Cyprus property revaluations underway

The Cyprus land registry is carrying out its third property evaluation since 2013 with the results expected to be made public at the end of the year, it was reported on Monday.

The department’s director, Andreas Socratous said the survey started last January and it was the third since 2013, the second one was done in 2018.

Socratous said only a few states across the globe conduct evaluations so frequently, adding that Cyprus was a pioneer in the field.

But it was not until 2013, as part of its bailout agreement, that Cyprus had undertaken the practice of updating property values every three years.

Before that, no evaluation had been done since the 1980s, with 200,000 properties not even registered with the department.

This essentially meant higher rates like sewage and municipal immovable property tax for owners whose properties were registered. That changed when more real estate was added to the pool.

The evaluation was being carried out in cooperation with private sector evaluators.

Local authorities and new aerial photos will also be used.

Socratous said the evaluation is not a property’s market value and is based on its natural and legal characteristics like the type, the land, the size, building zone, access, and so on.

6 COMMENTS

  1. Good Morning All,

    The Cost of COVID 19 has to be paid for somehow. Like everywhere else, the only way to recoup funds to replace those lost during this (so called) pandemic, is through taxes. The amount of money lost due to the revision on the passport for investment scheme is high. The tax payer always pays.

    Nigel, you mentioned taxes for local property and sewerage, the pipes for domestic sewerage have just been completed in my village however, the pipes stopped at my neighbours house. When I enquired why this was, I was told by the workman’s foreman that our house was not included in their plans which were given to them by the local muhktar. Our muhktar confirmed that this was case saying they must have been given an old map of the area. We are being denied the option of being part of this pending sewerage programme. Am I likely to be assessed for tax on sewerage maintenance even though I have been refused access to it?

    At present I am responsible for emptying my own septic tank, and at my cost not the municipality’s.

    • The sewerage charge isn’t solely for sewerage – it also includes surface water drainage. Regardless of whether you’re connected to a mains sewerage system you still have to pay. You’ll still need to pay for your septic tank to be emptied occasionally. (We’ve been living in our house for 17 years and have a ’20 person’ septic tank. It’s never needed emptying.)

      • Thank you Nigel. I’m not surprised that I will have to pay, Probably more than I’m already paying once this system is connected.

        Ref your septic tank, we have two (due to number of bathrooms) that have been in use for the last 15+ years and we haven’t emptied either of them in that time either! I was thinking I should get them checked out but perhaps I shouldn’t be concerned :-(

  2. Let’s just hope the land registry start to monitor these prices and actually question any sold properties appearing to be under/over priced.

    A owner/ developer can look at a buyer especially a foreigner and decide what they want to price the property because there are no guidelines or clear rules to follow. They make up prices of their own, especially the developers building new apartment buildings. If the land registry was bothered to look into one whole Building of say 10/12 Apts, they will work out the pattern that prices are difference from one another. The same goes for a group of houses. This is why when you purchase a property you never make a return on resale!

    • Unfortunately, the property valuations carried out by the Land Registry do not reflect a property’s market value. It’s the figure used to calculate local property and sewerage taxes.

  3. ‘And so on’ probably means if there are any Title Deeds which makes a lot of difference to the price, assuming we can sell at all!!!!!

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