Filenews 30 June 2022
1,660,048 properties were estimated in the new General Valuation of the Department of Lands and Surveys with their value reaching €186 billion.
Specifically, the Department of Lands and Surveys (TCX) announced that the New General Assessment has been completed and published, in denominations 1.1.2021, in accordance with the provisions of article 69 (1) of the Immovable Property (Tenure, Registration and Valuation) Law, Cap.224. The New General Assessment is the fifth General Assessment in a row, after those made for the years 1920, 1980, 2013 and 2018. It is noted that after a relevant amendment of the legislation, general assessments will now be made every three years.
The modernization of the General Valuation, at regular intervals, results in fair and uniform taxation of real estate and in particular is used by the Municipalities / Communities and Sewerage Boards, etc., for the calculation of the amount of fees imposed on real estate. It is noted that in the context of each new general estimate, new, as well as old developments are included, which were not recorded in previous general estimates. Also, the modifications / upgrades of the urban planning zones are updated and the coefficient of the age of the buildings is taken into account, in the values of the new general estimate.
In addition to the above, the publication of the General Valuation is a pillar of transparency of the real estate market, provides an indication of the market value and performance of real estate and directs potential sellers and buyers of real estate, as well as investors in this important sector of the economy. In addition, it allows citizens to check the characteristics of their properties, which are used to generally estimate the value of their property.
With the new General Estimate, 1,093,495 plots of land (fields/plots) and 566,553 units (apartments, maisonettes, shops) were estimated, i.e. a total of 1,660,048 properties. The total value of the properties estimated is estimated to exceed €186 billion, compared to about €182 billion, which was the total value of the properties on 1.1.2018. On average, the values of the General Assessment 1.1.2021 do not differ significantly from the corresponding values of 1.1.2018. There are very small increases in the values of houses and apartments, while in the case of fields and plots there are some decreases. The largest increases, which are also not significant, are observed in the apartments and houses of the Limassol District.
It is emphasized again, that the general valuation value of a property is not equal to its market value.
In view of the publication of the New General Assessment, owners are invited to visit the electronic website "Land Registry Portal - Navigated on Maps", in order to study the characteristics of their properties and, if they consider that these are incorrect, then to submit an electronic application for "error correction", without paying any fee. If the characteristics of the properties are correct, but there is still disagreement of the owners as to the amount of the General Valuation, then they have the possibility, until 31.12.2022, to submit an online application "objection of general assessment", with the help of a private appraiser registered with ETEK, in which case they will be asked to pay the specified application fees. These fees depend on the value of the property and range from €37.50 to €375 as follows:
Value of General Property Valuation (€)/ Fee(€)
1 to 100.000/ €37,50
100.001 to 500.000/ €75
500.001 to 1.000.000/ €150
>1.000.000/ €375
For more information, owners are advised to visit the "Land Registry Portal" website:
