Filenews 6 December 2022
Within the month, the Department of Lands and Surveys will announce a new measure based on which each title deed will state that the general valuation is useful only for tax purposes and that it does not represent the market value of the property.
The new measure is characterized as important "in the direction of eliminating misinterpretations and problems created by the misconception that prevails for the General Valuation of Real Estate of the Department of Lands and Surveys".
"As promised by the Director of the Department of Lands and Surveys himself in December, this measure will be officially announced by the Department. This is a very important development and success of the Council, which we believe will help alleviate the problems created because owners and potential buyers consider that the general assessment carried out by the Land Registry concerns the market value of the property", said the President of the Real Estate Agents Registration Council, Marinos Kynaigeirou.
The general assessment of the Land Registry is a useful tool for citizens as they gain access easily and quickly to the results of the valuation of the properties they are interested in, but only for general information and for taxation purposes, says the Real Estate Agents Registration Council, adding that, "prices are not used for other purposes, such as buying / selling, investment, lending and expropriation of real estate".
