Cyprus Mail 29 June 2023 - by Kyriacos Nicolaou
Council for Registration of Real Estate Agents president Marinos Kineyirou on Wednesday said that the organisation’s efforts have helped to correct the misconception about the use and purpose of general property valuation in Cyprus.
“Another significant step has been taken to rectify the misconception caused by the general property valuation conducted by the Department of Land and Surveys, following a recommendation by the President of the Real Estate Registration Council,” the council said in a statement.
Specifically, as of Friday, June 23, 2023, the note stating that the values determined by the general property valuation are calculated for taxation purposes and do not represent the market value of the property is displayed in the navigation section of the land registry’s primary portal.
“The council has contributed to correcting yet another distortion concerning the general property valuation, which created numerous problems for licensed real estate agents, property owners, and buyers,” Kineyirou said.
“On this occasion, I would like to express my gratitude to the Director of the Department, Elikkos Elia, who, within the framework of our constructive collaboration, accepted our recommendation,” he added.
What is more, it is worth noting that this annotation has also been added to the property deeds issued by the land registry.
This measure was foreshadowed by the Council for Registration of Real Estate Agents in December of the previous year, with the council saying at the time that the time objective was to eliminate, or at least decrease the volume of any misunderstandings and other issues created by the generic real estate valuation provided by the land and surveys department.
The council went on to say that the general assessment by the land registry is a useful tool for citizens, allowing them to easily and quickly gain access to relevant information about any properties they are interested in, before again stressing that this is only meant to serve general information and taxation purposes.
“Prices are not used for other purposes such as buying or selling, investing, lending or expropriating real estate,” the council stressed at the time.
