30.04.2024
Cyprus real estate agents have backed a new bill on the frequency of property valuations, saying it will ease the burden on the Cyprus Land Department, allowing it to focus on other tasks.
The bill proposes to change the frequency of the Land Department’s general property assessments from once every three years to every five years.
“We have raised this issue many times, both in private meetings with members and in our public statements,” explained council president Marinos Kineiro .
“We believe that conducting a general assessment every three years is not necessary since the changes that can occur in such a short period are minimal or negligible, and at the same time the workload placed on the Cyprus Land Department is increasing ,” he added.
Moreover, Quineiro stated that “on the basis of the proposed bill, if the Council of Ministers considers it necessary to carry out a general assessment earlier, it can order its implementation.”
At the same time, the Estate Agents Registration Board reiterates its request that title deeds indicate that the general assessment is only useful for tax purposes and does not reflect the market value of the property.
