09.11.2022
The Real Estate Registration Board is quick to explain the usefulness of the general property appraisal, which is carried out every three years by the Cadastre and Land Management Department, to correct the misperception that still prevails among many property owners and potential buyers.
The general land cadastre valuation is a very useful tool that allows citizens to easily and quickly access the results of the valuation of the property they are interested in, but only for more general information.
In addition, as has been clarified on numerous occasions in the recent past by the Cadastre and Survey Department itself, the prices resulting from each of its total estimates are the basis for taxation purposes.
Therefore, it is not recommended to use these prices for other purposes such as buying/selling, investing, lending and expropriating real estate.
According to President of the Board of Registration of Real Estate Agents Marino Kinaigiru, “Property owners and other interested parties should contact registered and licensed real estate agents to obtain complete and accurate information on issues that may concern them and on physical and legal characteristics . property of interest to them.
As a reminder, the Department of Cadastre and Land Management recently completed and published a new general property valuation as of 01/01/2021, in which a total of 1,660,048 properties were valued with a total value of more than 186 billion euros, compared to approximately 182 billion euros, which amounted to the total value of the property as of January 1, 2018.
