02.08.2022
Last year, the cost of the Presidential Palace was estimated at about the level of 2018. In fact, the historic building, which, among other things, houses the office and residence of the President of the Republic of Cyprus, was rated slightly more than in 2018. On the other hand, the cost of the Parliament building has been significantly increased based on a recent valuation.
Presidential palace
According to the general property assessment carried out by the Department of Cadastre and Surveying, a huge plot of land with a total area of 173,776 sq.m., on which the Presidential Palace was erected, was valued on January 1, 2021 in the amount of 18,663,500 euros.
At the same time, the corresponding total estimated value of the plot on which the Presidential House is located, as of January 1, 2018, was 18,431,600 euros.
Parliament
As for the site where the House of Representatives is located, on January 1, 2021, it was valued at 33,613,900 euros, which is about 9 million euros more than in 2018. In particular, a plot with a total area of 33,561 sq.m in the center of Nicosia on January 1, 2018 had a total estimated value of 24,857,000 euros.
It is clarified that the value of the buildings we register may not include adjacent properties, which may also belong to the ownership of buildings, the value of which in some cases is several million euros. It also clarifies that, according to a recent statement by the Department of Cadastre and Land Management, the total assessed value of the property does not equal its market value.
On the contrary, the publication of an overall assessment is the basis of the transparency of the real estate market, it gives an idea of the market value and performance of properties and guides potential sellers and buyers of real estate.
