The Land Registry is conducting its third property valuation since 2013, the results of which are expected to be made public at the end of the year, it said on Monday.
Department director Andreas Socratus said the survey began in January last year and was the third since 2013, the second was conducted in 2018.
Socrates notes that only a few states in the world conduct assessments so often, adding that Cyprus was a pioneer in this area.
But it wasn’t until 2013, as part of its bailout agreement, that Cyprus adopted the practice of updating property values once every three years.
Prior to that, no valuation had been done since the 1980s, and 200,000 properties were not even registered with the department.
Essentially, this meant higher payments, such as sewage tax and municipal real estate tax, for owners whose properties were registered. The situation changed when more real estate was added to the pool.
The assessment was carried out in cooperation with private sector assessors.
Local authorities and new aerial photographs were also used.
Socrates said that the valuation does not correspond to the market value of the property and is based on its natural and legal characteristics, such as type, land, size, built-up area, access, and so on.
Source: cyprus-mail.com editor estateofcyprus.ru Photo cyprus-mail.com