29.06.2023
Marinos Kineiro, president of the Real Estate Agents Registration Board, said on Wednesday that the organization’s efforts have helped correct misconceptions about the use of general property valuation in Cyprus. “Another important step has been taken to correct the misperception that has arisen around the overall property valuation conducted by the Department of Land and Surveys on the recommendation of the President of the Board of Real Estate Registration,” the board said in a statement.
In particular, as of Friday, June 23, 2023, a note is displayed in the navigation section of the main land registry portal stating that the value determined by the total valuation of the property is calculated for tax purposes and does not represent the market value of the property.
“The Board has contributed to correcting another misrepresentation regarding overall property valuation that has created numerous problems for licensed real estate agents, property owners and buyers,” Kineiro 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 cooperation, accepted our recommendation,” he added. Moreover, it is worth noting that this annotation was also added to the property documents issued by the land registry.
This measure was taken by the Real Estate Agents Registration Board last December when the board stated that the interim goal was to eliminate or at least reduce any misunderstandings and other problems created by the overall real estate appraisal provided by the land management department. and research.
The Council went on to say that the General Land Registry Assessment is a useful tool for citizens, allowing them to easily and quickly access relevant information on any property they are interested in, before reiterating that this is only for 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.
