07.12.2022
On Tuesday, the Real Estate Agents Registration Board said that an important measure will soon be implemented that will affect the Cyprus property market and how potential buyers will perceive property prices.
The measure under consideration will be aimed at eliminating or at least reducing the volume of any misunderstandings and other problems that arise in connection with the typical real estate valuation carried out by the department of land and land surveying.
The Board, which, after advancing one of its own initiatives and in the context of its positive cooperation with the Department of Land and Geodetic Works, is now convinced of the need to state that the overall valuation is only useful for tax purposes and does not reflect the market value of the property.
To ensure that both property owners and potential buyers are aware of this, this statement will be printed on every title deed.
“As promised to us by the Director of the Department of Land Management himself, the above measure will be officially announced by the Department during December 2022,” said Marinos , President of the Board of Registration of Real Estate Agents. Kineiro .
“This is a very important development and a success for the council, which we believe will help mitigate the problems that arise from owners and potential buyers who believe that the overall valuation conducted by the land registry relates to the market value of the property,” added the chairman. advice.
“Unfortunately, this is still happening, despite the clarification statements we previously issued both from outside and from the Land and Survey Department,” Kineiro concluded .
The Council went on to say that the General Land Registry Assessment is a useful tool for citizens to easily and quickly access relevant information on any property they are interested in, before reiterating that this is for general information and taxation purposes only.
“The valuation is not used for other purposes such as buying or selling, investing, lending or expropriating real estate,” the council stressed.
