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Cyprus’ land and properties evaluated at €186 billion

mufg financial technology centre limassol 2

The land and surveys department on Thursday published its new evaluations for January 1, 2021, covering a total of 1,660,048 properties — 25,102 or 1.5 per cent more than the 2018 survey.

The total value of the properties exceeds €186 billion, some €4 billion more than the 2018 evaluations.

Land values remain basically the same as in 2018, while the small increase in the value of buildings is attributed primarily to costlier building materials, Ellikos Elia, director of the land and surveys department told the Cyprus News Agency.

The latest evaluation covered 1,093,495 agricultural and building plots, and 566,553 units (apartments, maisonettes, shops). There were 9,091 more plots of land and 16,011 more building units than in 2018.

There are no significant changes in average values. “There are some very small increases in the values of houses and apartments, while in the case of fields and plots of land, there are some reductions,” the department said.

The biggest increases, though still not significant, concern apartments and houses in the Limassol district.

This is the fifth general property values evaluation since those of 1920, 1980, 2013 and 2018. Under new amendments to the law, such evaluations will henceforth be carried out every three years.

The aims to ensure just and uniform taxation of property, and is especially useful for municipalities, communities, and sewerage boards in calculating the fees they levy, the department added.

Each new report includes new as well as older developments that were not recorded in previous evaluations. Amendments and upgrades to town planning zones and the building coefficient are taken into consideration.

“Publication of the general evaluation is a pillar of transparency for the property market, offers an indication of the market value and return of the properties and guides potential sellers and buyers of property as well as investors in this important sector of the economy,” it said.

Elias told the Cyprus News Agency that this report, in contrast to that of 2018, also takes into consideration whether fields had a right of access, to better reflect values. It also includes improvements to the department’s data based on information given by property owners.

And he urged property owners to visit the department’s website (https://portal.dls.moi.gov.cy/el-gr/homepage/Pages/default.aspx), review their property’s characteristics and if they consider these to be mistaken to submit an application to correct this error at no cost.

While the law requires a new evaluation every three years, the interval may be small where there are no significant fluctuations in values while the endeavour itself carries a cost and requires personnel, he noted.

To this end, the department will suggest the interval be extended to five years so that unless there are substantial reasons, the next one will apply to values of January 1, 2026, and not January 1, 2024.

In its announcement, the department clarified that price evaluations are not the same as market prices, as the latter applies to a specific date and to a free, competitive and active market, on condition that contracting parties are well informed about the property and act freely and prudently.

In contrast, the general evaluation is generalized, is carried out en masse without taking into consideration the special characteristics of each property, focusing instead on groups of properties with similar characteristics.

If the characteristics are correct but property owners disagree with the evaluation, they can challenge it by submitting a request by email before the end of 2022. There is a fee that is calculated based on the value of the property.

Property owners can contact the department with any queries or for information on the telephone number 17100, (+357-22804900 for calls from abroad), or send in their question electronically on https://portal.dls.moi.gov.cy/el-gr/Pages/Contact-Us.aspx.

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