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New measure to provide clarity in Cyprus property market

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The Council for Registration of Real Estate Agents on Tuesday said that an important measure will soon be implemented that will have a bearing on the Cypriot property market and how prospective buyers will perceive property prices.

The measure in question will seek to eliminate, or at least decrease the volume of any misunderstandings and other issues created by the generic real estate valuation provided by the land and surveys department.

The council that following the promotion of one of its own initiatives, and in the context of its positive cooperation with the land and surveys department, the department has now been convinced of the need to state that the general valuation assessment is only useful for tax purposes and does not represent 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 the Director of the land and survey department himself has promised us, the aforementioned measure will be officially announced by the department within December 2022,” Council for Registration of Real Estate Agents president Marinos Kineyirou said.

“This is a very important development and success for the council, which we believe will help to alleviate the problems that arise because owners and potential buyers, who believe that the general assessment carried out by the land registry refers to the market value of the property,” the council president added.

“Unfortunately, this is something that is still taking place despite the clarifying announcements that we have previously issued, both from outside as well as from the land and survey department,” Kineyirou concluded.

The council went on to say that the general assessment by the land registry is a useful tool for citizens, allowing them to easily and quickly gain access to relevant information about any properties they are interested in, before again stressing this is only meant to serve 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.

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