The Cyprus Real Estate Agents Registration Council released a statement on Tuesday expressing support for a new government bill related to the frequency of property valuations, saying that this will lighten the load on the Department of Land and Surveys, allowing it to focus on other tasks.

Specifically, the bill proposes changing how often the Department of Land and Surveys conducts general property valuations from every three years to every five years.

“We have raised the issue many times, both in private meetings with government officials and in our public statements,” council president Marinos Kineyirou explained.

“We believe that conducting a general valuation every three years is unnecessary, as the fluctuations that may occur over such a short period are minimal to insignificant, while at the same time, the workload placed on the Department of Land and Surveys, one of the most critical sections of the state, increases,” he added.

Moreover, Kineyirou stated that “based on the proposed bill, if the Council of Ministers deems it necessary to conduct a general valuation earlier, it may order that it takes place”.

“That’s why the approval of the bill by the Council of Ministers and its submission to the Parliament for discussion and voting finds us in agreement and satisfies us,” the council president concluded.

Finally, the council also reiterated its request for property titles to state that the general valuation should only be used for taxation purposes and does not represent the market value of the property.