New Measures to be Implemented to Provide Clarity on Market Value of the Properties in Cyprus
On 06th December 2022, The Council for Registration of Real Estate Agents announced that new measures will be implemented to provide clarity on the market value of the properties in Cyprus.
The generic real estate valuation provided by the lands and surveys department is only used for tax purposes and does not represent the real market value of the property, thus creating confusion and misunderstandings. The new measures will seek to eliminate such misunderstandings and related issues.
Accordingly, the Department of Lands and Surveys agreed to include a statement on every title deed that the valuation provided on the title deed is for tax purposes only and does not represent the market value of the property.
In a statement, Mr. Marinos Kineyirou, the President of the Council for Registration of Real Estate Agents stated that “as the Director of the Department of Lands and Surveys himself has promised to us, within December the measure in question will be officially announced by the Department. 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 believe that the general assessment carried out by the land registry refers to the market value of the property. Unfortunately, it is something that is still happening despite the clarifying announcements that were issued by us and the Department of Lands and Surveys”.
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