Revaluation of real estate in Cyprus — 2018
In order for real estate real estate in Cyprus to display its real market value in 2018 prices, re-revaluation of real estate started. Revised values should be based specifically on the market value of the property. Until this time, the base was a total price that did not correspond to the real value of the property. The main purpose of the revaluation is to adjust the rates of municipal taxes and fees. The reassessment is expected to be completed by the end of 2018.
Recall that the latest revaluation of real estate in Cyprus was held in 2013, and it was recorded almost 12 thousand complaints from owners, who subsequently contested its results. Such a large number of complaints forced the authorities to extend their admission period by 4 months.
Such mistakes in the valuation of real estate are due to the fact that essentially two identical objects may have different market value. When calculating the value of the property, the following factors are taken into account: the age of the property, its status, ownership status, the presence of permanent residents, proximity to infrastructure (schools, etc.), the cost of maintenance and more. Often the valuation of real estate is carried out by a qualified appraiser. With a view to finding such professionals in March this year, the Department of Land Resources of Cyprus held a special tender.