New valuation of real estate from space

In Cyprus, there are approximately 1.2 million units of real estate. Of which 200,000 were not included in the register of the department of land holdings until 2013 (this year, the authorities of the Republic of Cyprus conducted a reassessment and inventory of commercial real estate, land and housing). The amount of tax on this property is about one million euros (respectively, the state treasury received less money for this amount). With a view to solving this issue in the Republic of Cyprus from 01.01.2018 a new complex valuation of real estate is being introduced. Now for the registration of property will be used photos of the terrain made by satellites from outer space.

One of the main requirements of international creditors (represented by the IMF, the European Commission and the European Bank) was the revaluation and registration of real estate objects given their market value. The fulfillment of these requirements enabled the Republic to receive 7 billion euros of credit.

For the first time the topic of real estate registration was raised at a meeting of the parliamentary committee on internal affairs. Committee Chairman Ellen Mavrou explained that in 2013 the last registration of real estate was carried out in Cyprus, and before that the amount of the tax was calculated based on the prices for the year 1980.

The main changes in the calculation of real estate tax:

  • The new complex valuation of real estate is introduced from 01/01/2018.
  • Every three years, revaluation and revaluation of real estate will be conducted using satellite imagery taken from satellites.
  • Every unconstrained owner of real estate with the results of the evaluation of his real estate has the right to apply to the department of land holdings with a demand to reassess his property.


To the authorities of the Republic of Cyprus, the assessment of real estate is primarily necessary for calculating tax on the purchase and sale of real estate, as well as levying taxes for garbage disposal and maintenance of sewerage and sewage systems.

Read all news

Conditions for obtaining a permanent residence permit in Cyprus

Conditions for obtaining a permanent residence permit in Cyprus

Purchase of a new residential property in Cyprus with a minimum value of €300,000 (plus VAT – 19% or 5%). Proof of a guaranteed annual income of at least €30,000 from abroad is required. The amount is increased by €5,000 for each family member (spouse and children) and €8,000 for each parent of the main […]

Read more
Installment plan for the purchase of real estate.

Installment plan for the purchase of real estate.

The company – “CYPRUS FOR INVESTMENTS LTD” – offers its clients an interest-free installment plan for the purchase of new property in Cyprus: Installment term – up to 24 months; The first installment is only – 40%; Early repayment is welcome; Security and fixing of payments – only bank transfer according to the details of […]

Read more
Bitcoins in exchange for real estate in Cyprus

Bitcoins in exchange for real estate in Cyprus

In 2021, the population of our planet has adapted to the pandemic, which brought inconvenience and innovation to our lives! Each state suffers losses in the economy and falling GDP. But there are also pluses, one of which is the development of digital currency! Several developers in Cyprus (our friends and partners) have developed a […]

Read more
Real estate agent or developer?️

Real estate agent or developer?️

Dear clients, in this topic we would like to briefly describe the activities of our company, as well as indicate 5 reasons why you should contact a real estate agency when selecting real estate! The agency’s commission is paid by the developer, the size of which, as a rule, is the same for everyone on […]

Read more
Cyprus No.5 in the world

Cyprus No.5 in the world

The international health organization has identified a list of 10 countries in the world that were able to cope with the COVID – 19 virus better than others. We are proud to announce that the Government of Cyprus has adequately coped with the difficulties and has saved its population from a terrible disease! Also, a […]

Read more
Advice on the selection of real estate in Cyprus

write, we are online