New revaluation of real estate in Cyprus

Переоценка недвижимости на Кипре

To re-evaluate about 2 miles. of real estate, the Department of Land Resources of the Republic of Cyprus has announced the launch of a tender to attract private appraisers. The head of the Department, Mr Socrates, said that the necessary documents had already been prepared and that in March 2018, the tender would be formally announced. He also informed that the agency will coordinate the appraisers.

Despite the fact that according to the results of the revaluation of real estate objects held in 2013, there were many disagreeing owners of the real estate with its results, the Head of the Department noted that these are isolated cases that can not reflect the full picture of the reassessment as a whole and its qualitative component in in particular.

According to unofficial data, in some cases, the price of real estate in 2013 could exceed the original price in the 80-th year more than twice. So, for example, the real estate object in Nicosia cost 121 thousand Euro in the prices of 1980, but according to the results of the 2013 revaluation, its value was 268 thousand. euro. There are also cases of price changes from 160 to 278 thousand. euro, from 235 to 403 thousand euros, etc. According to Socrates, overall revaluation results were more than satisfactory given the scale of the task. In support of this, he cites figures — only 0.1% of the objections received, which is less than 2000 properties of the estimated 2 miles ..


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