Property revaluation

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Local authorities did not inform the Department of Land Resources of the new buildings in their districts. This is one of the reasons why there is a delay in the implementation of the property revaluation, which must be completed before June 30.

Deputy Director of the real estate evaluation Vasos Petrides said that the attempt to cooperate with the local authorities has been made repeatedly but still inventory remains incomplete. Taking into account all circumstances, the data transfer is not carried out, which entails time loss (about 90 days left).

Today in Cyprus officially only 570,000 houses registered. Previous general revaluation of real estate fund took approximately ten years (it was carried out from 1982 to 1992).

Source: Vestnik Kipra.