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Cyprus is reducing the frequency of property valuations

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This means that the property value for taxation purposes will be updated less frequently.

What has happened

The Council of Ministers of Cyprus has submitted a bill to parliament proposing to reduce the frequency of the general real estate valuations from every three years to five years.

Currently, the general real estate valuations are conducted every three years. Assuming the bill is approved by Parliament, the next property valuations will be conducted in 2026. Subsequent valuations will take place every five years.

The decision was made in order to:

  • lighten the workload on the Department of Land and Surveys,
  • Cut expenses on real estate assessments,
  • Simplify the process of real estate transaction registration.

Expected positive outcomes:

  • Reduction of costs for property owners.
  • Acceleration of the real estate transaction registration process.
  • Stimulus for the real estate market.

Why it matters

The Department of Land and Surveys of Cyprus states that it will closely monitor the situation on the real estate market and make adjustments to its policy if necessary.

It's important to note that this measure does not affect the value of the real estate itself. The value of the property is determined by market factors and will change depending on the supply and demand.

Context: The initial valuation of real estate in Cyprus was carried out in 1980. Since then, there have been several revaluations, the most recent of which was in 2021.

General property valuations do not reflect a property’s market value, it is only used for taxation purposes, including property tax and municipal tax.

Timeline

The bill is currently under consideration by the parliament. It is expected to be adopted in the near future.

Source: Cyprus Property News

Photo by Andria Ioannidou on Unsplash

Quoting conditions of Prian.info materials

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Tags: Cyprus, Market Analysis, Real Estate, Investment, Taxes and fees

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