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Next Previous € 186 billion the value of the properties of the new General Appraisal HOME • INSIDER • CYPRUS • € 186 billion the value of the properties of the new General Appraisal
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1,660,048 properties were estimated in the new General Assessment of the Department of Lands and Surveys with their value reaching 186 billion euros.
Specifically, the Department of Lands and Surveys (TKX) announced that the New General Assessment was completed and published, in values of 1.1.2021, in accordance with the provisions of article 69 (1) of the Law on Real Estate (Occupation, Registration and Valuation), Chapter .224. The New General Assessment is the fifth in a row General Assessment, after those made for the years 1920, 1980, 2013 and 2018. It is noted that after a relevant amendment of the legislation, general assessments will now be made every three years. >
The modernization of the General Assessment, at regular intervals, results in the fair and uniform taxation of real estate and in particular is utilized by Municipalities/Communities and Sewerage Councils, etc., to calculate the amount of fees imposed on real estate. It is noted that in the context of each new general assessment are included new, as well as old developments, which were not recorded in previous general assessments. Also, the modifications/upgrades of the urban zones are informed and the factor of the age of the buildings is taken into account, in the prices of the new general assessment.
In addition to the above, the publication of the General Assessment is a pillar of transparency of the real estate market, provides an indication of the market value and performance of real estate and guides potential sellers and buyers of real estate, as well as investors in this important sector of the economy. In addition, it allows citizens to check the characteristics of their property, which are used to assess the overall value of their property.
The new General Assessment estimated 1,093,495 plots of land (fields/plots) and 566,553 units (apartments, maisonettes, shops), ie a total of 1,660,048 properties. The total value of the real estate estimated is estimated to exceed 186 billion euros, compared to about 182 billion, which was the total value of real estate on 1.1.2018. On average, the values of the General Assessment 1.1.2021 do not differ significantly from the corresponding values of 1.1.2018. There are very small increases in the values of houses and apartments, while in the case of fields and plots there are some reductions. The largest increases, which are also not significant, are observed in the apartments and houses of the Limassol District.
It is emphasized again that the value of the General Appraisal of a property is not equal to its market value.
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In view of the publication of the New General Appraisal, the owners are invited to visit the website “Land Portal – Navigate on Maps”, in order to study the characteristics of their properties and if they consider that they are wrong, then to submit an electronic application for “correction” , without the payment of any fee. If the characteristics of the properties are correct, but there is still disagreement of the owners regarding the amount of the General Appraisal, then they have the opportunity, until 31.12.2022, to submit an online application “general appraisal objection”, with the help of a private appraiser registered at ETEK, in which case they will be required to pay the specified application fees. These fees depend on the value of the property and range from € 37.50 to € 375 as follows:
Value of General Appraisal of the Property (€)/Fee (€)
1 up to 100,000/€ 37.50
100,001 up to 500,000/€ 75
500,001 up to 1,000,000/€ 150
& gt; 1,000,000/€ 375
For more information, owners are encouraged to visit the Land Registry Portal:
