Cyprus estate agents welcome amendment to property valuations interval
Cyprus’ parliament this week approved a new law extending the interval for general property valuations from three to five years. The change aims to optimise resources and streamline operations within the Department of Lands and Surveys. This d
Cyprus’ parliament this week approved a new law extending the interval for general property valuations from three to five years.
The change aims to optimise resources and streamline operations within the Department of Lands and Surveys.
This decision was welcomed by the Cyprus Real Estate Agents Registration Council, which released a statement praising the amendment.
“This is an issue we have consistently raised during discussions with government officials, and we are pleased to see it addressed,” said Marinos Kineyirou, president of the council, who has previously expressed support for such a move.
“Conducting general property valuations every three years was unnecessary, as fluctuations within such a short timeframe are minimal or insignificant,” he added.
Kineyirou also mentioned that the three-year cycle placed undue strain on the Department of Lands and Surveys, increasing workload and public financial costs.
“The shift to a five-year cycle will save resources, which can now be redirected towards productive uses,” he stated.
Finally, the council pointed out that it sees this legislative change as a positive step towards efficiency in property management and public administration.
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