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- Ελληνικά
In the decision that the new General Valuation of the value of about 2.000.000 properties nationwide, at January 1, 2021 prices, can be published before the end of May of 2022, concluded the nationwide meeting of the competent officials of the Department of Cadastre and Land Surveying held on Friday, February 11.
Specifically, in a statement to the Cyprus News Agency, the new Director of the Department Elikkos Ilias said that on Friday, a nationwide meeting of officials of the Department of Cadastre and Land Surveying was held, during which, among other things, the issue of the new General Valuation of properties, carried out by the Department, in cooperation with private valuers, was discussed.
"The progress and outstanding issues on the matter were reviewed and it was decided that the new General Valuation can be published before the end of May 2022," he noted.
In addition, the Director of the Department said that a letter was also sent to the relevant authorities, Drainage Boards, Municipalities and Townships, who tax based on the Land Registry's assessment of property values, whom "we informed that hopefully before the end of May 2022 the Land Registry will be able to publish the General Assessment with January 1, 2021 values."
He said that data is currently being analysed and "we are not currently in a position to say about an increase in values compared to the previous valuation with a reference date of 1 January 2018."
At this point, Mr. Ilia told Cyprus News Agency that the Land Registry prefers a steady upward trend in terms of valuations, which shows a stability in the economy, he explained, "rather than facing sharp fluctuations in property values which indicate that something bad is going on with the economy".[/B] This is not something any state would want, he noted.
"It appears that property values are not declining as a result of the pandemic for three main reasons," which, according to Mr. Cyprus is one of the few countries in the world where there is no real estate taxation, as there is, for example, the Single Property Tax (ENFIA) in Greece," which also encourages citizens to invest in real estate.
He said that in Cyprus the property tax is zero and added that there are only the tax fees paid by the citizen to the municipalities and the Drainage Boards.
Regarding the cooperation of the Land Registry with private sector valuers for specific areas, the Director of the Department said that there has been a good cooperation with the private valuers who have completed their work and "have provided us with what they consider to be average property values in the areas we have assigned to them".
"We will work on these values to come up with what we will adopt in the new General Valuation for the specific areas" which are within the municipalities, he concluded.
It is noted that the first general valuation in Cyprus was referenced in the year 1920, the second in 1980, the third in 2013 and the last in 2018.
Source: CNA
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