Property Valuation Report

by Chris Michael

Updated: April 08, 2024

A property valuation report is a document prepared by a professional that assesses the market value and outlines important information about the property. Certified valuers usually prepare property valuation reports. Only professionals licensed by the Cyprus Scientific and Technical Chamber (ETEK) may conduct a property valuation report in Cyprus.

ETEK licenses all engineering professions, including civil engineers, architects and quantity surveyors. Registered estate agents may offer their opinion on the property value but are not allowed to prepare valuation reports.

Online property valuation may give an idea of the property’s value but is unlikely to be accurate; moreover, online valuation reports are not recognised in Cyprus.

Legislation

Law of the Cyprus Scientific Technical Chamber 224/1990.

Content of a property valuation report

The report states the market value of the property.

The property valuation report usually contains information about the location, physical details of the construction, description, address, land and size, the condition of the building or dwelling, zoning characteristics, and insurable value. Information about the title deeds might also be mentioned. It is also a good idea to mention anything that adds value to the property.

The report will also include relevant documents, such as the cadastral plan.

Property valuers in Cyprus

Property valuers in Cyprus are regulated professionals. They:

Hold degrees in the real estate sector.
Must be registered with ETEK.
Must be members of the Cyprus Property Valuers Association (ΣΕΕΑΚ or CVA).
Follow professional ethics and professional conduct regulations.

Antonis Michael is a licensed property valuator in our company, and we offer a full range of services related to selling property in Cyprus.

Cyprus and TEGOVA

CVA represents Cyprus as a member of TEGOVA, the European Group of Valuers’ Associations. TEGOVA emerged in 1997 from the former EUROVAL with the object of creating and spreading harmonised standards of valuation practice, education, and ethics. TEGOVA has a code of conduct to which all members must adhere. It also publishes reports where central terms, like market value, fair value, and special value, are defined.

Importance

A professional licensed by ETEK must prepare a property valuation report in Cyprus. It contains central information about the property, like price (market value), location, title deeds, condition, and market trends. It is helpful for banks and insurance companies. Moreover, buyers, sellers, and owners need the report to make informed decisions or transactions concerning the property.

FAQs

How much does a valuation report cost?

The Cyprus Property Valuers Association (CVA) has an indicative list with EUR 300 for a property worth up to EUR 250,000. The rate depends on the type of property and the fees charged by specific surveyors (the list is indicative only). VAT is not included. Moreover, a lot depends on the property's condition and other details. For example, a low-value property may be a complicated structure requiring considerable time and effort. In such a case, additional costs may apply. Discuss the price with the valuer beforehand.

What is written in a property valuation report?

The report states the price and details concerning the property, like location, size, description, condition, and zoning. It is a good idea to mention anything that adds to the property's value.

Are property valuations in Cyprus important?

Yes, property valuation reports are essential when you want to make an informed decision about buying, selling, or renting a property. They are also necessary for banks and insurance companies concerning certain transactions.