QUESTIONS AND ANSWERS
Do you have questions? We’ve got answers! For some clear information about the CPA appraisal process, look no further. We’ve posted some of our clients’ most frequently asked questions with answers we hope will give you more insight. If you have additional questions, please don’t hesitate to give us a call.
WHAT KINDS OF APPRAISALS DO YOU OFFER?
We provide Valuation Reports addressing all type of property for any purpose required.
HOW MUCH DOES AN APPRAISAL COST?
Based on the Cyprus Property Valuers Associations, find here bellow the costs of an appraisal:
INDICATIVE PRICING FOR REAL ESTATE APPRAISALS VALUE BASED
Estimated Value Minimum Suggested Charge
up to € 250,000 € 285
€ 250,001 to € 1,000,000 € 285 plus 0.1% on the value for the intermediate amount
€ 1,000,001 to € 5,000,000 € 1,035 plus 0.075% on the value for the intermediate amount
€ 5,000,001 to € 10,000,000 € 4,035 plus 0.06% on the value for the intermediate amount
€ 10,000,000 and over € 7,035 plus 0.05% on the value for the remaining amount
This is an indicative basis on which the recipients of the appraisal services will know the charge for the service provided by the appraisal offices, where their Directors are members of the Association.
VAT is not included in the above charges, and will be calculated separately.
The logical basis is that the charge for each appraisal will be calculated according to the appraised value of the property.
Real estate appraisals located in different areas will be considered as separate appraisals and each property will be charged separately based on the table above.
For real estate revaluation that, we suggest, the charge will be made based on the above table minus 50%, with a minimum charge of € 150, plus VAT. Reassessment is defined as the assessment of a property whose condition has not changed substantially (addition / subtraction of land, change of urban / cadastral characteristics) and the previous assessment has been made within a period of two years (maximum period).
There are cases where even low value properties can be quite complex and require more time and research. In this case where the customer finds that the charge is significantly higher than the minimum suggested, we recommend the customer to ask the appraiser in detail the reason for the additional charge.
There will be a Special Charging Agreement for Court cases and complex complex developments.
WHAT IS RICS?
RICS is the abbreviation of the official governing body for property professionals, The Royal Institution of Chartered Surveyors. They provide professional training, support and guidance as well as monitoring standards globally. Using a RICS member guarantees a high-quality survey conducted by a trustworthy and educated surveyor with years of vital experience.
By using a qualified RICS surveyor, you can rest assured that the results will be reliable and accurate. All members must continually follow the ‘RICS Rules of Conduct’ meaning that you’re fully covered with indemnity insurance for further peace of mind. For a high-quality survey, it would be wise to hire a RICS chartered surveyor.