Property valuations in Cyprus

Why the purpose comes first

Every valuation answers a question, and the question shapes the report. The basis of value, the assumptions, the valuation date, the evidence and the party entitled to rely on it all follow from why the work is being done. A report prepared for a lender is not interchangeable with one prepared for a tax computation, an estate or a court file, even where each reports market value.

So the first thing we ask is what the figure is for. Once that is settled, the scope, the terms of engagement and the fee are confirmed in writing before any valuation advice is given. The sections below set out the purposes we are instructed on, each linking to the page that covers it.

Lending, buying and selling

Bank lending and mortgages. Banks in Cyprus instruct their own panel valuers directly and do not accept a valuer nominated by the borrower, so a report you commission privately cannot be handed to a lender for a credit decision. What it does is tell you what the asset is worth before you apply, so a shortfall between price and value is planned for rather than discovered late, and give you an evidenced basis on which to question a lender's figure. Valuation for bank loans and mortgages →

Buying or selling, and pre‑purchase advice. Before you commit to a price you want to know what the property is worth, what drives that figure and what would change it. Pre‑purchase advice covers the legal identity of the asset, the planning and permit position, the condition and the comparable evidence, and is most useful before a contract is signed. Sellers use the same exercise to set an asking price that can be defended. See pre‑purchase valuation advice → and valuation for buyers and sellers →

Estates, tax and disputes

Inheritance, probate and estate administration. An estate is valued as at the date of death, not as at today, and the report must state the evidence it relies on, so administrators, beneficiaries and advisers work from the same figure. Where property is divided between beneficiaries, that record is often what keeps the division from becoming a dispute. Probate and inheritance valuation →

Capital gains tax and 1 January 1980 values. A Cyprus capital gains computation is built on the difference between two figures, and for property held a long time one of them is the value at 1 January 1980. That is a retrospective valuation: it reconstructs the market as it stood decades ago, from the evidence available then, and states what has been assumed. An error at the base end distorts the whole computation. Capital gains tax valuation →

Courts, lawyers and expert evidence. Valuation evidence in a contested matter is read by people looking for weaknesses in it. It must be transparent about its assumptions, consistent with the documents in the file, and capable of being explained under questioning long afterwards. In that setting our duty is to the court, not to the party paying the fee.

• Expert witness valuation and court evidence →
• Valuation for lawyers →
• Divorce and matrimonial property valuation →

Accounts, acquisition and recovery

Financial reporting and fair value. Where property is carried in financial statements, the figure must be produced on the basis the accounting framework requires and documented so an auditor can follow the inputs and the reasoning. IFRS 13 sets out the fair value measurement framework and the disclosures that go with it, including how the inputs are categorised. IFRS 13 fair value valuation →

Compulsory acquisition and foreclosure. When land is taken by a public authority, or a secured asset is being realised, the owner rarely controls the process and the figures put forward may not be independently evidenced. A separate valuation gives you a documented view of what is being taken, and a basis on which to respond. See compulsory acquisition valuation → and foreclosure and compulsory acquisition →

Land, portfolios and professional referrals

Development land is valued on what can lawfully be built on it and what that would cost and return, which puts the zone, the building factor and the permit position at the centre. Owners of several assets need a consistent view across the holding — for planning, restructuring, insurance or a decision about what to keep. Much of our work reaches us through lawyers, accountants, auditors, administrators and agents acting for their own clients.

• Land and development valuation →
• Portfolio and strategic valuation advice →
• For professionals — referrals and instructions →
• Every property type we value →

What every report contains

Whatever the purpose, the structure does not change. Our valuations are prepared to RICS Valuation — Global Standards (the Red Book, December 2024 edition, effective 31 January 2025), and every report sets out:

• The basis of value — market value, market rent, fair value or another defined basis, named rather than implied. See general valuation and market value →
• The valuation date — the date the figure speaks to, which may be today or a date in the past.
• The assumptions and special assumptions — stated in full, including anything taken as given because a document does not exist or could not be verified.
• The evidence — the inspection, the legal and planning documents relied on, and the comparable transactions used, with the adjustments made.
• The named signing valuer — the individual responsible for the opinion, their qualification and registration, and the terms on which it may be relied upon.

More on the standard: what a Red Book valuation is →

What you are actually buying

Three things, none of them the number on its own.

Precision and transparency in decision‑making. A figure is only useful if you can see how it was reached, so our reports show the comparables, the adjustments applied and the reasoning that links them to the conclusion. You can test the argument rather than take it on trust, and where the evidence is thin the report says so.

Financial clarity. Most instructions sit inside a financial decision — a purchase, a division, a tax computation, a set of accounts. The report is written so the figure can be used directly in that decision, with the assumptions visible to whoever has to sign off on it.

Strategic planning. Value is not static, and the reasons it moves are usually specific to the asset — an unpermitted extension, an unresolved title, a zoning change, development potential nobody has priced. Identifying those makes the report useful beyond the immediate question: it tells you what to fix, what to document and what to expect next time.

Fees and turnaround

The fee depends on the property type, the complexity of the legal and planning position, the location and the purpose. It is agreed in writing, with the terms of engagement, before work begins, and does not change unless the scope does. Where a property has been valued recently and its condition is unchanged, a revaluation costs less.

Turnaround is confirmed when we accept the instruction, and depends chiefly on access and on the documents being available. Having the title or contract of sale, the plans, the permits and the approved drawings ready at the outset shortens the work. Full details: what a valuation costs →

Instructing us

Michael Efstathiou BSc(Hons), MRICS has practised as a valuer in Cyprus since 2012. He is registered with ETEK under Law 224/1990, the legal precondition to valuing property in Cyprus. Valuations are prepared to RICS Valuation — Global Standards.

Tell us the property and what the valuation is for. We confirm in writing what the report will contain, what it will cost and when it will be delivered, before work starts. Send the details through our contact page →

[email protected] · +357 25254222 · mobile +357 96569477