Valuation Report

What a typical Property Valuation Report includes according to RICS Standards

The Report states the date of the onsite inspection of the Property by our Surveyors. of course there are cases where a valuation report can be instructed for any other date in the past.

The Purpose varies according to the clients instructions. It may be instructed for Bank Purposes, or informational purposes or for the client to know the value of his property, or tax purposes or even for any other court purposes or government procedures such as land compensation etc. The purpose of the valuation report is very important so the valuer can determine the type of valuation report that will be adopted.

The property may have a Title Deed with updated Land Registry Details, which we will acquire and state on the valuation report. It is always advisable to provide the valuer with the latest updated title deed so any changes can be stated on the valuation report

There will be a detailed analysis of the address and location of the property including google map location.

In the valuation report there is a detailed analysis of all the characteristics of the property and its surrounding area.  The square meters of the property, the amenities and the existence for electricity and water.  Also if the valuation is done for a building such as  house or flat or factory etc, then a detailed description of the different areas is including analysis of the measurements of those areas and the building. In case that the valuation is referring to land and the land falls within various building zones, then analysis will also be given of the area and value of each zone separately and the adjoining building zones.

A search will be made regarding the building zone that the property falls in and an updated analysis of the zoning and its characteristics are set in the report. Zoning can reveal any unused building density and land coverage which ads to the value of the property.  

The local market will always be analyzed and furthermore any other market that the area of the property or the property itself is attracting or might attract. Furthermore the property it self will be described on the current market conditions and and the possibility the property will have for an easy sale or not. Additionally the prospects of the surrounding area will be analyzed and it will be stated what exists in that area which might affect the value of the property in the immediate future.

The value of the property is calculated following according to the clients instructions and always according to various methodologies approved by the Royal Institute of Chartered Surveyors – RICS.

The property is evaluated and a price is given which represents its current Market Value or if its needed past values. Past values are mainly needed for court purposes and mostly in divorce cases or land compensation cases in the Cyprus market.

This is a percentage over the Market Value that the property valuer will determine that this property can be sold to the property market with no delays.

This price is given for the client or for insurance in order to know how much to insure the property.

What attachments does the Property Valuation Report have?

An updated cadastral plan from the Land Registry Department showing the property under valuation is always attached.

An updated building zone is added showing the zone of the property and the zones surrounding the property. In this way the future zoning expansion potentials can be somehow extracted only by viewing this attachment. Additionally in every valuation report the Land Coverage the Height and the maximum number of floors is always described.

A list of all the comparable sales of the surrounding area of the property with the same town planning and physical characteristics is attached to show to our clients how we concluded to the Market Value of the property.

A satellite ‘picture’ showing the property and its boundaries  acquired from the Department of Land and Surveys.

Cyprus Property Valuations

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