With the purchase or sale of property or in case of investing into property the necessity to evaluate property asset occurs often. In some cases, for example, when borrowing from a bank (a bank appoints an independent surveyor by random sampling from the list) such procedure is obligatory. In Cyprus, property asset evaluation procedure is carried out by the chartered surveyors.
Property legislation currently in force in Cyprus is based on Property Law Section 224 (ownership, registration and evaluation) which was adopted on September 1st, 1946.
Surveyors Association in Cyprus encourages people to be careful while choosing property experts as the situations when companies and private entities deal with real estate evaluation without an appropriate license become more frequent.
Each surveyor shall have valid license for such type of activity. The license shall be renewed on a yearly basis. In view of the above, Surveyors association made a list of valid legitimate companies which expressed their willingness to be entered into the list. The list can be found at http://propertyvaluers.org.cy
Property evaluation price depends on the object of evaluation, its location, size and evaluation goal. Evaluation can be carried out both for private goals, loan receipt, and for further presentation to the court. The price for evaluation for private goals or property asset evaluation for loan receipt varies from 150 Euro per studio (50 m2) or from 350 Euro per house (130 m2). Property asset evaluation for further presentation to the court is rather complicated and expensive procedure. It can exceed the usual price by several times.