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It's time to spend Cyprus in revaluation of real estate

29 May 2018
Tags:Cyprus, Economy, Real Estate

In the near future, the Department of Land and Topographic Measurements will hold a tender. The goal is to invite the private sector to work together to reassess the value of about 2 million real estate properties in Cyprus. We remind you that the only real estate valuation in Cyprus was conducted in 1980 year, and its data is no longer valid.

For the first time the desire to conduct such a tender department expressed in March 2017 year, however, potential partners showed a low interest in cooperation. The director of the department Andreas Socratus said that the decision to entrust a part of the general process of property valuation to the private sector can lead not only to speeding up the process, but also to obtaining a more reliable result.

Socratus reported that a year after the first announcement of the tender, the authorities gathered a sufficient number of potential bidders. One of the main reasons for the low interest in revaluation, says Socrates, was the fact that most of the companies that could agree to cooperate were engaged in restructuring their fund. Another reason was that part of the conditions on which cooperation was supposed to have been rejected by all potential tenderers, which led to the need to finalize the proposal of the authorities.

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