articles | 18 September 2019

Cyprus properties worth less at a total of €179b

The total worth of Cyprus properties were valued at €178.7 billion in 2018r, around €24 million less than they were estimated in 2013, according to the Land Registry Department.

Specifically, in 2013 a total of 1,634,946 parcels of land and housing units were valued at €202.6 billion dropping to €178.7 billion in 2018. Estimates only cover properties which are currently under the control of the Cyprus Republic.

Nicosia properties topped the list, both in terms of land and buildings with the value of land in the capital amounting to €44.7 billion.

Nicosia land parcels were worth €53.8 billion in 2013 while Limassol properties were worth €32.3 billion in 2018 from €36 billion five years ago.

Paphos comes in third with €21 billion compared to €23.9 billion in 2013, Larnaca follows with land worth €19.1 billion compared to €20 billion in 2013.

Finally, Famagusta, which has the lowest value of land parcels (compared to other cities) is the only region to see an increase in the value of plots, rising to €9.2 billion from €7.8 billion in 2013.

The total value of land in all provinces amounted to €126.5 billion in 2018 compared to €142.6 billion in 2013.

The value of buildings amounted to approximately €52.2 billion compared to approximately €60 billion in 2013.

The value of buildings in Nicosia are worth approximately €16.7 billion from €20.1 billion, Limassol buildings were worth €14.2 billion from €15.7 billion, Paphos €8.1 billion down from €9 billion in 2013.

Larnaca buildings in 2018 were worth €8 billion compared to €9.4 billion in 2013 and Famagusta €5.2 billion from €5.7 billion.

The Land Registry says the overall valuation does not represent the market value of properties but are used for tax purposes and fees.

It said that properties were valued in collaboration with private surveyors through the purchase of services and sales of recent years were taken into account in the assessment.

The Auditor General has questioned the credibility of the procedure used for the general appraisal of real estate properties applied by the registry.

The Land Registry admitted it may have been mistaken in their appraisal of a state plot opposite the former Nicosia Hilton Hotel in the heart of the capital, estimating the property at just €5 million down from €70 million which was the Registry’s 2014 evaluation.

Officials were criticised for delivering four wildly different evaluations over the past decade.

In 2010 the valuation of the land was estimated at €143 million, with the department suggesting the government demand €160 million from Qatari investors who were interested in buying the property at the time.

The deal eventually fell through as the Qatari's, looking to invest 500 million in building a hotel and other properties, disagreed with the high price tag and the plot is, presumably, still up for sale.

In 2013 the land was estimated at €92 million, in 2014 at €70 million and the latest estimate in 2018 was €5.3 million.

Source: Financial Mirror

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