Why do a Valuation?
Property valuation in Cyprus is the core of Real Estate, everything depends on the price which will be determined after the Property Surveyor – Valuer will visit the premises and conduct the report.
Such reports can be used by the banks for instance in order to obtain a loan based on mortgage of a property or many properties. The value which will be calculated by the Surveyor is the market value meaning the price that a buyer will pay today to purchase it.
There are various methods of valuation, however in Cyprus the most popular method is the Comparative Method. It sounds like a simple method but yet the whole process itself is quite complex.
Of course you can adopt the price that your neighbour bought or sold their property and then ask the same price for yours, but that’s how a property market will probably end up overpriced or under-priced with all the risks that are involved for property owners.
Valuations will assist you determine the value of your Real Estate assets and therefore promote a healthy market based on real values. That is the correct path to protect your Real Estate in Cyprus and for making profit out of an investment.
You can contact Islanders Estate Agencies and ask for a valuation of your property before buying or selling.