A Limassol valuation practice, working to RICS standards

The practice

Cyprus Property Appraisals is a valuation practice based in Limassol and serving the whole of Cyprus. The work is valuation and valuation advice: market value and market rent reports, secured lending valuations, valuations for estates and tax, expert witness evidence, and development appraisals.

Instructions are taken and reported by a named valuer. The valuer who signs the report is the valuer who inspected the property.

We take instructions we are competent to accept. Where a property, an asset class or a purpose falls outside our experience, we say so at the enquiry stage and, where we can, point you to someone who does it. Under the Red Book that is a professional obligation, not a courtesy.

Michael Efstathiou MRICS

Michael Efstathiou has practised as a property valuer in Cyprus since 2012. He is a professional member of the Royal Institution of Chartered Surveyors and registered with ETEK.

He works in Greek and English.

How we are regulated

Property valuation in Cyprus sits on two layers, and they are not interchangeable.

ETEK. Registration with the Cyprus Scientific and Technical Chamber under Law 224/1990 is required by law in order to practise. Without it, a person cannot lawfully act as a property valuer in Cyprus. Michael Efstathiou is registered with ETEK.

RICS. Membership of the Royal Institution of Chartered Surveyors is a professional standard applied on top of the legal requirement, not a substitute for it. MRICS members carrying out Red Book valuations in Cyprus have been required to be registered under the RICS Valuer Registration Scheme since 1 September 2016. Valuer Registration means the valuer's work is subject to RICS monitoring and to RICS conduct and disciplinary regulations.

The standards applied. Valuations are prepared in accordance with RICS Valuation – Global Standards, December 2024 edition, effective 31 January 2025, which incorporates the International Valuation Standards effective on the same date, together with the RICS Cyprus National Supplement.

Professional indemnity insurance. The practice carries professional indemnity insurance. Evidence of cover is provided to lenders for annual panel review, and to any client who asks for it before an instruction begins.

For bank compliance officers: the Central Bank of Cyprus Credit Granting and Review Processes Directive requires lenders to maintain an approved panel of independent valuers, to verify each valuer's professional indemnity insurance annually, and to obtain disclosure from the valuer of any connection to the buyer or the seller. The Directive recognises the RICS Red Book, European Valuation Standards and the International Valuation Standards. Our reports and our engagement terms are written to sit inside that framework, and we supply insurance and registration evidence for annual panel review without being chased for it.

We do not publish the names of lenders we work with. Banks instruct their own valuers directly and do not accept a valuer nominated by the borrower, so a list of institutions would tell you nothing useful about whether we can help you.

Independence and conflicts of interest

We do not act as estate agents. We do not take commission on transactions we have valued, and we do not accept a fee that varies with the figure reported.

Before accepting an instruction we run a conflict check against the property, the parties and the other side. Where a connection exists — to the buyer, the seller, the borrower, a lender or a party to proceedings — we disclose it in writing, and we decline the instruction where the conflict cannot be managed. Where the valuation is for secured lending, that disclosure is made to the lender as well as to the instructing party.

In court work, the duty to the court overrides the duty to the client who pays the fee. We say the same thing to both sides at the outset.

Coverage

We work across Cyprus — Limassol, Nicosia, Larnaca, Paphos and Famagusta district — with the practice based in Limassol.

Limassol is where most of our work is, and it is the fastest-moving market on the island: sales contracts in the district ran to 3,959 in the first seven months of 2026, up 20% year on year and about a third of all transactions in Cyprus.

Who we work for

• Banks and lenders — secured lending valuations and revaluations.
• Courts and lawyers — expert witness reports, estates, divorce and family proceedings, expropriation and disputes.
• Private buyers and sellers — an independent figure before signing.
• Executors and heirs — inheritance and division of estates.
• Taxpayers and their advisers — capital gains and other tax matters.
• Investors and developers — acquisition advice, development appraisals and portfolio work.

Speak to us about an instruction

Tell us the property, the purpose and the date by which you need the report. We will confirm in writing what we can do, on what basis, and at what fee.

info@cypruspropertyappraisals.com · +357 25254222 · mobile +357 96569477 Jian Simbelius Court, Shop 1, 11 Yian Simbelius Str, Limassol 3017, Cyprus