Valuation services for law firms, lenders and accountants in Cyprus

You are not buying a number. You are buying a document that has to survive examination by someone whose job is to test it — opposing counsel, a credit committee, an auditor or the Tax Department.

CPA is a single-principal practice led by Michael Efstathiou MRICS, in practice since 2012, registered with ETEK, which is the legal precondition to valuing property in Cyprus, and a member of RICS. Reports are prepared to RICS Valuation – Global Standards, the Red Book, current edition effective 31 January 2025, together with the RICS Cyprus National Supplement. We work in English and Greek, across all districts, from the Limassol office.

For law firms

Litigation and expert evidence. Valuation reports prepared for use in proceedings, with the basis, assumptions, special assumptions and limitations stated on the face of the report, and the valuer available to explain them.

Probate and estates. Date-of-death valuations for estate administration, including estates with multiple parcels across districts and estates with foreign-domiciled beneficiaries.

Matrimonial. Valuations of the matrimonial home and other holdings, whether on joint instruction or for one party, with the instructing basis recorded clearly so the report's status is never in doubt.

Conveyancing due diligence. Independent value opinion where a client is being asked to pay a price you have reason to test, alongside identification of title, planning and access issues that bear on value.

Transfer fee disputes. Support where the Land Registry's assessed value for transfer fee purposes is disputed, including the evidence base for an alternative figure.

For banks and lenders

Panel work. The Central Bank of Cyprus Credit Granting and Review Processes Directive requires lenders to maintain an approved panel of independent valuers with documented selection criteria and ongoing performance assessment, to verify annually that panel valuers hold adequate and valid professional indemnity insurance, and to have property valued by an independent panel valuer. The Directive names the RICS Red Book, European Valuation Standards and IVS as recognised standards. LTV is monitored under Article 208 of Regulation (EU) 575/2013.

Panel enquiries from credit institutions are welcome. Registration, insurance and CPD evidence is supplied for panel admission and for annual review.

New lending. Market value and, where required, market rent for security purposes, with the report set out in the format your credit function needs.

Revaluation and monitoring. Periodic revaluation of existing security for LTV monitoring and portfolio review.

Restructuring and arrears. Valuations in support of restructuring proposals, forbearance decisions and recovery strategy, including market value subject to existing tenancies where relevant.

Repossessed stock. Valuation of properties held on the balance sheet, for disposal strategy and for accounting purposes.

For accountants and tax advisers

Capital gains tax and 1980 values. Valuations at the statutory base date for pre-1980 acquisitions, and current-date valuations for disposal computations, with the evidence relied on set out so the figure can be defended.

Estate returns. Valuations for estate and inheritance-related filings, consistent with the probate valuation where both are needed.

Company accounts and IFRS fair value. Valuation of owner-occupied property, investment property and land for financial reporting, with the basis, the fair value hierarchy inputs and the significant unobservable assumptions stated in a form your auditor can work from.

Transfer pricing support. Market rent and market value evidence for intra-group property arrangements.

Independence and conflicts

We disclose any connection to a buyer, seller, borrower or other party before we accept an instruction. This is required of valuers under the Central Bank Directive and it is also how we work generally. Where a conflict cannot be managed, we decline the instruction and say why.

We do not act as estate agents on property we value, and we do not take a fee that varies with the reported value.

Professional indemnity insurance

CPA carries professional indemnity insurance, and evidence of cover is provided for annual panel review or on request. The valuer maintains continuing professional development in line with RICS requirements.

How instructions work

1. Enquiry. Send the property address, the parcel or title reference, the purpose of the valuation and the identity of the party the report is for.
2. Conflict check and terms. We run the conflict check and issue written terms of engagement setting out the client, the purpose, the basis of valuation, the valuation date, any special assumptions, the extent of inspection and investigation, the fee and any restriction on reliance.
3. Instruction. Work begins once terms are accepted. Changes to purpose or to the reliance party after that point require the terms to be revisited, not a note on the file.
4. Inspection. Arranged with the occupier or your client's contact directly, unless you prefer to coordinate.
5. Report. Delivered in the agreed format and language, with the valuer available to answer questions on it.

Confidentiality and file handling

Instructions, draft figures and reports are treated as confidential to the client named in the terms of engagement. We do not discuss a live instruction with a third party without your authority, including with the other side in a matter, an agent or a developer.

Setting up a referral relationship

If your firm sends valuation work regularly, we would rather agree the ground rules once than negotiate each file. That normally means a standing scope for your common instruction types, an agreed report format, an agreed fee scale, a named contact on each side and a single route for sending new matters.

We do not pay referral fees and we do not accept them. The relationship works because the reports hold up.

Talk to the valuer directly

There is no account manager and no intake team. You speak to the person who signs the report.

Michael Efstathiou MRICS — +357 96569477 (mobile), +357 25254222 (office), info@cypruspropertyappraisals.com. 11 Jean Sibelius Street, Limassol 3017.