What a property valuation costs in Cyprus

Most valuation firms in Cyprus will not publish a fee. We will. Below is the indicative scale published by the Cyprus valuers' association at propertyvaluers.org.cy, how it works in practice, and what moves a job above it.

The association's indicative scale

The scale is headed ΕΝΔΕΙΚΤΙΚΗ ΤΙΜΟΛΟΓΗΣΗ — indicative pricing, a minimum recommended charge. It is a professional recommendation, not a mandatory minimum and not a regulated tariff. Valuers may quote above or below it. We use it as our starting point because it is transparent and because clients can check it themselves.

All figures below exclude VAT.

The scale is marginal. Each band applies only to the slice of value that falls within it, in the same way as an income tax band. A €600,000 property is not charged 0.1% of €600,000.

Two further rules sit alongside the table:

• Each property in a different location is charged as a separate valuation. Three flats in one block is one job. A flat in Limassol, a field in Paphos and a shop in Larnaca is three.
• A complexity surcharge may apply where the case requires extended research.
• Court cases and complex development appraisals are quoted separately, by agreement.

Worked example one: a €400,000 apartment

Worked example two: a €1,500,000 villa

Note the circularity that clients often spot: the fee depends on the value, and the value is what you are paying to establish. In practice the fee is quoted on an initial estimate of value taken from the address, the type and size of the property and the asking or contract price, and it is fixed in writing before work starts. We do not revise the fee upwards because the valuation came in higher.

VAT

The scale figures are net. VAT is added at the standard rate, currently 19%. A VAT invoice is issued with the report.

The revaluation discount

Where you are having the same property valued again, the fee is the scale less 50%, subject to a minimum of €150 plus VAT. Two conditions apply:

1. the property's condition is unchanged; and
2. the previous valuation was carried out within the last two years.

On the €400,000 apartment above, a qualifying revaluation is €225 plus VAT. If the property has been extended, converted, damaged or subdivided, or if more than two years have passed, it is a fresh valuation at the full scale — because that is what the work actually is.

Revaluations are common on mortgaged property. In practice lenders require collateral to be revalued periodically over the life of a loan, and more frequently where the exposure is large or the account is impaired.

What pushes a fee above the scale

• Multiple properties in different locations. Charged as separate valuations, though travel and inspection can often be combined and the quote reflects that.
• Complex or defective title. Undivided shares, unregistered contracts of sale, no separate title issued, inheritance chains with multiple co-owners, encumbrances, memos, rights of way.
• Discrepancies between what is built and what is permitted. Investigating unauthorised works, missing final approval certificates, or divergence from the approved drawings takes time and is the usual trigger for the complexity surcharge.
• Development appraisals. Residual valuations, feasibility studies and land with development potential require a build-cost and revenue model, not a comparables grid.
• Court work and expert reports. Quoted separately by agreement, because the deliverable is a report written to withstand cross-examination and the time commitment is open-ended.
• Portfolios and rural land. Agricultural parcels are cheap to value and expensive to reach.

What the fee includes

• Agreed written terms of engagement before any advice is given.
• Retrieval and review of title, cadastral and planning information.
• A physical inspection of the property.
• Measurement and verification against the permitted drawings.
• Research and analysis of comparable evidence.
• A written Red Book valuation report, addressed to the named client and stating the basis of value, the valuation date, the assumptions and the extent of investigation.

It does not include: government fees or search costs paid to third parties; repeat inspections after works; attendance at meetings, mediations or hearings; or revisions requested to reflect facts not disclosed at the outset.

How and when you pay

Where a bank is involved, the borrower normally pays the valuation fee even though the report is addressed to and relied on by the lender.

Terms of engagement come first

Under VPS 1 of the RICS Red Book, terms of engagement must be agreed in writing before any valuation advice is given. Ours set out the valuer responsible, the client, the asset, the valuation date, the purpose and intended use, the basis of value, the assumptions, the extent of the inspection and investigations, the format of the report, the statement of compliance and the fee.

That is a protection for you as much as a professional obligation on us. You know the number before the work starts, and you know precisely what you are getting for it.

Tell us the address, the property type and the approximate value, and you will have a written fee and terms of engagement to review. info@cypruspropertyappraisals.com · +357 25254222 · +357 96569477