A bill proposing significant changes to property valuation practices will be presented to the Plenary of the House of Representatives on Thursday, December 5, 2024, for a vote. The legislation aims to amend the Immovable Property Law, extending the interval for general property valuations in the Republic of Cyprus from at least three years to at least five years.

According to data presented by a representative of the Department of Lands and Surveys to the Parliamentary Committee on Internal Affairs, the current requirement for general property valuations at least every three years imposes significant administrative costs. Moreover, it fails to capture substantial fluctuations in property values within such a short period, as stipulated by the existing legislation.

As Brief reports, the proposed adjustment aligns with practices in most other countries, where longer intervals between general property valuations are deemed sufficient to balance administrative efficiency with accurate value assessments. The explanatory report from the Internal Affairs Committee highlights that the amendment is expected to reduce administrative costs and alleviate the workload of the Department of Lands and Surveys staff. This change will enable the department to focus on accelerating the implementation of other public interest initiatives.

During its review of the bill, the Committee requested additional data and clarifications regarding the overall issue of property valuation and whether retroactive application of the proposed law would be necessary. However, a representative of the Legal Service of the Republic expressed the opinion that retroactive application would not be appropriate and recommended against including such provisions in the legislation.

The Parliamentary Committee on Internal Affairs has examined the bill across three sessions held on October 24, November 21, and November 28, 2024. Representatives from the Department of Lands and Surveys, the Ministry of the Interior, and the Legal Service participated in these discussions. Notably, the Ministry of Finance and the Cyprus Association of Property Valuers and Consultants were invited but did not attend the sessions.