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Cyprus Property News

RICS

Date: 28/08/11

Property in general and especially in Cyprus is notoriously difficult to value. Most valuations are done using an objective or scientific approach, where easily measured variables such as plot size and covered area are at the top of the list of criteria, used to value property.


In our experience, the possibility of reaching an accurate valuation can be attained only when the scientific approach is combined with a large amount of subjective variables (views, location, condition etc). 

Property Price Index in Cyprus has had a rocky history. The previous index run by a local real estate agent has been widely discredited; it combined data on prices at which properties where advertised, but not the actual sale prices. Many have also blamed the index for fueling the unsustainable property bubble that burst in 2008.

It is with this background that the RICS launched its own index in January 2010. With the brains for the Index coming from the UK – specifically Reading University – there was widespread hope that the index would provide at least an idea of the current market situation and show clear trends.

Although the quarterly reports produce huge reams of data, most of it appears to be irrelevant to the realities on the ground, drawing into question the used methodologies.  Particularly baffling is the use of houses with the following criteria: “Residential, three bed-room semi-detached house, 250sqm, medium quality, estimated average price in Paphos this month of 420000 Euro”. In reality it is almost impossible to find properties in the Paphos district that would fill these criteria. 

With such clear flaws in this scientific approach it’s apparent that companies like ours, who use our own real sales price data and a combination of “art” (views, condition, neighborhood etc.) and “science” (plot size, covered area etc.) give more accurate appraisals in this volatile market. If you are considering selling your property in Cyprus, please fill in our application form on Sell Cyprus Property

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