THE CYPRUS MINISTRY OF INTERIOR PLANS TO ASSESS THE COUNTRY'S REAL ESTATE EVERY FIVE YEARS INSTEAD OF EVERY THREE YEARS

The Ministry of Interior of the Republic of Cyprus has submitted a bill to parliament proposing to conduct cadastral assessments of real estate every five years, instead of the current three-year interval. According to the authorities, real estate prices change insignificantly over three years. This new measure is expected to save over €2 million, which the Department of Land Registry currently spends on real estate assessments.

The bill was developed by the Ministry of Interior, which includes the cadastral department. On April 10, the bill was approved by the Council of Ministers. The Republic of Cyprus has approximately 2 million real estate properties (land plots, houses, apartments, offices, commercial, and industrial buildings).

According to the results of the fifth real estate assessment in the history of the Republic of Cyprus, conducted in 2022, the total value of 1,660,048 real estate properties was €186 billion.

From 2018 to 2022, the number of properties included in the cadastre increased by 25.1 thousand, and their total value increased by €4 billion.

There are almost twice as many land plots (1,093,495) in Cyprus compared to houses, apartments, offices, commercial, and industrial premises (566,553).