Cyprus properties worth less at a total of €179 bln
Cyprus properties total worth were valued at EUR 178.7 bln last year, around EUR 24 mln less than they were estimated in 2013, according to Land Registry Department estimated.
Specifically, in 2013 a total of 1,634,946 parcels of land and housing units were valued at EUR 202.6 bln dropping to EUR 178.7 bln in 2018. Estimates only cover properties which are currently under the control of the Cyprus Republic.
Nicosia properties topped the list, both in terms of land and buildings with the value of land in the capital amounting to EUR 44.7 bln. Nicosia land parcels were worth EUR 53.8 bln in 2013 while Limassol properties were worth EUR 32.3 bln in 2018 from EUR 36 bln five years ago.
Paphos comes in third with EUR 21 bln compared to EUR 23.9 bln in 2013, Larnaca follows with land worth EUR 19.1 bln compared to EUR 20 bln in 2013.
Finally, Famagusta, which has the lowest value of land parcels (compared to other cities) is the only region to see an increase in the value of plots, rising to EUR 9.2 bln from EUR 7.8 bln in 2013.
The total value of land in all provinces amounted to EUR 126.5 bln in 2018 compared to EUR 142.6 bln in 2013.
The value of buildings amounted to approximately EUR 52.2 bln compared to approximately EUR 60 bln in 2013.
The value of buildings in Nicosia are worth approximately EUR 16.7 bln from EUR 20.1 bln, Limassol buildings were worth EUR 14.2 bln from EUR 15.7 bln, Paphos EUR 8.1 bln down from EUR 9 bln in 2013.
Larnaca buildings in 2018 were worth EUR 8 bln compared to EUR 9.4 bln in 2013 and Famagusta EUR 5.2 bln from EUR 5.7 bln.
The Land Registry says the overall valuation does not represent the market value of properties but are used for tax purposes and fees.
It said that properties were valued in collaboration with private surveyors through the purchase of services and sales of recent years were taken into account in the assessment.
The Auditor General has questioned the credibility of the procedure used for the general appraisal of real estate properties applied by the registry.
The Land Registry admitted it may have been mistaken in their appraisal of a state plot opposite the former Nicosia Hilton Hotel in the heart of the capital, estimating the property at just EUR 5 mln down from EUR 70 mln which was the Registry’s 2014 evaluation. Officials were criticised for delivering four wildly different evaluations over the past decade.
In 2010 the valuation of the land was estimated at EUR 143 mln, with the department suggesting the government demand EUR 160 mln from Qatari investors who were interested in buying the property at the time.
The deal eventually fell through as the Qatari’s, looking to invest 500 mln in building a hotel and other properties, disagreed with the high price tag and the plot is, presumably, still up for sale.