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Application of the RICS Valuation – Professional Standards in Cyprus, 1st edition

Application of the RICS Valuation – Professional Standards in Cyprus, 1st edition

In Cyprus, the valuation profession is regulated by the Cyprus Scientific and Technical Chamber Law No. 224/1990. Even though specific procedures, standards and methodologies are not in place, it is widely recognised and accepted that the RICS Red Book must be adopted when undertaking written valuations.

This guidance note aims to address several market practices that may differ due to market peculiarities and to clarify potential ‘grey areas’ between the Red Book and the Cyprus law and/or standard practice.

The guidance note includes:

  • Insurance value assessment
  • Agricultural land
  • Land and buildings
  • Forced sale value
  • Vacant land prime for development
  • Density value
  • Freehold and leasehold valuations (long-term leases)
  • Buildings without final certificate of approval
  • The plethora of planning zones in the Cyprus planning and housing system