Cyprus Property Forum for Buyers, Sellers & Investors

Dear Louise

My question is how or why can the 1980 Value change on a land transfer?

My wife has Title to our land transferred to her in 2007 from our Developer who bought it from a Cypriot family in 2003.

The land was valued in a 2003 transfer at 60 Cyprus Pounds and again in 2004 at 60 CYP. The transfer in 2007 shows a value of 19000 CYP. Since 2004 a house has been built on the land and is still waiting a Final Building Certificate. However the building was noted on the Land transfer Deed in 2007.

We found this whilst preparing for the 2013 Immovable Property Tax submission and we are concerned as to why this has happened.

Regards Jeff

Hi Geoff,

Unfortunately Louise is a rare visitor to the forum these days.

If a planning application had been submitted before the land was transferred to you in 2007, the Land Registry would have taken this into account when assessing the 1980 value of the property. (If you take a look at the second page of the deed, it will give you a description of what is included).

It could also be that the Land Registry has made a mistake - you could visit their office & check.

Regards,

Thank you Nigel

Planning approval was received in 2004 for a house development how should that change a 1980 valuation?

Jeff

jeffben wrote:how should that change a 1980 valuation?

Because the Land Registry will assume that a house (or whatever) will be built on the land and will re-assess the 1980 value.

Regards,