Land Valued Less For No Apparent Reason

[donotjudge]

I own land in agia fyla 14,000m2, as some of you may know (due to many posts ahah) and I've read through my valuation report again, and it is valued at 1.3mm, 1.2 after no division in place deduction. I checked how it was calculated, and it says that it used similar sales as a decider. However when looking at similar sales, a 7000m2 land went for 2.0mm Euros, a 700m2 went for 200,000 Euros, and I'm confused as to why my share of 7000m2 is valued at a ~40% deduction. Anyone know why this could be? Land details are same across all three lands used in example (build permisson, height, soil type). My land has a main road connection, sea views etc. I am willing to share my title deeds to pan and nigel if required.

[Nigel Howarth]

Hi donotjudge

I'd like to take a look at your Title Deed. Please contact me via my news site with the items highlighted in yellow in the image below.



It's worth remembering the valuation shown on the Land Registry database is not the land's market value. It's a figure that used to calculate local taxes.

If you want the market value of your land assessed, I suggest you get in touch with a RICS valuation surveyor or the Property Valuers Association.

When you sell a property, the Land Registry checks the sale prices achieved of similar properties in the area to see if you're trying to fiddle by undervaluing the declared price on the contract of sale.

Regards,

[GSPORT]

It's still surprising to me that a lot of people don't understand or can't comprehend that the land registry valuations are for tax purposes only and don't take into account the real market value. For example, inside your apartment you could have a state of the art jacuzzi and sauna alongside a cinema room and rooftop swimming pool, but that isn't taken into account. Of course you would have a more limited buyers market, but the market value depends on many things including properties in the surrounding area, the specific neighbourhood, distances to something like the mall or sea and as importantly what people are willing to pay. I personally take estate agent valuations very cautiously, as an example my parents had a house in Greater London last year and the estate agent valued it and wanted to market it at £640,000 and it sold within a week of going on the market at £685,000 and I still advised them it would have gone for higher in the current market.