Cyprus Property Forum for Buyers, Sellers & Investors

Hello again Nigel I have a big problem trying to sell my villa. I have recently found out that my 3 storey detached villa is worth less than the other semi detached 2 storey villas how can this be. We paid a lot more than any other villa on our complex and there are only 2 detached villas. I do not know what I can do. We had a buyer for our villa and the bank will not give him enough because of the valuation they are saying its not worth it. I am very upset about this it cannot be correct. Nigel I trust you when we had the problem buying the deeds from Aristo and they wanted 15.000 thou you advised me not to pay it. I took your advice and eventually they came down to just under 10,000 thousand I was very grateful to you. I do not know if you will be able to help me with this but would like your advise. There has to be a mistake with Aristo or land registry. Thank you Linda

Hello Lorraine

I wonder if this has anything to do with the Hellenic Bank wanting your Title Deeds printed with this years date? Maybe they've valued your property at its 2018 taxable value that will be shown on your deed?

This figure is the property's taxable value - i.e the figure used to asses your local property related taxes, etc. It is not the property's market value.

Aristo and the Land Registry cannot be blamed for this. The banks are much more cautious when lending money than in the past (when they used to throw it around like confetti.)

I don't know that you can do anything about this, but perhaps your potential buyer could try another bank?

And perhaps for your own piece of mind you could have the property valued by an independent, qualified property valuer.

Regards,

Hello Nigel I thank you for your reply I have taken your advice the buyer has gone to another bank. The question still remains how can our house be so undervalued by Aristo and the land registry. We are a three floor detached villa and the 2 floor semi detached are worth more than ours. Next door semi is valued 240000 thou and just sold for 235000 thou and ours is valued at 208000 thou. This cannot be correct something is very wrong. Regards Linda

Hi Lorraine

I don't understand why you believe that Aristo has undervalued your property?

It's taxable value (not its market value) is assessed by the Land Registry.

Reagrds,