Sectors, Activities and Current Projects
The main activities of the Valuation Branch are:
- Ownership justification for acquisitions.
- Preparation of valuation reports – Estimating Compensation.
- Negotiating with owners for compensation.
- Dealing with numerous court cases.
- Payments of compensation.
- Registration of ownership after acquisition.
- Special Valuations.
- Fiscal Data Capture and General Valuation.
- Valuation of Leases.
- Valuation for the Rent Control Court.
- Valuation for the rent paid by the Ministry of Defense.
- Central Agency of Equal Distribution of Burdens.
- Law 81/70.
- Statistical Analysis and Market Research.
- Personnel training.
- Immovable Property Tax conduction.
- Membership services for the comparable sales data to Private Valuers.
Acquisition Sector: Forwarding the procedure of acquisition for all development projects, based on article 23 of the Constitution and on the Law of Compulsory Acquisition No 15/62. The procedure comprises the preparation of ownership tables, the editing of compulsory acquisition notice, the valuation of compensation, the preparation of reports for the court, the dealing of court cases procedures, the paying off compensation and the registration of properties after the acquisition.
Sector of other special valuations: Valuations for purposes other than compulsory acquisition purposes. Such valuations comprise among the following:
§ Market value of the unexhausted building density of reserved buildings, Valuation of long term or short term leases of land, Market rents for the special Court of Rent Control, Market rents for the National Guard, Valuations of compensation for imposing clauses in the building permits that may decrease the economic value of a property, Market value for any property sold under the Law of Transactions 81/70 and any other valuation may be required by other government department.
Data Capture and General Valuation
In this sector the collection of all the necessary property data required is being forwarded. At the same time, for every new property created, the market value as of 1.1.1980 is being calculated in order to keep, at all times, the General Valuation of all properties informed, for tax purposes.
Fiscal Team – Land Information Centre
This valuation team, deals with supporting at all times, the fiscal users of the Cyprus Integrated Land Information System (CILIS). They are responsible for the proper functioning of all programs and reports used and produced, as well as responsible for developing continuously new programs or technologies needed by the users of CILIS. In addition, the team tries to analyze several property market parameters in an aim to use them for the General Valuation purposes or other as mentioned before.