Real Estate & Chartered Surveyors
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Get the true value of your property, as required when selling or buying real estate in Cyprus.

Certified property valuations are essential by Cyprus law when selling or buying property. They are requested by banks and financial institutions for loans, mortgages and financing purposes, as well as by the property registrar in order to ensure conformity in market price standards and transactions. Indeed, in order to obtain accurate and real property value, property valuations must always consider the crucial determining factors of macro market conditions and trends, property-building specs and exact property location. These are then reaffirmed by same or similar property price comparisons and benchmarking.

Property valuation services at Urban Keys – thorough analysis of market, property and location.

Urban Keys's team of expert valuers carry out hundreds of fully certified valuations every month throughout Nicosia and Cyprus for individual owners, property developers and companies, as well as recognised by all Cypriot banks/financial institutions, and sitting on a number of bank valuation panels. Urban Keys's property valuation team subsequently advise on special property matters and arbitrations, representing either owners or buyers, landlords or tenants, as well as acting as an independent expert witness in court cases and out-of-court disputes.

This puts Urban Keys in excellent stead to understand the Cyprus property market, prices and trends, whilst providing clients throughout Cyprus with a meticulous and prompt property valuation service. In turn, this market insight bestows added value when selling property on behalf of owners, or when assisting buyers/renters to find real estate in Cyprus.

Property valuation services at Urban Keys when selling and buying in Cyprus

  • Selling/buying Market Value
  • Purchase and sale Valuations
  • Balance sheet Valuations
  • Sales Tax Valuations
  • Legal/Judgement Purposes
  • Portfolio Analysis
  • Feasibility Studies
  • Insurance Valuations
  • Rental Disputes
  • Rental Valuations



What's involved in the property valuation process in Cyprus?

In order to obtain accurate and real property value when selling and buying, property valuations must always consider the crucial determining factors of macro market conditions and trends, property-building specs and exact property location. At the same time, property price comparisons and benchmarking is a primary tool for defining and verifying values according to each property market, property type and property location.

Macro market analysis: property values must always be determined in a wider market context, and in turn factor changing dynamics and trends. Key elements include macro economic conditions and trends, such as in GDP and GDP growth, inflation, interest rates, foreign direct investment and any major investment initiatives, unemployment rate and consumer confidence/purchasing power, as well as any major political and geopolitical changes. Trends in these areas directly influence economic conditions of a market and in turn property prices.

Property and building specs: each property is of course unique and as such must be valued on an individual property basis. Consider obvious factors such as property type (apartment, detached house, semi-detached, town house, villa, agricultural, commercial, industrial), size, facilities and amenities, age, and condition – determined by a specific building survey, which also looks at any recently completed or necessary renovations/restorations and structural repairs. Property valuations must then inspect properties inside-out.

Property location: as it is commonly referred to in real estate as location, location, location. Just as each property market and type is different so to is each property location. Location aspects that are considered when determining a property's value include proximity to town centre, business districts and/or coast, surrounding neighbourhood, local facilities (i.e. schools, leisure centres, libraries, cultural centres, entertainment, bicycle lanes, parks and green areas, etc.), transport and accessibility, road infrastructure, as well as upcoming town planning and urban development projects.

Property price comparisons and benchmarking are then utilised to verify property values. For instance, benchmarking similar property types in similar markets and locations; vital when selling or buying.


Below is an overview guide of how Urban Keys undertakes property valuations in Cyprus.

A great deal of information is collected whilst considerable time is involved in the property valuation process. Professional experience, judgment and integrity are certainly required on the part of the valuation firm, of course together with full certification and accreditation.

1. Obtain preliminary information on property to be valued

We obtain information from the client and local council as to the age, construction and size of your building and land, as well as any recent upgrades/improvements. This includes all necessary documentation for verification purposes.

2. Property Market research

A macro market analysis needs to be put together, looking at general conditions and trends of Cyprus and your property's sub-market (i.e. city, town, village), such as economical and political environment, transport and accessibility, infrastructure, and major developments. Such conditions influence property prices across the entire island and therefore your property. They must never be neglected.

The best example to think of is the Global Financial Crisis and property bubble in 2008 and then more severely in Cyprus in 2013 with the outbreak of the banking crisis. This dramatically reduced consumer confidence and purchasing power in an already somewhat oversupplied market – since salary cuts were endured, unemployment increased, and as people even lost a portion of their savings – and damaged business investor confidence in Cyprus for the short term. As a result, property prices (buying and rental) had to come down. However, the reverse is also true. As supply and demand come to equilibrium, and then later great prospects in natural gas resources eventuate in Cyprus, property prices will significantly increase.

3. Property Inspection

We measure both the building and land size, as well as take detailed notes on crucial aspects of the property, including (but not limited to):

  • date of construction
  • construction type
  • type and style of property
  • number of rooms
  • layout, architectural design, unique elements
  • condition of the building
  • extra facilities
  • other improvements/upgrades/renovations, etc.

4. Qualifying comparable property sales

We then investigate and qualify what comparable properties have been sold recently within your area. Comparison is the premier tool in arriving at a valuation. We maintain a number of sales and rental databases at our office that we can source, given a number of variables such as type of property, location and date of sale to produce a comparable list of sales.

It should be noted that some of these properties are discounted, and may not really be comparable for a number of reasons, such as differing style, construction type, land size etc.

5. Discussion with selling agents and council

For verification, we then speak to the selling agents of each of the properties that we believe are most comparable to the subject property. From the selling agent we will obtain details such as number of rooms, condition of building, improvements, as well as other factors affecting its final sale price. We confirm both the building and land size of each of these comparable sales with your local council.

6. Photographic analysis

We subscribe to a number of sources allowing us to view internal photographs of many sold properties in Cyprus and your particular region (obtained from selling brochures).

All this information allows us to accurately benchmark and compare your property with properties sold within the immediate vicinity and form the basis of how we arrive at your valuation amount.

7. Description of property valuation services at Urban Keys:

  • Market Value
  • Purchase and sale Valuations
  • Balance sheet Valuations
  • Tax Valuations
  • Legal/Judgement Purposes
  • Portfolio Analysis
  • Feasibility Studies
  • Insurance Valuations
  • Rental Disputes
  • Rental Valuations


Residential Property Price Indices in Cyprus

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Cyprus Property Prices News


Confidence in impartial advice, enhanced technical knowledge and professional standards in building surveying in Cyprus.

Building surveying is a recognised profession in Cyprus, like in the UK and other Commonwealth country markets (but also increasingly continental Europe). Building surveying covers a broad spectrum of work; it is an interesting and valued area of expertise that is constantly evolving to reflect what is happening in the real estate sector and construction.

A building survey is required in order to accurately determine a property's true valuation and worth, or often required from buyers before buying a property or for owners who like to maintain a record of their property's condition. Other clients that might need a building survey include business and government institutions. Property surveying is also needed by architects, planners, quantity surveyors, engineers, homeowners/landlords and tenants groups. Furthermore, a building survey may be required in a court of law as evidence or expert testimony. Building surveys can advise on many aspects of a building, including design, costs, maintenance, sustainability, necessary repairs, renovations/restorations, refurbishment, among other.

Maintaining know-how and procedures to writing accurate property survey reports, considering structural elements and all detail.

Essentially, a building survey is an examination of a building in order to produce a report on the structural inspection of a building and the state of repair. Building surveys commonly report on the condition of the property's structure (i.e. foundations, walls, floors and ceilings), incidence of any defects to the fabric of the building and the state of repair of fixtures and fittings, services and plant installations or improvements/renovations.

Typically, building surveys would also refer to property physical features in relation to safety, stability, strength and efficiency, as well as ease of maintenance, repairs and other factors as required. Building surveys are undertaken for large mixed-use developments, commercial use, to residential properties and planning domestic extensions. They are applicable to all sorts of real estate types, including:

  • All types of residential properties (apartments, detached houses, town houses, villas)
  • Commercial
  • Retail and shops
  • Heavy industrial, light industrial, factories
  • Leisure properties
  • Government establishments
  • Hospitals, education institutions


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