Licensed Valuers and Regulatory Framework in Cyprus
Authoritative guide on licensed valuers and the regulatory framework in Cyprus. Covers ETEK, IVS, EU directives, ethics, qualifications, case studies, checklists, and FAQs. Licensed valuers in Cyprus are essential for accurate property assessments. It ensures transparency, compliance with regulations, and fairness in real estate transactions.
Regulatory Bodies and Standards
• Cyprus Scientific and Technical Chamber (ETEK) regulates valuers.
• Valuers must follow International Valuation Standards (IVS).
• EU directives on financial transparency apply.
• Banks require valuations by ETEK-licensed professionals.
Qualifications and Licensing Requirements
• Bachelor’s degree in real estate, surveying, or related field.
• Professional training under a certified valuer.
• Registration with ETEK is required for practice.
• Continuous professional development is mandatory.
Ethical and Professional Standards
• Obligation to act independently without bias.
• Transparency in reporting methodology and assumptions.
• Confidentiality of client information.
• Prohibition against conflicts of interest.
Case Study: Dispute Resolved by Licensed Valuer
Two buyers disputed over the property value in Larnaca:
• Licensed valuer conducted an independent appraisal.
• Valuation accepted by both parties.
• Outcome: Dispute resolved fairly and efficiently.
Case Study: Problems with Unlicensed Valuer
A foreign investor hired an unlicensed individual for valuation:
• Report inaccurate and not accepted by the bank.
• Investor faced delays and financial loss.
• Outcome: Risk of unlicensed valuers confirmed.
Checklist for Selecting Licensed Valuers
1. Verify the valuer’s registration with ETEK.
2. Request sample valuation reports.
3. Confirm compliance with IVS standards.
4. Ensure independence from seller or developer.
5. Agree on the scope of valuation and fees in writing.
6. Retain a copy of the signed valuation report.
FAQs on Licensed Valuers in Cyprus
Q: Who regulates valuers in Cyprus?
A: The Cyprus Scientific and Technical Chamber (ETEK).
Q: Are foreign valuers recognised?
A: Only if registered with ETEK.
Q: How long does licensing last?
A: Renewable with continuous professional training.
Q: Do banks accept valuations from any valuer?
A: Only ETEK-licensed valuers are recognised.
Q: Can valuers be sued for negligence?
A: Yes, under Cypriot civil law.
Final Recommendations
Licensed valuers ensure fairness, transparency, and legal compliance in Cypriot real estate. Always verify registration with ETEK and insist on professional valuation standards.