Changes in property prices that go under the hammer
The proposed bill concerning the amendment of the Immovable Property Law of 2002 seeks to simplify the existing procedures for determining the reserved sale price of immovable property
Revision of existing procedures for determining the reserved sale price of immovable property that is put up for auction in the context of the sale of undivided real estate, as well as in the cases of sales, provides for a bill submitted to the Plenary of the Parliament.
The proposed bill concerning the amendment of the Immovable Property (Restriction of Sales) Law of 2002 seeks to simplify the existing procedures for determining the reserved sale price of immovable property, in relation to applications for undivided properties and applications for forced sale.
At the same time, the general appraisal value is adopted as the basis for determining the reserved sale price, without requiring an on-site survey of the real estate.
In particular, it is foreseen that the reserved sale price will not be less than 70% of the last general assessment value.
In the event that the interested person disagrees with the reserved sale price, he will have the opportunity to present to the Director of the Department of Lands and Surveys an assessment report from a private appraiser.
In such a case, the Director will proceed to determine the market value of the property and inform the applicant accordingly, who has the right to challenge his decision and file an appeal.
Furthermore, with the proposed legislation, following an unsuccessful sale, the Director will be able to reduce the reserved sale price by up to 20%.
In addition, a provision is included for the redetermination of the reserved sale price, which can be carried out after five years from the date of its initial determination, assuming that a new general assessment value has been determined.
It is noted that the proposed bill was legally processed by the Attorney General of the Republic, while the previous Council of Ministers approved it during the session of 02/22/2023 and authorized the Minister of the Interior to submit it to the House of Representatives for its vote into Law.
Source: stockwatch.com.cy
Photo: stockwatch.com.cy
23 March 2023
