Nicosia, 31 July 2026

Online property valuations are indicative only — they do not replace the professional valuer

The Cyprus Association of Property Valuers (SEEAK), a member of the Cyprus Chamber of Commerce and Industry (CCCI), prompted by the growing use of online tools and automated systems for estimating the value of real estate, wishes to inform the public and draw its attention to the proper use of such services.

Technological systems and online valuation platforms can serve as useful auxiliary tools, providing an initial, general indication of, or approximation to, the possible value of a property. However, the results they produce are, as a rule, based on automated models which depend on the data available to them and on general parameters and, as such, cannot always capture the full range of the particular characteristics of each individual property.

SEEAK stresses that, for a valuation to be complete, well-documented and reliable, it must be carried out by a suitably qualified professional property valuer. The on-site inspection, the assessment of the actual condition and specific characteristics of the property, knowledge of the local market, and the application of recognised professional standards are all essential elements of the valuation process. Accordingly, automated or online valuation systems do not replace a professional valuation; their results should be treated strictly as indicative and not as a full valuation for the purposes of significant financial, investment, financing or other decisions.

A telling analogy can be drawn with the field of healthcare: just as an online symptom search may offer an initial, general indication but does not replace an examination by a doctor — who takes the full medical history and assesses the particular characteristics of each case — so too an automated valuation generated by a website does not replace the professional valuer, who inspects the property, knows the local market and applies his or her professional judgement. Just as no serious medical decision is taken on the basis of an online “diagnosis”, likewise no significant financial decision should rest solely on an online valuation.

SEEAK urges the public, before relying on any online valuation, to consider carefully the nature and limitations of the service and, wherever a reliable determination of a property’s value is required, to engage a professional property valuer. At the same time, the Association supports the responsible use of technology by its members, always within the framework of international professional standards and with the professional judgement of the valuer safeguarded.

The positions of the international and European standards

The above position of SEEAK is fully aligned with the official positions of the international valuation standard-setting bodies and the European supervisory authorities:

1. International Valuation Standards (IVS) – IVSC: The International Valuation Standards Council (IVSC), in its perspectives paper “Automated Valuation Models and Residential Valuations”, concludes that a fully automated valuation model (AVM), without any valuer involvement, cannot produce an IVS-compliant valuation, as it does not incorporate the professional judgement of the valuer and does not constitute an “opinion” of value as a valuation is defined under IVS.

2. IVS 2025 and Artificial Intelligence: The new edition of IVS (effective 31 January 2025) sets explicit requirements regarding governance, data, valuation models and quality controls, and defines an AVM as a model that produces an automated calculation without the application of professional judgement. The IVSC perspectives paper “Navigating the Rise of AI in Valuation” (2025) confirms that the valuer must at all times remain responsible for the selection of data, the assessment of the models and the verification of the results.

3. RICS Valuation – Global Standards (“Red Book”, 2025): RICS provides that, where artificial intelligence, an AVM or valuation calculation software is used, the output is treated as a written valuation only where a valuer has applied his or her professional judgement to it. In the 2025 edition, the mandatory professional standards (PS1) relating to AVMs were strengthened and new standards on automation and artificial intelligence were added.

4. European Banking Authority (EBA/GL/2020/06): The EBA Guidelines on loan origination and monitoring provide that, at the point of loan origination, immovable property offered as collateral is to be valued by a professional valuer; even where the supporting use of advanced statistical models is permitted, the valuer remains responsible for the valuation.

5. European Valuation Standards (EVS – TEGoVA) and the European AVM Alliance: The European standards classify statistical valuation methods as a distinct category, clearly separated from a full valuation carried out by a valuer, recognising their role as supporting tools.

It is further recalled that, in Cyprus, the carrying out of property valuations is a professional activity regulated by law, exercised only by registered members of the Cyprus Scientific and Technical Chamber (ETEK) in the relevant discipline.

For further information: Dr Thomas Dimopoulos, Member of the Board of SEEAK

The official press release is here