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In May 2022 AXIA Chartered Surveyors celebrated 10 years of operation. Throughout the past 10 years the company has established a large and diverse customer base that spans from the public sector, financial institutions, retail chains and private individuals. Through the professional services that the company provides to these clients, AXIA has established its reputation both locally and internationally. We are celebrating our 10 years of operation with the release of an Overview of the Tourism Market for 2022. The company has high insights into touristic properties, due to the large body of work it has carried out relative to the industry, including valuations of hotels, holidays villages, resort projects and golf resorts, development appraisals, feasibility studies and many holiday home valuations. Following the outbreak of the COVID-19 pandemic and the ongoing war between Russian and Ukraine, the touristic property market has experienced a volatile period of operation. The report is now more relevant than ever in this ongoing uncertain market.

Το κόστος για την κατεδάφιση δεν εξαρτάται πρωτίστως από τον όγκο του κτηρίου, καθώς υπάρχουν διάφοροι παράγοντες επηρεασμού. Σε περίπτωση  αφαίρεσης πολλών αμιάντων ή άλλων επικίνδυνων αποβλήτων, τότε οι δαπάνες αυξάνονται. Αν είναι εύκολα προσβάσιμο από μηχανήματα, τα μέτρα ασφαλείας και η ασφάλεια των γειτονικών κτηρίων.

This national supplement sets out supporting guidance for members on the application of RICS
Valuation – Global Standards (Red Book Global Standards) to valuations undertaken subject to the
jurisdiction of the Republic of Cyprus.
It places fresh emphasis on the fact that the content is supplemental to that in Red Book Global
Standards, and not in substitution for it. This removes the need for an overall Introduction
reproducing that in Red Book Global Standards.

This update contains the following changes:

Suggested amendments to the COVID-19 market conditions explanatory note
An updated supplement with further details about specific market circumstances
The supplement to this global practice alert, which should be read in conjunction with this alert, is available to download below. It highlights relevant sections of RICS Global Red Book.

How is the Capital Gains Tax calculated? Which cases are excluded? The article includes an indicative calculator of the Capital Gains Tax.

How does the valuer quantify #marketvalue with a lack of market comparable information in the new COVID-19 world? Where market comparable information is available, have the parties ‘acted knowledgeably, prudently and without compulsion’? Does a pandemic environment enable parties to undertake ‘proper marketing’ or do sales that are witnessed in the early stages of such an event represent an environment comprised of overly willing sellers and opportunistic buyers that is more aligned with a liquidation market? The IVSC's Tangible Assets Board has published a paper looking at this subject in more detail.

Updated 14 September 2020

This update contains the following changes:

  • Suggested amendments to market conditions explanatory note and material uncertainty declaration wording for the valuation of single assets, portfolios or groups of properties.
  • A revised practice alert supplement including further details on the above and examples.

The supplement to this global practice alert is available to download below. RICS regulated members are advised to read this in conjunction with this practice alert.