Cyprus MPs have accused the Banks and the Land Registry of rigging property valuations for their own benefit.
Cyprus property evaluations in relation to bank loans and the new property tax have caused a whirlwind of reaction from MPs who yesterday claimed that banks and the Land Registry both manipulate the value of real estate to serve their own interests. According to MPs, banks underestimate the value of real estate used as loan collateral in order to pressure owners into mortgaging additional property, while the Land Registry overestimates the value so as to collect increased transfer fees.
Read more at: http://www.news.cyprus-property-buyers.com/2014/03/11/property-valuations-rigged/id=0017036
Copyright © Cyprus Property News
Leave a reply: