Online property valuation tools should be treated as a general guide and not relied upon for major financial decisions, the Cyprus Association of Property Valuation Professionals (SEEAK) has warned.
The association said automated systems can provide a useful first indication of a property’s possible value. However, their results depend on available data and general parameters, meaning they may not reflect the property’s condition, location and other distinctive characteristics.
Why professional assessment matters
According to SEEAK, a complete and reliable valuation requires an inspection by a qualified professional, knowledge of the local market and the application of recognised professional standards.
Automated estimates cannot replace the professional judgement of a valuer, the association stressed. Their results should therefore not be used alone when making investment, financing or other significant economic decisions.
SEEAK compared such tools to online symptom searches, which may provide general information but cannot replace an examination by a doctor.
The association urged users to examine the limitations of online valuation services and consult a professional whenever an accurate assessment is required. It nevertheless supports the responsible use of technology by its members, provided professional judgement remains central to the process.
International valuation standards
SEEAK said its position is consistent with international and European standards:
- International Valuation Standards: The International Valuation Standards Council says a fully automated valuation model, without a valuer’s involvement, cannot produce an IVS-compliant valuation because it lacks professional judgement.
- IVS 2025 and artificial intelligence: The standards, effective from 31 January 2025, introduce requirements covering governance, data, valuation models and quality controls. The valuer remains responsible for selecting data, assessing models and verifying results.
- RICS Red Book 2025: Results generated using artificial intelligence, automated valuation models or valuation software qualify as written valuations only when professional judgement has been applied by a valuer.
- European Banking Authority guidelines: Property provided as loan security must be assessed by a professional valuer. Statistical models may be used as supporting tools, but responsibility remains with the valuer.
- European Valuation Standards: Statistical valuation methods are treated separately from complete professional valuations and recognised only as supporting tools.
Valuations in Cyprus
Property valuation is a legally regulated profession in Cyprus. Valuations may only be carried out by professionals registered in the relevant field with the Cyprus Scientific and Technical Chamber.
