Property valuers group says online estimates can’t replace a surveyor

Economy europepropertiesTop News Property valuers group says online estimates can’t replace a surveyor 1920px Old Mansions Houses In Old Nicosia In The Afternoon Republic Of Cyprus Relevant News Property valuers group says online estimates can’t replace a surveyor 3 August 2026 ALMA says WHO report is chance to fix GHS flaws 3 August 2026 Deputy mayor accuses Polis municipality of negligence over fires 3 August 2026 newsroom 3 August 2026 FacebookXWhatsAppEmailPrintViber The Cyprus Association of Scientist Valuers of Real Estate (SEEAK) has warned the public about the limitations of online property valuation tools. Their results are indicative only, the association said, and cannot replace a full professional appraisal. In a statement, the association, which is a member of the Cyprus Chamber of Commerce and Industry (KEBE), said online platforms and automated systems can be used as supporting tools, offering an initial, general sense of a property’s possible value. However, it said their results are usually based on automated models, available data and general parameters, and may therefore fail to capture a property’s specific characteristics and actual condition. On-site inspection necessary According to SEEAK, a complete, well-documented and reliable valuation must be carried out by a suitably qualified professional valuer. An on-site inspection, an assessment of the property’s actual condition, knowledge of the local market and the application of recognised professional standards are essential parts of the process, the association said. SEEAK stressed that the results of automated systems should not be used as full valuations for making significant financial, investment or funding decisions. The association compared online valuations to searching for medical symptoms online. Just as an online symptom check cannot replace an examination by a doctor, it said, an automated result cannot replace a valuer who inspects the property and applies professional judgement. International valuation standards SEEAK said its position is in line with international and European valuation standards, which distinguish automated models from professional valuations. The International Valuation Standards Council (IVSC) states that a fully automated model, without a valuer’s involvement, cannot produce a valuation compliant with the International Valuation Standards (IVS). This is because such a model does not involve professional judgement or constitute an opinion on a property’s value. The IVS 2025 edition, which came into effect on January 31, 2025, includes requirements on governance, data, models and quality controls. It also defines automated valuation models as systems that produce calculations without the application of professional judgement. The IVSC’s position paper on the rise of artificial intelligence in valuations states that the valuer must remain responsible for selecting data, evaluating models and verifying results. RICS and EBA positions A similar approach is taken by the global valuation standards of the Royal Institution of Chartered Surveyors (RICS), known as the “Red Book.” A result only counts as a written valuation if a valuer’s professional judgement has been applied to it, even when artificial intelligence, automated models or calculation software are used. The 2025 edition strengthened the mandatory standards for automated models and added new provisions on automation and artificial intelligence. The European Banking Authority’s (EBA) guidelines on loan origination and monitoring state that properties offered as collateral must be valued by a professional valuer. Even when advanced statistical models are used as supporting tools, responsibility for the valuation remains with the valuer. The European Valuation Standards of TEGoVA and the European AVM Alliance also place statistical valuation methods in a different category from full professional valuations, recognising their supporting role. A regulated profession in Cyprus SEEAK urged the public to examine the nature and limitations of any online service before relying on its results. Where a reliable determination of a property’s value is required, it recommends consulting a professional valuer. Finally, the association noted that in Cyprus, property valuation is a legally regulated professional activity, carried out by registered members of the Cyprus Scientific and Technical Chamber (ETEK) in the relevant field. 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