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- SEEAK said online tools and automated systems can provide an initial estimate, but they cannot capture every individual property characteristic.
- A reliable valuation requires an on-site inspection, assessment of actual condition, local market knowledge and recognised professional standards.
- SEEAK said its position aligns with international standards, which require professional judgement for compliant valuation and do not accept fully automated models alone.
- In Cyprus, property valuation is legally regulated and may only be carried out by registered Technical Chamber of Cyprus members in the relevant field.
Online property valuations are only indicative and cannot replace the work of professional valuers, the Cyprus Association of Property Valuers (SEEAK) has warned.
The association issued the statement amid the growing use of online tools and automated systems that estimate property values, urging the public to understand their proper use and limitations.
According to SEEAK, technological systems and online valuation platforms can serve as useful support tools by providing an initial indication or general estimate of a property’s potential value.
However, the association noted that these results are usually based on automated models that rely on available data and general parameters. As a result, they cannot always capture all the individual characteristics of each property.
Professional assessment remains essential
SEEAK stressed that a complete, documented and reliable valuation must be carried out by a suitably qualified professional property valuer.
The association said that an on-site inspection, assessment of the property’s actual condition and specific features, knowledge of the local market, and the use of recognised professional standards are essential parts of the valuation process.
For this reason, automated or online systems do not replace professional valuations, SEEAK said. Their results should only be treated as indicative and not as a complete assessment for important financial, investment, lending or other decisions.
The association compared online valuation tools to online medical searches, saying that while they may provide a general indication, they cannot replace a doctor’s examination and professional judgement.
Similarly, an automated property estimate cannot replace a valuer who inspects the property, understands local market conditions and applies professional expertise.
International standards support position
SEEAK said its position is fully aligned with international valuation standards and European supervisory guidance.
The International Valuation Standards Council (IVSC) has stated that a fully automated valuation model without the involvement of a valuer cannot produce an assessment compliant with international standards, as it lacks professional judgement.
The association also referred to updated international standards on artificial intelligence and automated valuation models, which require proper governance, data management, model evaluation and quality controls.
According to SEEAK, professional bodies such as the Royal Institution of Chartered Surveyors (RICS) also recognise that automated systems or artificial intelligence tools can only support a valuation when a professional valuer applies their judgement and verifies the outcome.
European banking guidelines similarly require properties used as loan collateral to be assessed by professional valuers, even when advanced statistical models are used as supporting tools.
Public urged to seek qualified valuers
SEEAK called on the public to carefully examine the nature and limitations of any online valuation service before relying on its results.
Where an accurate property value is required, the association recommends seeking the services of a professional valuer.
It added that it supports the responsible use of technology by its members, provided this remains within international professional standards and does not replace the judgement of qualified valuers.
In Cyprus, property valuation is a legally regulated professional activity and can only be carried out by registered members of the Technical Chamber of Cyprus (ETEK) in the relevant field.
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