The Cyprus Association of Property Valuation Professionals (SEEAK) has urged homeowners, buyers and investors to exercise caution when using online property valuation tools, stressing that automated estimates are only indicative and should never replace a comprehensive professional valuation.
In a statement, the association, a member of the Cyprus Chamber of Commerce and Industry (CCCI), said online platforms and automated valuation systems can serve as useful supporting tools by providing an initial estimate of a property’s likely value. However, they should not be regarded as definitive assessments.
Automated models cannot reflect every property
According to SEEAK, most online valuation platforms rely on automated models, publicly available datasets and standardised assumptions. As a result, they often fail to capture the unique characteristics, condition and individual features that influence the true market value of a property.
The association warned that automated estimates should be viewed as a starting point rather than an accurate reflection of a property’s worth.
Professional inspection remains essential
SEEAK said a reliable, evidence-based property valuation must be carried out by a suitably qualified professional valuer.
A thorough on-site inspection, assessment of the property’s physical condition, detailed understanding of the local market and application of recognised professional standards all form essential parts of the valuation process.
The association also warned that automated valuation results should not be relied upon when making significant financial, investment or lending decisions.
To illustrate the point, SEEAK compared online property valuations to searching medical symptoms on the internet. Just as an online diagnosis cannot replace a consultation with a doctor, an automated valuation cannot substitute for the professional judgement of an experienced valuer who has personally inspected the property.
International standards draw a clear distinction
SEEAK said its position is fully aligned with both international and European valuation standards, which clearly distinguish automated valuation models (AVMs) from professional property valuations.
The International Valuation Standards Council (IVSC) states that a fully automated model operating without the involvement of a qualified valuer cannot produce a valuation that complies with the International Valuation Standards (IVS). This is because such models do not apply professional judgement and therefore cannot provide an expert opinion on market value.
The latest IVS 2025, which came into force on 31 January 2025, introduces enhanced governance, data quality, modelling and quality assurance requirements. It also defines automated valuation models as systems that generate calculations without applying professional judgement.
In its position paper on the growing use of artificial intelligence in property valuations, the IVSC further emphasises that professional valuers must remain responsible for selecting data, evaluating valuation models and verifying the accuracy of results.
RICS and European banking rules support the same approach
SEEAK noted that the Royal Institution of Chartered Surveyors (RICS) adopts a similar position through its globally recognised Red Book valuation standards.
Where artificial intelligence, automated valuation models or valuation software are used, the resulting assessment can only be considered a formal written valuation if it has been reviewed and endorsed through the professional judgement of a qualified valuer.
The 2025 edition of the Red Book strengthens mandatory standards relating to automated valuation models while introducing additional provisions covering automation and artificial intelligence.
The association also highlighted guidance issued by the European Banking Authority (EBA) on loan origination and monitoring. These guidelines require properties offered as loan security to be valued by a professional valuer. Even where advanced statistical models are used as supporting tools, responsibility for the final valuation remains with the qualified professional.
Similarly, the European Valuation Standards published by TEGoVA, together with the European AVM Alliance, classify statistical valuation methods separately from full professional valuations, recognising their role as supporting rather than substitute tools.
Property valuation is a regulated profession in Cyprus
SEEAK is encouraging members of the public to understand the capabilities and limitations of every online property valuation service before relying on the results.
Where an accurate and dependable assessment of a property’s value is required, the association recommends instructing a qualified professional valuer.
It also reminds consumers that property valuation is a legally regulated profession in Cyprus, with valuations carried out by registered members of the Cyprus Scientific and Technical Chamber (ETEK) who are authorised to practise in the relevant professional discipline.
