As it was declared on Thursday, the work is ongoing to iron out the issues between two organizations, that is, the Cyprus Banking Association and RICS. The cause of tensions is the new regulations on lending.



During a working lunch-break the regional managing director of FRICS, Maarten Vermeulen, confessed to the journalists that both sides were not satisfied with strained relationship. Now they are going to heal the rift.

As Vermeulen reported, the bankers didn’t like the dissentions as for methodology and valuations. In their turn, estimators complained that the bankers were not competent in things they were talking about.

Those two groups behaved the way that one might think they were from different worlds. So Vermeulen decided to bring them to some compromise.

It appeared during discussion that there were several issues to be solved, that is conditions of engagement, the quality of data available, consistency and methods. As Vermeulen said, some of those problems can be easily cracked, others need efforts with involvement of authorities.

Liana Toumazou, RICS Cyprus Country Manager noticed that the “trigger” of misunderstanding was the post-crisis state of affairs. She reported that thanks to new regulations an adjustment has to be conducted.

But the main stumbling blocks are the insufficiency and unreliability of data. Among other things, it was pointed out by Toumazou that the owners of property put a spoke in wheel. They don’t often want to give information on their ownership issues. The problem is that they misconstrue the situation and think that withholding may redound to their advantage.

RICS wants to arrange a Scheme of Registration of Valuers. All valuers who underwent the accreditation by RICS must register into it.

After finishing of inspections the valuers will be granted certifications of compliance, as Toumazou reported.