Tokens: 37
.
The
starting
point
of
the
valuation
report
was
the
rental
value
of
the
applicants
'
property
in
1974
,
calculated
as
a
percentage
(
5
%
)
of
its
estimated
value
(
CYP
75,000
–
approximately
EUR
128,145
;
the
total
annual
rent
in
1974
was
thus
CYP
3,750
–
approximately
EUR
6,407
)
.
The
expert
took
into
account
the
fact
that
the
applicants
'
property
was
somehow
unique
and
that
there
had
been
no
sales
of
really
comparable
plots
.
The
expert
considered
it
reasonable
to
fix
the
market
value
of
the
land
at
CYP
60
per
square
metre
,
while
the
cost
of
construction
of
the
building
was
approximately
CYP
55
per
square
metre
for
the
upper
ground
and
first
floors
and
CYP
30
per
square
metre
for
the
lower
ground
floor
.
He
further
took
into
account
the
trends
of
rent
increase
on
the
basis
of
:
(
a
)
the
nature
of
the
area
of
property
;
(
b
)
the
trends
for
the
period
1970
-
1974
;
(
c
)
the
trends
in
the
unoccupied
areas
of
Cyprus
from
1974
onwards
.
This
last
trend
was
based
on
the
Consumer
Price
Index
for
rents
and
houses
issued
by
the
Department
of
Statistics
and
Research
of
the
Government
of
Cyprus
,
increased
by
a
percentage
of
25
%
.
Moreover
,
compound
interests
for
delayed
payment
was
applied
at
a
rate
of
8
%
per
annum
.
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