Crackdown on illegal real estate brokerage intensified in 2022

The Council for Registration of Real Estate Agents on Wednesday released a statement saying that 25 legal entities and 45 natural persons were convicted of illegal real estate brokerage in 2022.

According to the council, this was a result of the board’s increased efforts to combat this ongoing issue, which includes an expanded team of inspectors and registering criminal cases against violators of the Real Estate Agents Law.

In addition, the council explained that approximately 460 criminal cases were registered against individuals and legal entities in 2022 alone.

The board said that it publishes the names of convicted natural and legal persons on its website and urges people to be suspicious of individuals claiming to be real estate agents without proper proof of licensing.

Council for Registration of Real Estate Agents president Marinos Kineyirou stated that illegal real estate agency is a major problem that the council is trying to deal with with all the means provided by the law.

Additionally, he noted that the numbers of complaints provide a testament to the magnitude of the problem.

“As the responsible association, we are determined to do everything in our power to protect licensed real estate agents and of course unsuspecting citizens who are at risk of being defrauded by fraudsters,” Kineyirou said.

“It is for this very reason that we once again appeal to people to be suspicious and not hesitate to ask the people who are introduced to them as real estate agents for the necessary proof so that they can confirm that they are licensed real estate agents,” he added.

Moreover, the council president clarified that valid forms of proof include the annually-renewed license to practice the profession, as well as the relevant professional identity card that is valid for the current year.

Kineyirou also encouraged the public to use the council’s online real estate platform to find and identify desirable properties solely from licensed agents.

Finally, the council said that by taking precautions and using licensed agents, the public can avoid unpleasant situations and ensure reliable transactions.