Cyprus real estate agents battling “plague of illegality” — 167 criminal cases filed

The Cyprus Real Estate Agents Registration Council on Wednesday released an announcement stressing that it has intensified its efforts to combat the issue of illegal real estate brokering, resulting in 167 criminal cases filed during the year 2023.

The council’s president, Marinos Kineyirou, underlined the organisation’s commitment to not only safeguarding their profession but also protecting unsuspecting people who may fall victim to fraudsters.

Over the past year, the announcement continued, the “council has bolstered its team of inspectors, both quantitatively and qualitatively, who are tasked with identifying illegal activities and initiating legal proceedings against individuals and entities, whether natural or legal persons”.

In the course of 2023, the council has successfully registered 167 criminal cases, indicating the magnitude of the problem.

The cases involve both legal and natural persons who appear to have violated the provisions of the Real Estate Agents Law 71(I) of 2010 to 2017.

Out of these, 15 legal entities and 45 individuals were prosecuted and convicted for illegal real estate brokering, with 35 cases reaching resolution, while several others remain pending.

The council noted that it regularly updates its website, with the names of convicted individuals and entities.

What is more, Kineyirou stated that “our efforts to combat illegal real estate brokering are ongoing, and for this purpose, we utilise all available legal means”.

“We have made it clear to everyone that we are determined to address the plague of illegality, which critically affects the livelihoods of licensed real estate agents,” he said.

Kineyirou added that “the numbers of cases brought to court once again demonstrate that we do not just pay lip service”.

“Our goal and purpose go beyond ensuring the integrity of our profession; we aim to protect unsuspecting people who risk falling victim to fraudsters and losing a lifetime’s worth of money and assets, as we, unfortunately, witness happening multiple times,” the council president concluded.

Kineyirou further urged people to remain vigilant and not hesitate to request essential documents, such as the annual license or professional identification, from individuals claiming to be real estate agents.

In addition, to facilitate this verification process, people can use the council’s online real estate platform, which, the council said, “serves as a reliable reference for trustworthy transactions and opportunities”.

Finally, the announcement said that the council’s website “allows buyers to search for properties exclusively through licensed real estate agents, ensuring a secure and transparent real estate market“.