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Cyprus Real Estate Council Cracks Down on Illicit Practices and Urges Sector Efficiency

The Cyprus Council for Registration of Real Estate Agents has recently taken a bold and uncompromising stance against any collaboration or support provided by licensed real estate agents to individuals operating unlawfully within the sector. This move, as articulated by President Marinos Kyneyirou, reflects a commitment to zero tolerance for those potentially harboring and assisting illegal practices, marking a significant step in the ongoing battle against illicit activities in the real estate sector.

Cyprus Real Estate Council Cracks Down on Illicit Practices and Urges Sector Efficiency

"In the war against those acting illegally in the real estate sector, we also cannot tolerate those who might be nurturing them," stated Kyneyirou, underscoring the gravity of the issue at hand. This resolute position emphasizes the council's dedication to maintaining the integrity of the real estate profession and safeguarding the interests of buyers and tenants in Cyprus.


The council's preparedness to take swift action against any collaboration or support offered to unauthorized entities is a pivotal aspect of their strategy. In doing so, they aim to curb illicit activities that could prove detrimental to the real estate industry. This proactive approach aligns with the council's overarching goal of ensuring a transparent and law-abiding real estate environment.


Licensed real estate agents play a central role in this initiative. Beyond their traditional responsibilities, the council emphasizes that licensed agents are obligated not only to oversee their employees but also to ensure the proper functioning of their real estate offices. This multifaceted responsibility underscores the significance of the real estate agent's role in upholding ethical standards and legal compliance.

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Furthermore, licensed agents are expected to provide comprehensive information to buyers and tenants regarding the physical and legal characteristics of the property. This emphasis on transparency and information dissemination is crucial in empowering consumers and enabling them to make informed decisions. It also serves as a deterrent to illicit practices, as a well-informed clientele is less susceptible to fraudulent activities.


In a circular addressed to licensed real estate agents, the council clarified the roles of assistant real estate agents and employees within real estate offices. The council's unequivocal stance is that anyone providing assistance or support to unregistered and unauthorized real estate agents or their assistants is committing both disciplinary misconduct and a criminal offense. The severity of this stance is underscored by the potential expulsion of a member from the real estate registry for such infractions.


This robust approach reflects the council's determination to not only address illegal activities directly but also to eliminate any indirect support or collaboration that may facilitate such practices. By doing so, the council aims to create a real estate landscape that is not only legally compliant but also resistant to any attempts to compromise its integrity.


President Kyneyirou emphasized, "Therefore, it is very important for people to know that we will do everything the law allows to eradicate the problem both within the real estate profession and wherever it is found." This statement reinforces the council's unwavering commitment to eradicating illicit practices comprehensively, signaling to stakeholders that there will be no leniency in enforcing ethical and legal standards.


In a separate announcement, the council expressed concern about delays affecting the construction sector in Cyprus. Kyneyirou highlighted significant delays in processes related to various government departments, impacting property sales and transfers. He urged critical services such as the Department of Lands and Surveys, the Tax Department, and financial institutions to adapt to the new landscape and coordinate efforts to expedite required actions.


These delays, according to Kyneyirou, lead to the protraction of agreements and transactions. For instance, the procedures for property sales and transfers, which were completed in a day before the pandemic, now require significantly more time. The council president noted that critical services need to adapt to the new landscape and coordinate their efforts to ensure that property-related transactions are completed within reasonable timeframes.


Moreover, Kyneyirou called on these critical services to execute the required actions more expeditiously. He suggested that these entities, including the Department of Lands and Surveys and the Tax Department, need to adapt to the new landscape and ensure that property-related transactions are completed in a timely manner. The coordination and expeditious execution of these actions are essential to streamline processes and alleviate delays within the real estate sector.


Financial institutions, according to Kyneyirou, have complex and time-consuming processes, especially for investors from third countries. These processes contribute to the cancellation of property transactions, exacerbating the challenges faced by the real estate sector. In light of this, the council president urged financial institutions to streamline their processes, especially for investors from third countries, to facilitate smoother and more efficient transactions.


Furthermore, Kyneyirou highlighted the significant impact of delays on the sector, especially in recent years alongside the introduction of new software systems. These delays, coupled with the introduction of new software systems, have affected the real estate sector significantly. The president's emphasis on the cumulative impact of delays underscores the urgency of addressing inefficiencies to ensure the sector's smooth operation.


Given that a significant portion of funds from Cyprus' Recovery and Resilience Plan are directed toward projects aimed at upgrading the technology infrastructure in the public sector, Kyneyirou stressed the importance of allocating part of these funds to optimize the operational processes of the aforementioned departments. This optimization is deemed crucial as it will enable the real estate sector to grow within the framework of a modern economy without any hindrances.


In conclusion, the Cyprus Council for Registration of Real Estate Agents has embarked on a comprehensive strategy to combat illegal practices within the real estate sector. This strategy involves not only addressing direct illegal activities but also eliminating any support or collaboration that may facilitate such practices. President Kyneyirou's statements reflect the council's steadfast commitment to upholding ethical standards, ensuring legal compliance, and fostering a real estate environment characterized by transparency and integrity.


Simultaneously, the council's concerns about delays impacting the construction sector underscore the need for coordinated efforts and streamlined processes within critical government departments and financial institutions. The president's call for the allocation of funds to optimize operational processes aligns with the broader goal of creating an efficient and growth-oriented real estate sector in Cyprus. As the council continues its proactive measures, stakeholders and industry participants will be closely watching for the tangible impact of these initiatives on the real estate landscape in the country.

By fLEXI tEAM

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