The Cyprus Real Estate Agents Registration Council recorded 125 convictions for illegal real estate brokerage in 2024, according to an announcement released on Tuesday.
The number of convictions, the council explained, “reinforces its stance that tackling unlicensed activity remains a top priority“.
Throughout the year, the council handled hundreds of complaints, submitted by licensed estate agents, members of the public, and its own team of inspectors, across all districts of the Republic of Cyprus.
“Following investigation and legal proceedings, a significant number of individuals and legal entities were brought to justice“, the council said.
This is a development which the council says “highlights the scale of a problem that continues to plague the Cypriot property market“.
In total, the council filed around 400 criminal cases in 2024 against both individuals and companies found to be violating the provisions of the relevant estate agents law.
So far this year, 90 individuals and 35 legal entities have been tried and convicted in connection with 110 separate cases of illegal real estate brokerage. Dozens more cases are still pending trial.
The council regularly publishes the names of convicted individuals and businesses on its official website, in an effort to keep the public informed and protect consumers.
Speaking on the matter, council president Marinos Kineyirou said that “the Real Estate Agents Registration Council demonstrates zero tolerance for illegality“.
“Only in this way can we effectively tackle those who exploit our profession, deceive unsuspecting citizens and operate parasitically to the detriment of the Cypriot economy,” he added.
Kineyirou also stressed that the council’s goal each year is “to strengthen our team of inspectors both in terms of numbers and quality, so that we can operate efficiently, using all the tools provided to us by the law“.
“In this effort, it is important to have the support of the public, whom we urge not to hesitate to confirm that they are dealing with licensed estate agents before proceeding with any transaction,” he explained.
“The necessary documents they should request are the agent’s annual professional licence or the professional ID of the person presenting themselves as an estate agent,” Kineyirou stated.
“Unfortunately, fraudsters are among us, which is why property buyers need to be vigilant,” he added.
“The public”, the council president continued, “must understand that a licensed estate agent will not take offence or express displeasure if a client asks to confirm their credentials.”
Kineyirou also issued a reminder that “it is a criminal offence for anyone to cooperate with illegal estate agents, whether as a buyer or a seller”.
Moreover, he pointed out that confirming whether an agent is properly licensed can be done “quickly and easily”.
This can be done either through the council’s official website or by contacting a council officer via phone at 22666377, by fax at 22518490, or by email at info@ktimatomesites.com.
“To avoid unpleasant situations, the council strongly encourages the public to use its official real estate platform,” the council said in its announcement.
“The platform serves as a reliable reference point for safe transactions and trustworthy listings, allowing buyers to search for properties exclusively through licensed estate agents,” the council concluded.
