Cyprus Real Estate Agents Registration Council Increases Efforts to Combat Illegal Real Estate Agents, Files 167 Criminal Cases in 2023

The Cyprus Real Estate Agents Registration Council is cracking down on illegal real estate agents in a bid to protect unsuspecting individuals from falling victim to fraud. In a statement released by President Marinos Kineyirou, the organization highlighted its increased efforts in combating illicit activities within the industry.

Over the past year, the Council has ramped up its team of inspectors to identify and take legal action against individuals and entities suspected of breaking the Real Estate Agents Law of 2010. This has resulted in the filing of 167 criminal cases, with 15 legal entities and 45 individuals prosecuted and convicted for illegal real estate brokering.

Kineyirou stressed the Council’s commitment to address the issue of illegality, which not only affects the livelihoods of licensed real estate agents but also puts unsuspecting individuals at risk of losing their life savings. The organization regularly updates its website with the names of convicted individuals and entities as part of its transparency efforts.

The President urged the public to remain cautious when dealing with real estate agents and to request essential documents to verify their legitimacy. To assist with this, the Council maintains a list of licensed real estate agents on its website, along with properties offered by those agents.

With their ongoing dedication to combatting illegal real estate brokerage, the Cyprus Real Estate Agents Registration Council is taking concrete steps to ensure the integrity of the profession and protect consumers from potential fraudsters.