Cyprus is taking bold steps to fight illegal real estate practices, led by the Cyprus Real Estate Agents Registration Council and its president, Marinos Kineyirou, who is pushing for tougher penalties and public awareness campaigns. With increasing inspections and a commitment to prosecute unlicensed agents, the council aims to protect citizens from financial losses and uphold the integrity of the real estate market, even as threats arise from activities in the Turkish-occupied territories.
How is Cyprus combating illegal real estate practices?
To combat illegal real estate practices, Cyprus is:
1. Increasing inspector quantity and quality.
2. Launching public awareness campaigns.
3. Enforcing legal actions against unlicensed agents.
4. Advocating for harsher penalties as deterrents.
5. Encouraging public to verify agent credentials through official channels.
The Growing Menace of Unlicensed Agents
The real estate market in Cyprus is facing a significant challenge due to the presence of illegal real estate agents. These unscrupulous individuals are taking advantage of both buyers and tenants, often leading them to financial losses and legal complications. The Cyprus Real Estate Agents Registration Council has been at the forefront of addressing this issue. Marinos Kineyirou, the council’s president, has expressed concerns about the insufficient penalties meted out to those found guilty of illegal real estate practices. He emphasized that the current fines are not severe enough to act as a deterrent.
Kineyirou has pointed out that the council has been proactive in its approach by increasing the number and quality of inspectors and launching public awareness campaigns. These efforts are crucial in educating the public about the risks of engaging with unlicensed agents and how to verify the legitimacy of real estate professionals.
Legal Framework and Enforcement Challenges
While the legal framework in Cyprus allows the council to take action against illegal agents, Kineyirou has noted some significant weaknesses that criminals are exploiting. For instance, the fines for illegal real estate activities are provided by the law, which may be up to €3,500 or imprisonment of up to 12 months. In practice, however, fines are often much lower, ranging between €150 to €200, which is negligible compared to the profits made by these agents. This leniency has resulted in repeat offenders who continue their illicit operations even after being convicted.
The council has diligently filed numerous criminal cases against individuals and companies that have violated real estate laws. From 2022 to 2023 alone, around 627 criminal cases were brought forward, leading to the conviction of 40 companies and 90 individuals. Despite these efforts, the council acknowledges that more must be done to ensure the penalties have a genuine impact.
Expansion into Occupied Territories
A particularly alarming development is the expansion of illegal real estate activities into the Turkish-occupied territories of Cyprus. Kineyirou has reported that illegal agents are now usurping properties in these areas, showing no hesitation in selling refugee properties for profit. This extension of their activities not only undermines the legal real estate market but also poses a threat to the sovereignty of Cypriot properties.
The council’s perseverance in combating these practices is unwavering. Kineyirou has made it clear that the council is ready to work with the government to reinforce the tools needed to fight these illegal operations more effectively. The council also emphasizes the responsibility of the public in avoiding collaboration with unlicensed agents, as such partnerships are considered criminal offenses.
A Call to Action
The Cyprus Real Estate Agents Registration Council continues to stand firm against the exploitation of the real estate sector. Kineyirou has called upon the public to support the council’s mission to protect citizens and uphold the integrity of the profession. It is a collective responsibility to address the issue of illegal real estate practices, not just for the sake of individual transactions but also for the preservation of national interests.
The council remains vigilant and dedicated to its cause, urging anyone involved in property transactions to verify the credentials of real estate agents through their official website. This is a critical step in safeguarding one’s investment and contributing to the eradication of fraudulent practices in the Cypriot real estate market.
FAQ on Combating Illegal Real Estate Practices in Cyprus
How is Cyprus combating illegal real estate practices?
Cyprus is taking a multi-faceted approach to combat illegal real estate practices, which includes:
1. Increasing the number and quality of inspectors to oversee real estate activities.
2. Launching public awareness campaigns to educate citizens about the risks associated with unlicensed agents.
3. Enforcing legal actions against unlicensed agents who violate real estate laws.
4. Advocating for harsher penalties to deter illegal activities, as current fines are often viewed as insufficient.
5. Encouraging the public to verify the credentials of real estate agents through official channels.
What challenges exist in enforcing real estate laws in Cyprus?
The enforcement of real estate laws in Cyprus faces several challenges. Although the legal framework allows for fines up to €3,500 or imprisonment for up to 12 months for illegal real estate activities, in practice, penalties are often much lower, typically ranging between €150 to €200. This leniency has led to repeat offenses, as the fines do not sufficiently deter illegal activities. The Cyprus Real Estate Agents Registration Council has filed numerous criminal cases, but acknowledges that more robust measures are needed to ensure penalties have a meaningful impact.
What is the role of the public in combating illegal real estate practices?
The public plays a crucial role in combating illegal real estate practices in Cyprus. Citizens are encouraged to verify the credentials of real estate agents through official channels, which can help identify unlicensed or fraudulent agents. Additionally, by refusing to engage with unlicensed agents, individuals can help prevent the perpetuation of illegal activities. The Cyprus Real Estate Agents Registration Council emphasizes that collaboration with unlicensed agents is considered a criminal offense, making it essential for the public to take an active stance.
What actions is the Cyprus Real Estate Agents Registration Council taking regarding the Turkish-occupied territories?
The Cyprus Real Estate Agents Registration Council is increasingly concerned about the expansion of illegal real estate activities into the Turkish-occupied territories. Reports indicate that illegal agents are usurping properties and selling refugee properties for profit, undermining the integrity of the legal real estate market. The council is committed to working with the government to strengthen the tools necessary to combat these illegal operations. The council urges the public to remain vigilant and avoid any collaboration with unlicensed agents to help safeguard Cypriot properties and uphold national interests.
