Criminal cases filed against illegal real estate agents

The Cyprus Real Estate Agents Registration Council has issued a statement emphasizing its increased efforts to combat illegal real estate agents, which has resulted in its filing 167 criminal cases during 2023.

President Marinos Kineyirou emphasised the organization’s dedication to protect their profession and to safeguard unsuspecting individuals from potential fraud.

Over the past year, the Council has strengthened its team of inspectors both in quantity and quality to identify illicit activities and pursue legal action against individuals and entities, regardless of their legal status. These efforts have led to the registration of 167 criminal cases, highlighting the scale of the problem. The cases involve individuals and companies, traders, etc. suspected of breaking the Real Estate Agents Law of 2010 (L. 71(I)/2010).

Of these cases, 15 legal entities and 45 individuals have been prosecuted and convicted for illegal real estate brokering, with 35 cases resolved and several others pending.

The Council regularly updates its website with the names of convicted individuals and entities.

Kineyirou affirmed, “Our commitment to combat illegal real estate brokerage is ongoing, utilizing all available legal means. We are determined to address the issue of illegality, which profoundly affects the livelihoods of licensed real estate agents.”

He emphasized that the number of cases brought to court demonstrates their dedication beyond mere rhetoric.

“Our objective extends beyond preserving the integrity of our profession; we aim to protect unsuspecting individuals at risk of falling victim to fraudsters and losing their life savings,” Kineyirou concluded.

He urged the public to remain vigilant and request essential documents, such as annual licenses or professional identification, from individuals claiming to be real estate agents. To assist the public to verify individuals and companies, the Council maintains a list of licensed real estate agents on its website as well as properties offered by those agents.