Finding decent accommodation for adequate money in Cyprus is not an easy task.
To save time and nerves islanders turn to realtors, relying on their experience and professionalism. However, not always such specialists are engaged in their activities legally. Often, many do not even have the appropriate license, which is fraught with dire consequences for the client. To protect the residents of Cyprus from fraudsters, the Council for the registration of real estate agents conducts constant checks.
Recently, the agency said that in 2023 it has initiated 167 criminal cases against individuals and legal entities that violated the provisions of the "Law on Real Estate Agents".
Of these, 15 legal entities and 45 individuals were prosecuted for illegal real estate brokerage activities.
According to the Real Estate Agents Registration Board, this was the result of the organization's intensified efforts to combat violators. The agency also noted that the names of convicted fraudsters can be found at ktimatomesites.com. Chairman of the Real Estate Agents Registration Board Marinos Kinegirou said that illegal real estate activities are a big problem for Cyprus, which they are trying to fight with all possible means provided by the Law.
We have made it clear to everyone that we are determined to fight the plague of illegality that is critically affecting the livelihood of licensed estate agents. Our goal and purpose goes beyond ensuring the integrity of our profession. We seek to protect unsuspecting people who are at risk of falling prey to fraudsters and losing their money and assets," Kinegiru emphasized.
Keep in mind that working without an agency license is a criminal offense in Cyprus and is punishable by a fine and imprisonment of up to 6 months.
Despite this, illegal real estate activity in the island nation has been on the rise in recent years. Social media has become an ideal environment for scammers. Illegal realtors appear in various groups dedicated to real estate search and start offering their services. We are mainly talking about those who work without a license or are not registered in the registry. These are not only individuals, there are entire agencies. Their employees present themselves as realtors and offer their services to buyers and sellers.
Black realtors are very easy to catch the victim on the hook, just show a favorable price. But as soon as the agent receives an advance payment, he simply disappears. This is a phenomenon that happens every day in Cyprus.
To avoid losing money and time, the Real Estate Agents Registration Board recommends that you check the company offering real estate services. To do this, it is necessary to ask for documents authorizing such activity as selling or renting homes.
But it is best to apply only to licensed real estate agencies that have their own office. This way you will 100% protect yourself from fraudsters and get exactly the object you wanted!