Cyprus’s real estate market is facing an unprecedented rise in fraudulent schemes. According to the Real Estate Agents Registration Council, between three and five new criminal cases related to illegal brokerage are filed every day. Since the beginning of 2023, the Council’s legal department has already initiated 565 criminal proceedings.
To raise public awareness, the Council publishes the names of convicted offenders on its official website. This measure aims to help buyers and tenants avoid risky transactions.
How the scammers operate
According to the Council, both locals and foreigners — including new residents and investors — are becoming victims. People encounter fake land and house sales, double sales of the same property, attempts to rent out someone else’s apartment via popular online platforms, as well as schemes in which fraudsters collect advance payments and disappear.
The flow of complaints grows daily — reports are being filed by both licensed agents and private individuals who have already suffered the consequences of illegal actions.
Alarming statistics
The problem is not new, but it has now reached a critical level. Recent years’ statistics are as follows:
- 2022: 460 cases registered; 25 companies and 45 individuals convicted.
- 2021: 50 cases; 20 companies and 55 individuals convicted.
- 2020: 37 cases; 22 companies and 40 individuals convicted.
- 2019: 28 cases; 15 companies and 30 individuals convicted.
- 2018: 25 cases; 10 companies and 25 individuals convicted.
These figures confirm the steady rise in fraudulent activity and the scale of illegal brokerage on the island.
Firm government stance and tighter controls
Council Chairman Marinos Kineyirou stated that the policy of “zero tolerance” toward illegal real estate activity remains unchanged. He emphasized that this is not a slogan, but a daily operational reality.
Over the past three years, the Council has significantly strengthened oversight by increasing staff and expanding inspections across all regions of Cyprus. The goal is to identify offenders at the earliest stage and initiate criminal cases against both individuals and companies. According to Kineyirou, the Council’s effectiveness has increased, and illegal schemes are now being uncovered in their early stages.
Remember, you can verify an agent’s legitimacy by:
- visiting the official website: ktimatomesites.com
- calling: 22 666 377
- sending an email to: info@ktimatomesites.com
- using fax: 22 518 490
And it’s best to work only with reputable agencies to avoid unpleasant situations!