The Cyprus Property Developers Association (CPDA) submitted a bill to the Ministry of the Interior that would officially recognize a new professional category: Land Development Entrepreneur. This would encompass entrepreneurs in the fields of land development and comprehensive construction.
CPDA President Yannis Misirlis announced the development and submission of the document during the association's annual gala dinner in Limassol last week.
According to Misirlis, the initiative aims to regulate developer activities, strengthen confidence in the real estate sector, increase transaction transparency, and protect end consumers' rights.
Recognizing development as a profession is an urgent necessity. It will be an important step toward forming a mature and responsible industry in line with the best European practices, Misirlis stressed.
The bill sets out clear qualification requirements for obtaining professional status, including:
financial solvency;
- Transparent business history.
- Professional qualifications, such as relevant education or experience,
- Legal and ethical integrity;
- Guarantees of responsibility to buyers.
The initiative also aims to strengthen control over the actions of market participants to minimize the risk of unfair behavior, reduce the number of disputed transactions, and increase transparency.
The CPDA emphasized that the document was prepared based on:
- Active consultations with the Cyprus Chamber of Science and Technology (ETEK);
- Discussions with representatives of leading construction and law firms;
- Studying the experience of EU countries where developers are subject to licensing and control.
According to Misirlis, this is "not just a reaction to market challenges, but a well-thought-out strategic step toward the long-term sustainable development of the construction sector."
The association officially submitted the bill to Interior Minister Constantinos Ioannou and expressed its readiness for open dialogue with government agencies in the process of finalizing and promoting the document.
Incidentally, until now, development activities in Cyprus lacked a clear legal status, reducing the level of trust in the industry.
This issue became particularly acute after the surge in construction activity from 2013 to 2020, which was triggered by the closed "Citizenship by Investment" program. During this time, foreign capital flooded into the Cypriot economy, and construction projects sprang up everywhere.
Along with this growth came problems: opaque schemes, a lack of accountability, delays in project completion, and an increase in litigation. In 2019, the "golden passport" scandal exposed deep-rooted problems in the sector's regulation, attracting the attention of the Cypriot Attorney General and the European Commission.
The creation of the Land Development Entrepreneur status aims to address a systemic gap by:
- Legalizing the activities of developers as an independent professional category
- Ensuring uniform standards of responsibility,
- Strengthen the rights of buyers,
- Making the market more transparent, sustainable, and safe for all participants.
The CPDA hopes that the Ministry of the Interior will promptly review the bill and begin the public consultation process. Thanks to cooperation with the state and support from the professional community, the association expects that Cyprus will reach a new level in the regulation of development activities.