Proposed amendment threatens Cyprus real estate agents, says council
The Cyprus Real Estate Agents Registration Council has voiced strong opposition to a proposed amendment to the Lawyers’ Law of 2024. If passed, the amendment would grant lawyers exclusive authority to draft contracts and documents related to r
The Cyprus Real Estate Agents Registration Council has voiced strong opposition to a proposed amendment to the Lawyers’ Law of 2024.
If passed, the amendment would grant lawyers exclusive authority to draft contracts and documents related to real estate transactions.
In an official announcement, the council argued that this move threatens the viability of the real estate profession in Cyprus and could have “far-reaching consequences for citizens and the economy”.
The proposed amendment, currently under discussion in the House, has been described by the council as “a direct threat to the survival and existence of licensed real estate agents in our country”.
The council said that the proposal would burden people with additional legal fees for drafting contracts for rentals or property sales, creating financial obstacles and sidelining real estate agents in favour of lawyers.
“This proposal is, without exaggeration, the perfect excuse for lawyers to gain access to property sales and real estate transactions in general,” the council stated.
The council also disputed claims that the amendment would enhance the legality and accuracy of real estate transactions.
“Licensed real estate agents, members of the Cyprus Real Estate Agents Registration Council, are fully qualified to prepare these documents,” the statement said.
Furthermore, the council stressed that agents undergo rigorous examinations and regular training seminars organised by the body itself.
The president of the council, Marinos Kineyirou, reassured agents of the council’s unwavering commitment to defending their interests.
“We here at the council are determined to protect the legitimate interests of licensed real estate agents and will keep them informed about all developments regarding this issue,” Kineyirou said.
The council also criticised the compulsory nature of involving lawyers in such agreements.
It pointed out that “individuals currently have the freedom to choose whether they wish to be represented by a lawyer or another party”.
“Why should such a choice become mandatory,” it asked, further mentioning that the amendment conflicts with the constitutional right of citizens to contract freely.
“Each citizen has the right to enter into a contract under the constitution of the Republic of Cyprus,” the council continued, “This right is undermined by the proposed requirement for third-party involvement in drafting agreements.”
Concerns were also raised about the potential increase in illegal real estate activity as citizens seek to avoid higher costs by turning to unlicensed intermediaries.
“One of the most immediate side effects will be a surge in illegal real estate activity, pushing transactions into the shadow economy,” the council stated.
Moreover, during discussions at the House, the council expressed dismay over “generalisations and accusations that tarnish the reputation of real estate agents”, such as alleged involvement in scandals.
“We did not participate in the citizenship scandals,” it stated.
“Those responsible come from other professional sectors,” it added, urging detractors to “revisit the investigative reports and media coverage of those incidents”.
The council also condemned the lack of inclusivity in the legislative process, questioning why other stakeholders, including the Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Scientific and Technical Chamber (Etek), were excluded.
“It is unfortunate that the standing committee on legal affairs, justice and public order, predominantly composed of lawyer-MPs, is discussing a law that, if passed, will mark the end of the real estate profession for the benefit of lawyers,” it said.
Additionally, the council addressed the issue of trapped property buyers, asserting that their plight stems from the lack of involvement of licensed real estate agents in transactions.
“If licensed real estate agents had been involved, buyers’ interests would have been safeguarded,” it argued.
“If they wish, we can also identify lawyers who fall into the category of trapped property buyers,” the council concluded.
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