We strongly advice all purchasers for their own protection, before embarking on any property transaction in Cyprus, to make sure that they are properly informed by a Registered and Licensed Real Estate Agent member of the CYPRUS REAL ESTATE AGENT’S ASSOCIATION (CREAA). Unfortunately there are still many illegal estate Agents operating in Cyprus. Some of these companies describe themselves as “property consultants” “real estate advertisers” etc and trade in real estate illegally.
Licensed Estate Agents in Cyprus are regulated by law and need to be professionally qualified and registered with the Estate Agents Registration Council, a semi-state organization under the interior Ministry.
Cyprus has passed the real estate Law N.273(I)2004 including amendment N.118(2007) which legally guarantees all the rights of the buyer, obliging the Real Estate Agent to supply all legitimate safeguards before proceeding to conclude any property deal. This law was designed to rid Cyprus of the numerous cowboy real estate agents. The law obliges the Registered Real Estate Agent to take exams, providing that he/she have a detailed knowledge of Cyprus’ property laws, wide experience in selling property or hold a University degree in a relevant subject, possess an untarnished criminal and civic record and not to be bankrupt and to have a minimum of €170000 professional indemnity insurance cover.