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The Cyprus Real Estate Agents Registration Council has issued a stark warning about the ongoing issue of illegal real estate agents defrauding unsuspecting buyers and tenants, with some even expanding their activities into the Turkish-occupied territories of the island.
Council president Marinos Kineyirou expressed concern that even when illegal agents are caught and prosecuted, the penalties are insufficient to deter them from continuing their activities. “We have raised concerns many times about the harm caused by illegal real estate agents, particularly for unsuspecting citizens who lose their life savings to these scams,” Kineyirou stated.
Despite the council’s efforts to combat illegal activities, the situation has worsened, with fraudulent agents now exploiting properties in refugee areas in the north. “These individuals have taken their greed a step further, selling off properties in the occupied areas without hesitation,” Kineyirou said. “Their only concern is profit.”
The council has ramped up its efforts to tackle illegal agents, increasing both the size and training of its inspection team. Public awareness campaigns have also been launched, warning people about the risks of working with unlicensed agents.
The council’s website now allows potential buyers to verify whether a real estate agent is licensed, and Kineyirou emphasized that strict actions will be taken against any licensed agents found collaborating with illegal practitioners.
The council’s strategy appears to be working, as more citizens are contacting them to verify agents, and illegal agents are increasingly being reported and taken to court. Between 2022 and 2023, the council filed 627 criminal cases related to illegal real estate activities, with 40 companies and 90 individuals convicted so far, while many cases remain pending.
However, Kineyirou noted with disappointment that the fines imposed are not substantial enough to act as a deterrent. Under current law, illegal agents can face fines up to €3,500 or imprisonment of up to 12 months, but in practice, penalties typically range from just €150 to €200 per offence.
“These small fines are no match for the large profits these illegal agents make. As a result, we often find the same individuals returning to court for repeated violations,” Kineyirou said. He stressed that while the legal framework is adequate to bring offenders to justice, the penalties are too lenient, allowing the problem to persist.
One of the most alarming developments is the extension of illegal agents’ activities into the Turkish-occupied areas of Cyprus. “We are now seeing illegal agents acting as usurpers, selling off Greek Cypriot properties in the north,” Kineyirou said, citing a recent case involving an Israeli national caught selling refugee properties in the occupied territories while also operating illegally in free areas of Cyprus.
Kineyirou called on the public and the government to support the council’s efforts to strengthen its tools to fight these illegal practices. “The damage caused by illegal agents is growing, and it now affects not just individuals but our homeland as well,” he concluded.
Source: CyprusMail
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