Real estate agents in Cyprus oppose proposed legal amendment

The Cyprus Real Estate Agents Registration Council has voiced strong opposition to a proposed amendment to the Lawyers’ Law of 2024, which would grant lawyers exclusive rights to draft contracts for real estate transactions.

The council warned that this move threatens the viability of licensed real estate agents, increases costs for citizens, and undermines free choice in contractual matters. It emphasized that agents are qualified to handle such transactions and undergo rigorous training.

Council president Marinos Kineyirou pledged to defend agents’ interests, calling the amendment a “serious threat” to the profession.

Concerns were also raised about potential increases in illegal real estate activity as people seek to avoid higher legal fees. Additionally, the council criticized the exclusion of stakeholders from the legislative process and pushed back against claims linking agents to past scandals, asserting that issues like trapped property buyers stem from a lack of licensed agent involvement.

The council urged regulators to reconsider the amendment, citing risks to the economy, citizens’ rights, and the real estate sector.