Establish a Real Estate Agency in Cyprus
Establish a Real Estate Agency in CyprusUpdated on Thursday 26th October 2017
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The property market in Cyprus plays a key role in the economy of the country, besides the financial and tourism industries, which account together for around 80% of the GDP. Our experienced lawyers in Cyprus can provide further information on this matter.
Reports have shown that the property prices in Cyprus are continuing to increase this year, with costs of apartments and houses across the country increasing by 1.3% and 2.3% respectively in the first 2017 quarter.
In this article, our Cypriot lawyers present a few aspects in connection with establishing a real estate agency in Cyprus.
Registration procedure in Cyprus
Real estate agents in the country are governed by the Cypriot legislation and they must to be qualified professionally and registered with the Registrar of Estate Agents.
In 2004, the country has passed a new law which was meant to protect the real estate buyers and control the unregistered agents. Our attorneys in Cyprus are able to offer more details on this legislation.
Real estate agents in Cyprus are attentively monitored by the Cyprus Real Estate Agents’ Association (CREAA).
Even though not all real estate agents here are registered with the CREAA, an agent who is registered has a greater credibility, which is a crucial aspect when doing business as a real estate agency in Cyprus.
Eligibility criteria for obtaining the real estate agent license in Cyprus
In order to obtain the real estate agent license in Cyprus from the Registrar of Estate Agents, the following criteria have to be met:
• He or she must be a citizen of Cyprus or of any other EU member state;
• He or she is not bankrupt or he/she has no legal disability according to any judicial decision;
• The person in question has not been convicted of any crime which involves dishonesty or moral indecency;
• He or she possesses a recognized diploma, degree or title from a university or professional organization in an area related to real estate, as well as one year experience in the country or in any other EU country related to the property business or, alternatively, holds a Master’s degree or title of at least one year of studies in subjects related to this field;
• Other criteria: our attorneys in Cyprus can offer more details on what these other criteria consist of.
In case you want to become a real estate agent in Cyprus, please contact our Cypriot law firm for assistance.