The real estate sector in Cyprus is facing serious internal conflicts. Licensed agents, lawyers, and authorities are clashing over regulations, illegal practices, and shifts in the market. These tensions are changing how property deals are handled across the island.
A proposed amendment to the Lawyers’ Law of 2024 has triggered major friction. The change would allow only lawyers to draft property sale and lease contracts. As a result, the Cyprus Real Estate Agents Registration Council is opposing the proposal strongly.
The Council argues that this move could:
If passed, the amendment could push the market further into illegal territory. Therefore, agents are calling for reconsideration to protect both professionals and consumers.
Illegal agents continue to operate widely in Cyprus. Many buyers, unaware of the risks, fall into traps involving fake property deals.
The Real Estate Agents Registration Council has responded by:
However, despite these actions, weak penalties make it easy for illegal agents to keep operating. Stronger enforcement is still urgently needed.
The Cyprus division also fuels complex property disputes. Some real estate companies, including multinationals, are being accused of selling Greek Cypriot-owned land in the occupied north without permission.
The Council demands thorough investigations. Protecting rightful property ownership is essential for upholding trust in the market.
Due to skyrocketing prices in the Republic of Cyprus, foreign buyers are now looking north. Properties in the Turkish-occupied side offer cheaper options.
While this shift might benefit investors, it raises concerns. It could have serious political and economic consequences for the Republic’s real estate market.
Cyprus’s real estate market is under intense pressure. Legal battles, the rise of illegal agents, and shifting investor interests are reshaping the industry. Without prompt action and better regulations, the trust and stability of the market could suffer even more.
For expert insights, guidance, and trusted real estate information, visit Soneverse and explore our complete Real Estate Guide Page. Your best property journey in Cyprus starts with the right knowledge.
On everything business-related
