The estate agents law is again under attack by the E. Union and a new proposal has been prepared by the Government submitted for approval to the House. We have reported in the Greek press as well as to the Government and the P.MS. that this new legislation is a Monster in the Making. It is a Monster because it differentiates between local and foreign estate agents by using different criteria. Our basic objections are as follows:

• In order for a person to become an estate agent in Cyprus and in addition to a university degree on a related subject, the applicant must work for 12 months in Cyprus under a registered estate agent and then sit exams on the Cyprus legislation. Contrary to this, foreign estate agents can operate in Cyprus having only a high school requirement and experience in the business for a total of 2 years out of 10 years work experience in their own country!!
  
  We wonder why those with a degree must sit exams and why such a requirement does not exist in any other profession in Cyprus. We also wonder the reason behind this and more importantly the difference between the local and foreign estate agent (in this sense any foreigner who is a permanent resident in Cyprus is considered as being a local one).

• The new proposal suggests that each office must be manned by a registered estate agent. As such a firm which has 4 offices, it must have one registered estate agent in each office. This means that the larger offices will close down and all agents to become one man one firm. We say this proposal will return the agents to the pre law conditions, called “agents on a bicycle”.

• A foreign estate agent can exercise his work in Cyprus if he has the appropriate professional qualifications from their own country without any other requirement. If however a local has exactly the same qualifications of the same foreign country, this is not enough, he still has to work for 12 months, sit exams etc.

• All agents are responsible to disclose any impediments, permits etc that affect a property. But how are they to know since only the registered owner has access to the authority’s records?

• No estate agent can sell his property or his relatives (up to 3 degree) and no estate agent can sell property of a Co etc for which he has an interest (e.g. shares in a Co). What a load of rubbish, since this means that an agent cannot sell his own relatives’ property and even if the agent owns 1% of a Co’s shares, e.g. the Bank of Cyprus, he is excluded from any work from the Bank etc etc.

• The Council’s inspector can enter into an estate agent’s office, without a court warrant and collect any documents, computers, records etc for examination!! A police state without requirement of a court order and with no other profession having such a proviso.

• Property developers may not advertise or sell their own properties!!

For our part it is an all out war not so much against the proposal pre se, but war against the stupidity if nothing else.

Are we then wrong in saying that a Cyprus Monster in the Making? (Nessy will be jealous for it).

www.aloizou.com.cy

www.aloizou.ro

www.aloizou.ru

ala-HQ@aloizou.com.cy