Cowboy Estate Agents in Cyprus – Avoiding the Fraudsters

There have always been cowboy estate agents in Cyprus, parasites who will constantly lie and cheat in a attempt to deprive you of your hard-earned money. At best, some of them are simply underqualified, out of their depth and almost completely inept. At the other end of the scale are the professional sharks, who often work with lawyers and officials to make sure that you are doubly shafted.

Before blaming the Cypriots, many of these shady characters are expatriates, often from Britain. These rely upon befriending you and use the old trick of ‘helping’ you navigate through the bureaucracy. According to Nigel Howarth, of the respected Cyprus Property Magazine:

“We have warned you previously about retired Britons living in Cyprus who prey on the fears and wallets of their fellow countrymen; people like Andrew Nolan former manager at estate agents Peter Stephenson Properties and Ian Beaumont, his ‘partner in crime’”.

Needless to say, if you find yourself dealing with anybody even remotely connected to these predatory pieces of scum, go elsewhere.

The Estate Agents Registration Council and Useless European Union Bureaucrats

The Cypriot government, in 2004, enacted legislation to curb the worst excesses and strengthened the laws, in 2007. Any estate agent operating in Cyprus has to be registered with the official body, the Estate Agents Registration Council. To qualify, an estate agent must possess a university degree in estate agency or property valuation, and at least one year of experience. Alternatively, an applicant must have eight years of experience with an approved estate agent and must sit an exam about Cypriot property laws. They must also be fluent in Greek or Turkish.

Only Registered Estate Agents are Permitted to Charge Commission. There are No Exceptions

So far, so good, but you will still see many unlicensed estate agents advertising their services. Despite closing the loophole, preventing anybody from using terms such as ‘property consultant,’ ‘property advisor,’ or property investment manager, these businesses thrive. For once, the authorities are not entirely to blame and have genuinely tried their best to uphold the legislation. The problem is that the EU, unable to resist meddling, has decided that these laws discriminate against non-Cypriots. Quite reasonably, the Cypriots point out that they cannot win – people complained when foreign investors were ripped off; when the Cypriots did something about it, people still complained.

Cowboy Estate Agents in Cyprus

Finding a Reputable Estate Agent in Cyprus

Despite this setback, there is still a way that you can protect yourself from the cowboy estate agents in Cyprus. The EU cannot legislate against private organizations, and Cyprus has two bodies that will offer you a good degree of protection. The first, the Cyprus Real Estate Agents Association (CREAA), is an organization that only accepts bona-fide estate agents. To be a member, an estate agent has to meet extremely strict requirements, and have no criminal record or previous bankruptcy. They also appoint a lawyer if you have problems with one of their members, for a very small fee. The organisation is there – use them.

For added protection, find an estate agent who is also a member of the Real Estate Agent Federation (FIABCI). This body is an international organization covering all aspects of the process, including surveyors, constructors, lawyers and architects, amongst others.

If your estate agent is a member of both of these, and you have a good independent lawyer, you have minimised the chances of falling prey to one of the cowboy estate agents in Cyprus. The Cyprus property boom is over, but preventing fraud is a big step towards persuading the investors to return.