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Doors open for European real estate agents

04/03/2010 06:50
The Interior Ministry submitted a new draft law to the Parliament on Thursday, which opens the doors to the European real estate agents in Cyprus.

The amendment of the existing law was deemed necessary after the European Commission’s consecutive warnings to Cyprus for the incompatibility of certain provisions of the Real Estate Agents Law with the Community Acquis and especially the violation of the principle of the free provision of services.

According to the accompanying report, after a series of deliberations, the law was amended, however, the European Commission was not satisfied and was just one step before the Court of European Communities takes measures.

Therefore, the Commerce Ministry in cooperation with the legal service and the Real Estate Agents Registration Council prepared a bill that will be in line with the Community Acquis.

The changes concern the activation of companies as real estate agents, the professional qualifications of the real estate agents, the provision of services by real estate agents situated in other member-states and the examination that the European real estate agents must take if they want to settle in Cyprus.

Specifically, all persons who have graduated from a secondary school of a European country and they are actively involved in real estate will be able to register in the Real Estate Agents Registry so long as they prove that they have a 5-year experience in the market.

Formerly, the law set restrictions to the European real estate agents that wanted to expand their services to Cyprus.

A copy of the draft law has already been sent to the European Commission.