Yes To The Measures For The Economy’s Restart

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 12-05-2013

Marinos Kineyirou: President of the Cyprus Association of Estate Agent Entrepreneurs -President of the Real Estate Agent Entrepreneurs Association of Larnaca/ Famagusta and Property Auctioneer

Marinos Kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD

Yes To The Measures For The Economy’s Restart

The Cyprus Association Of Estate Agent Entrepreneurs stresses that the new measures for the economy’s restart are moving in the right direction. Welcoming the decision of the Government for the developmental measures, the Association highlights the importance to implement them, especially now with the new data in the banking system, the daily developments of the economy and the painful measures taken to rescue it. The new measures aim to enhance the development and the Association points out that some of these give an end to the industry’s problems that existed for many years. Specifically, to the reduction of time to issue a planning permission from the date of submission of a complete application, which will not exceed one month for small projects and three months for bigger ones , the agreement between the Republic of Cyprus and the British Bases on urban land development falling within the limits of the British Bases, with huge developmental benefits for the economy, raising Building coefficients under specific conditions in urban centers ( 30%), in the perimeter of urban centers (25 %), in specific tourist areas (20% ) and increased building coefficient for golf courses from 10% to 15% as well as expanding the range of permitted land development outside boundary areas for big projects. The Cyprus Association of Estate Agent Entrepreneurs welcomes the measures adopted by the Government to support the Tourism Industry and are related to the licensing of a casino, lengthening of the tourist season by two months and incentives to encourage the immediate implementation of projects for the construction of golf courses. The Cyprus Association of Estate Agent Entrepreneurs expresses its disagreement regarding the measure for encouraging investment from long-stay applicants who are nationals of third countries and in particular granting license to those applicants who invest the total sum of 300,000 euros for the purchase of one or more residence or other building, provided that the purchase is done by the same vendor.
The Association, in an article published in November 2012 asked for measures, from the problems identified in the existing legislation and the way it works, to set a comprehensive plan for the proper coordination of investments in Cyprus. The plan should ensure the State’s intervention to protect the Chinese and Russian investors , the proper promotion of the Cyprus Real Estate Market and the price differentiation of a property purchase by the amount of 300,000 euros or at least change the price so that it shows the correct overview of prices for real estates. The Association stresses that the information on overvalued real estate prices cannot go unnoticed as apartments and houses have been sold in unrepresentative prices, especially to Chinese investors. This measure of the government promotes only a part of the property purchase and which belongs to companies selling real estates which are actually progressing into sales as opposed to private property owners who once again they are left on the margin. As a result, few properties are promoted and not the whole property market of Cyprus. The Cyprus Association of Estate Agent Entrepreneurs stresses that while the Government should promote the Cyprus Real Estate Market, in fact it does not do so resulting in the promotion of the market by individuals and not licensed/registered real estate agents. This leads many buyers to be exploited while simultaneously property prices increase unreasonably, reaching up to 35-45% more than the actual value of a property. The Cyprus Association of Estate Agents Entrepreneurs highlights that the Government should take action to promote the Cyprus property market and asks for the price differentiation from the amount of 300,000 euro the price liberalization so as the correct picture of prices be presented, creating a healthy competition, boosting the property purchase and turning words into action the already increased interest by the third country nationals. The association points out that the measure to simplify the existing legislative framework and adopt a quick process of licensing long-term residency permits is in the right direction.
Illegal Real Estate Agents
The Cyprus Association of Estate Agents Entrepreneurs welcomed the measures to modernize the state’s institutions and congratulates the Minister of the Interior for his decision to put in availability two officers of the Land Registry Department. One of the two was an employee at the Land Registry and an estate agent while the second seems to have helped C/G citizens to address the illegal Compensation Committee of the occupied part of Cyprus. A disciplinary investigation is conducted against them and their availability is valid for one month with the possibility to renew it till the completion of the investigation. The Association stresses that these phenomena continue to exist. In an article in the newspaper ‘Politis’ it had emphasized the need to combat illegal real estate agents, who increase day by day. Some illegal real estate agents are working in various important posts through which they come in touch with lots of people daily. There are many customers who are approached by an illegal real estate agent in a tempting manner with a small or no fee at all, and not only they fail to realize that they are being exploited, they even follow any kind of illegal activity thinking that they serve their own benefit. Moreover, a real estate agent licensee, due to his long professional experience can advise a seller and a buyer for their benefit.
There have been many cases however, that with an illegal real estate agent it is possible that the customers may lose their money without managing to claim it back because they are accomplices in the illegal act and therefore are prosecuted. The illegal real estate agent cannot declare his dealings to the several Governmental Departments since any kind of buy and sell action is done through untaxed black money.The illegal misinforms the seller or the buyer for his personal profit that may sometimes reach the 70%. Every real estate agent who is working directly or indirectly, without a legal license issued from the Estate Agent Registration Council -an entity of the Public Law- commits a penal offence.
The Cyprus Real Estate Agents Association (CREAA) operates more than 25 years under the aegis of the Cyprus Chamber of Commerce & Industry (CCCI). It is the only professional association of real estate agents in Cyprus which currently numbers 185 licensed Members. The basic aims of the Association is the implementation of the real estate deontology code and the information on Lawmaking, Administrative, Urban planning and other measure provisions, Proposals or Law-plans affecting the real estate sector. The Cyprus Association of Estate Agents Entrepreneurs highlights that we have to stop this illegality because everyone is exposed to danger.

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