The phenomenon of piracy in the real estate profession has taken on uncontrollable proportions in recent years for two main reasons:
- First, more and more people are chasing easy, fast and obscure profit, a lucrative “grabber”. In the last two years, the problem has intensified significantly due to the coronavirus pandemic that has sent unemployment soaring.
- Second, the caress penalties imposed for the illegal exercise of the real estate profession. It is astonishing that the courts exhaust their severity in fines of € 85 or € 100 with the largest sentence we found amounting to € 400. For the reason that the truth on the website of the Real Estate Registration Council (sek.com.cy) are published with names and addresses both the court decisions and the dozens of criminal cases pending against persons (natural and legal) who illegally practice the profession of real estate agent. . In short, these are fines that are by no means a deterrent and which the outlaws exceed in multiples with one act of buying and selling.
It should be noted that the current legislation, specifically the Law on Real Estate Agents, gives the courts the power to impose harsher sentences, even imprisonment, when the offense of illegal practice of the profession of real estate agent is repeated.
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