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Cyprus Real Estate Agents Association Presses For Legislative Reform In Real Estate Market

In a decisive call for modernizing regulatory frameworks, the Cyprus Real Estate Agents Association (Skek), under the Cyprus Chamber of Commerce and Industry (Keve), has formally urged lawmakers to reevaluate long-standing real estate legislation.

Call For Immediate Legislative Review

The association has requested that the House internal affairs committee promptly examine and vote on a proposal aimed at reforming the Real Estate Agents Law of 2010. The proposal, already through full legislative technical processing, is designed to update the legal framework, restrain the excessive powers of the Real Estate Agents Registration Council, and mitigate abusive practices that have marred the industry.

Curbing Monopolistic Influence

Christos Nicolaou, President of Skek, articulated concerns over the unchecked influence of a monopolistic body. He argued that no single entity should wield the power to arbitrarily shape the entire sector’s future, underscoring the need for balanced oversight to ensure market vitality and fairness.

A Call For Professional Accountability

Nicolaou urged Parliament to heed the collective voice of professionals by enacting the proposed reforms before the conclusion of the current parliamentary term. This directive underscores a broader commitment to maintaining transparency, equal treatment under the law, and elevated standards of professionalism in real estate activities.

An Open Invitation For Dialogue

In its concluding remarks, Skek reaffirmed its commitment to facilitating ongoing dialogue with state authorities. Their objective remains clear: to promote a transparent, equitable, and competitive market environment that supports robust real estate practice in Cyprus.

Eurobank Approves €258.7M Dividend And €288M Share Buyback

Robust Dividend And Share Repurchase Initiatives

Eurobank S.A. shareholders approved a dividend distribution of €258.7 million at the annual general meeting held on April 28. The resolution was supported by approximately 77% of paid-up capital, representing more than 2.77 billion voting shares. The dividend will be paid from special reserves and remains subject to approval by the European Central Bank.

Strategic Share Buyback And Capital Optimization

In addition, shareholders approved a share buyback programme of up to €288 million over the next 12 months, pending regulatory clearance. The programme includes the cancellation of 28,097,019 own shares, which will reduce share capital by approximately €6.18 million. Following this adjustment, total share capital is set at €792,751,032.04, divided into around 3.6 billion ordinary voting shares with a nominal value of €0.22 each.

Enhanced Executive And Employee Incentives

Alongside capital measures, the meeting addressed remuneration. Shareholders approved an allocation of €35.2 million from special reserves for employee compensation. A five-year programme was also introduced to distribute shares to eligible executives and employees of Eurobank and affiliated entities. In parallel, a revised variable remuneration framework allows selected senior executives to receive up to 200% of fixed pay.

Governance And Audit Oversight Reforms

Changes were also made at the board level. Alexandra Reich was appointed as an independent non-executive director, replacing Jawaid Mirza. Following this appointment, eight of the thirteen board members are classified as independent. Amendments to the articles of association introduce flexibility in board terms and allow partial renewals.

Strengthening Audit And Sustainability Commitments

On the audit side, KPMG Certified Auditors S.A. was appointed as the statutory auditor for 2026. The fee is set at €1.8 million for statutory audits of separate and consolidated financial statements, with an additional €0.3 million allocated for assurance of the sustainability statement. The meeting also approved the 2025 remuneration report and confirmed committee fee arrangements, alongside updates on audit committee activity and independent director reporting.

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