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.
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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.
