The Cyprus Real Estate Agents Association (SKEK) operates under a strict code of conduct which is similar to the RICS (Royal Institution of Chartered Surveyors) in the UK. The role of professionals in both countries is fundamentally the same. It is recommended that in your search for property in Cyprus, you work with a registered agent who will abide by the prescribed protocol.

"Each company has a registration number for the firm and a number for each estate agent working there. By law, these registration numbers need to be displayed prominently in the company offices and on all marketing material so a prospective can be in no doubt about the professional status of the company," SKEK president Angelos Giorgiou told The Cyprus Buying Guide.
"It is safer to go through an agent rather than buy independently. An agent can check all matters related to a plot independently."

In terms of legalities, a Cyprus real estate agent could be involved with drawing up contracts but we always recommend hiring an independent lawyer to do this. A real estate agent has nothing to do with setting up bank accounts for the sale. This can also be the responsibility of a lawyer.

An agent is obliged to be present for the registration of the sales contract at the Land Registry until the whole process is completed. Giorgiou added that the association is always working to clamp down on pirate or illegal agents operating in Cyprus.

As far as agents from other EU states setting up shop in Cyprus are concerned, under EU law they may do so, as long as they have a recognised licence from their own country. The Interior Ministry told OGC that these agents need to make an application to start operating and do an examination which tests their knowledge of local property law and protocol. They must live permanently on the island and operate from an office.

SKEK is currently trying to bring about some changes in local law which would bring more benefits to both vendors and buyers alike. In order to stimulate the sales of new properties, the government recently announced the abolishment and reduction of VAT or Property Transfer Fees for six months with changes coming into effect on December 2nd last year.

Specifically, for buyers paying VAT on their home, transfer fees are being waived. For those who choose not to pay VAT, the transfer fees are reduced by 50%. It is important to note that the changes only apply to the first sale of a new property and the contractual procedures must be completed within the six month period.

But SKEK says that these financial incentives should be extended to all properties including resales. It is canvassing the government about this matter and is waiting for a response on how this could develop in the future. You might ask if an expat agent is better to go with than a local agent? The answer is, not necessarily. The main concern is that the agent is registered and operating legally. Which agent you decide to go with is personal and down to your own impressions and gut feeling.

Are you happy with their service? Do you feel confident that they know necessary laws and procedures? For as assistance in finding a reputable agent go to the website of the SKEK at www.skek-creaa.com and check under the Members section or phone Angelos Georgiou in the first instance for advice, on (Cyprus) 22 751 219.

Start your hunt for a home in Cyprus here…
If you’re searching for a Cypriot property, a good place to start is the Cyprus Buying Guide’s property search facility. To start your search now visit http://www.cyprusbuyingguide.com/content/cyprus-properties