In order to practise as a real estate agent in the Republic of Cyprus, one needs to register at the Register of Real Estates Agents and obtain a licence from the Council of Real Estate Agents.
The term “Real Estate Agent” refers to a natural or legal person whose occupation is to act as an intermediary for a land transaction for a fee. In parallel, Real Estate transaction refers to every transaction for the conclusion of an agreement for the sale, purchase, exchange or leasing of immovable property for a period exceeding one month, including assigning the property with valuable consideration or through the transfer of company shares.
The licence to practise as a Real Estate Agent can be granted both to natural persons and to legal entities.
Every natural person is eligible to register to the Register of Real Estate Agents, provided that the Council of Real Estate Agents is satisfied that he/she:
(a) is a citizen of the Republic or of any other EU member state (or a spouse or a child of a citizen of the Republic of Cyprus that has his/hers habitual residence in the territory of the Republic of Cyprus);
(b) is not subject to bankruptcy or any other legal disability under the legislation or any judicial decision;
(c) has not been convicted of any offence involving dishonesty or moral indecency and in the case he/she has been convicted, has then been reinstated on the basis of the provisions of the pertinent legislation ("ο περί Αποκαταστάσεως Καταδικασθέντων Νόμος του 1981 (Ν.70/1981)");
(d) has obtained after a minimum three-year course, a recognised diploma, degree or title from a university or professional body in a subject related to the profession of a real estate agent and thereafter, has gained experience, in the Republic, by professionally practising as a real estate agent for at least twelve months under the status of a deputy real estate agent or holds a masters degree or title of at least one year studies in subjects related to real estate agents profession;
(e) has sufficient knowledge related to the real estate and town planning legislation of the Republic of Cyprus, necessary for the correct and responsible exercise of the profession of a real estate agent.
For the purposes of determining the last criterion, as described in subparagraph (e), the Council of Real Estate Agents has the responsibility to put the applicants through a written examination. The examination material can be found on the website of the Council of Real Estate Agents.
Initially, the application for the registration of a natural person in the Real Estate Agents Register is to be submitted either electronically through the competent authority's website or by hand/post to the competent authority:
Council of Real Estate Agents
Corner of Armenias & Lykourgou 1,
2001 Strovolos, Nicosia
PO Box: 28954, 2084 Nicosia
Tel. +357 22666377
Fax. +357 22518490
The application for the registration of a natural person in the Real Estate Agents Register should be accompanied by the following documents:
- two recent photographs (in the case of online submission of the application, one photograph is to be attached);
- copy of identity card or passport;
- copy of Certificate of Secondary Education Institute;
- copies of degrees/ diplomas/ certificates related to the field of real estate agents;
- original Certificate of Clear Criminal Record (in the case of electronic submission of the application, a copy of the certificate is to be attached whereas the original certificate is to be shown to the Council of Real Estate Agents before the ranting of the relevant licence);
- original “Certificate of Non-Bankruptcy” (in case the application is submitted electronically, a copy of the original certificate must be attached to the application and the original certificate must be presented to the Council of Real Estate Agents before the license is granted);
- copy of a recent “Statement of Earnings and Contributions” of company staff (Form Y.K.A. 2-002) from the Social Insurance Services as evidence of employment of the individual;
- copy of payment receipt of the application fee of €100 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).
The applicants will be requested to attend written examinations organized by the Council of Real Estate Agents in order to ascertain the qualification in paragraph (e) mentioned in eligibility criteria.
The applicant is informed regarding the registration decision within three months from the date the application form and supporting documents were duly submitted. The certificate of registration is issued provided that the applicant has attended and successfully passed the above mentioned written examinations and paid the fee of €350; the certificate of registration is valid for an unlimited period.
Thereon, the application for the issuance of annual licence of natural person and real estate agents identity card must is to be submitted either electronically through the competent authority's website or by post/hand directly to Council of Real Estate Agents.
The application should be accompanied by the following documents:
- copy of insurance coverage of €200.000 for the current year;
- copy of the title of property deeds or evidence of the possession of the offices by the applicant;
- Certificate of employment issued by the Department of Social Insurances for each employee;
- copy of the payment receipt of the licence fee of €250 and real estate agents identity card fee of €20 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).
On site inspections are carried out by the Council of Real Estate Agents’ inspector in order to ensure the appropriateness of the offices of the applicant.
Every annual licence expires on the 31st December of every year it has been issued. It may be renewed under the same terms and conditions; the renewal fee is €250 and €20 for the real estate agents identity card.
Obligations and Supervision
Registered and licensed real estate agents are obliged to comply with the provisions of the Real Estate Agents Law of 2010, as periodically amended, and specifically among others, with the following:
- mention the phrase “registered and licensed real estate agent”, followed by the registration number and the annual license number, in every document or advertisement used in the course of the profession;
- maintain an office with suitable furnishing and equipment and to have exhibited in a conspicuous place the certificate of registration and the license, and reveal at the façade of the office the name, the words “registered and licensed real estate agent”, the registration number, and the business name if applicable;
- notify the prospective buyer of the property of all the information relating to the physical condition of the property, the charges thereon, including any other restrictions on the property under any legislative, judicial, administrative or other governmental act or decision.
The Council may delegate to its officers or a committee the duty of ensuring that the registered and licensed real estate agents comply or apply the provisions of the relevant Law and Regulations.
Cyprus Real Estate Agents Association
P.O.Box 21455, 1509 Nicosia
Tel. : +357 22 889759
Fax. : +357 22 667593