fake real — Fraudulent activities by fake real estate agents are on the rise, with hundreds of victims falling prey to these scams, reports the Cyprus Real Estate Agents Registration Council. The council has been registering an alarming average of three to five criminal cases per day related to illegal brokerage activities.
Fake real: Rising Numbers of Criminal Cases
Since the beginning of 2023, the council’s legal team has filed an impressive 565 criminal cases against offenders impersonating licensed agents. To raise public awareness, the names of those convicted have been published on ktimatomesites.com.
Methods of Deception
Victims have reported various scams, including fraudulent sales or double sales of properties, attempts to rent out third-party apartments through misleading online listings, and schemes where perpetrators collect down payments or commissions before vanishing.
Continued Efforts Against Fraud
Every day, the council receives numerous complaints from both licensed agents and the general public, highlighting the scale of the issue. Under the leadership of Marinos Kineyirou, the council has maintained a steady approach to prosecutions over the years, demonstrating a commitment to tackling illegal activities.
A Historical Perspective on Fraud Cases
The statistics paint a concerning picture. In 2022, there were 460 cases recorded, resulting in convictions for 25 companies and 45 individuals across 55 cases. The previous years have also shown a troubling trend: in 2021, there were 50 cases leading to 20 companies and 55 individuals being convicted; in 2020, 37 cases resulted in 22 companies and 40 individuals facing penalties; and in 2019, there were 28 cases with 15 companies and 30 individuals convicted.
Commitment to Zero Tolerance
Marinos Kineyirou, the President of the Real Estate Registration Council, expressed a firm stance against illegal real estate brokerage, stating, “Our attitude towards illegal real estate brokerage is and will remain one of zero tolerance. It is not just a slogan; it is our everyday life.” He emphasised the council’s ongoing efforts and commitment to combat these fraudulent activities.
Strengthening Inspections Across Cyprus
Over the past three years, the council has enhanced its inspection teams, boosting both their numbers and expertise across all provinces of Cyprus. Kineyirou noted, “We have increased our efficiency and are now identifying illegalities at their source.” This proactive approach aims to uncover illegal activities and register criminal cases against both individuals and legal entities.
