The Cyprus Association of Developers has proposed to introduce state registration of the profession of a "land management entrepreneur", having already sent an official request to the Ministry of the Interior. It is also planned to create a registration board for real estate developers, which will monitor the activities of people engaged in this field.
According to the association, regulation will increase transparency, protect the interests of buyers and strengthen trust in the sector: "Institutionalization of the profession is essential to ensure transparency, trust and professional accountability in the field of real estate development."
Currently, there is no legal framework in Cyprus that defines who can be involved in land management and building construction. In practice, any individual or company can engage in real estate development and sale without special qualifications, experience, or certification.
After the adoption of the law, only registered individuals or legal entities will be allowed to engage in the construction and sale of real estate, and only those who are listed in the register will be able to use the title of "land management entrepreneur." For buyers, this would provide an additional level of protection. Each client would know that they are working with a licensed and trusted specialist who meets certain ethical and technical standards, which, in turn, would increase trust and stability in the real estate market.
It is noted that the proposed law will affect only land management specialists, and not construction contractors, whose activities are regulated by separate legislation and a separate registry.
The bill is currently under consideration by a working group set up by the Minister of the Interior, which includes both government officials and representatives of the association.
Source: Cyprus Mail
