The Council of Registered Estate Agents has expressed deep concern and firm opposition to provisions in three bills currently before parliament, warning they risk paralysing the property market and further burdening already overstretched building authorities.
While acknowledging the need for improved management of shared buildings, the Council said it must “sound the alarm” over measures that could have “disastrous consequences.”
Dispute over communal fee certificates
Central to its objections is a requirement for a certificate from a building’s management committee confirming all communal charges are paid before either a sales contract can be lodged or a property transfer completed.
Council president Marinos Kineyirou warned such a rule would “hobble thousands of sales, trigger endless delays and open the door to blackmail of owners by arbitrary or mismanaged committees.”
“The economy and investment depend on speed and transaction security,” he said. “Instead of solving a problem, we risk creating a much bigger one, damaging Cyprus’ credibility as an investment destination.”
Concerns over building authority workload
The Council also criticised a proposal to assign building authorities the role of registering and supervising management committees. “It is an open secret that building authorities are already overwhelmed and understaffed, causing huge delays in issuing permits. Handing them responsibility for thousands of committees across Cyprus is a recipe for failure,” Kineyirou said. “It would paralyse both the construction sector and the committees themselves.”
In a memo submitted to parliament’s Interior Committee, the Council urged MPs to reconsider the disputed provisions. It also declared its readiness to engage in constructive dialogue to find solutions that are practical, fair and effective, without undermining the property market or economic growth.
