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House Buyers Ripped Off by Illegal Estate Agents

House Buyers Ripped Off by Illegal Estate Agents

January 04
12:04 2019

The unsuspecting public is being scammed by illegally operating real estate agents. Chairman of the Turkish Cypriot Real Estate Union Hasan Sungor, has said that unregistered property agents had defrauded dozens of people and the state has lost control over this issue.

He added that foreign students are being hired to sell property when it is illegal for foreign nationals to engage in real estate sales.

Sungur said that in 1987, there were only 18 real estate agents registered with the Turkish Cypriot Real Estate Union. This figure increased to 23 in 2001, to 43 in 2004 and rose to 180 in 2008 after the Annan plan referendum [2004]. Although only 220 real estate agents were operating by 2009, now, over 1,000 agencies are operating illegally without paying taxes, adding that 800 of them are foreigner-owned.

Kibris