The real estate sector has long been one of the main driving forces of the Cypriot economy. It contributes significantly to GDP growth, creates thousands of jobs, and attracts investment that benefits the entire country. At the same time, it helps modernise cities, improve infrastructure, and enhance the quality of life for citizens.
Despite its importance, the sector still operates without a clear legal framework to regulate the profession. This lack of structure creates gaps that affect both the sector’s credibility and the protection of property buyers.
The Cyprus Property Developers Association (CPDA) is taking a decisive step to change this. It is promoting the regulation of the profession of Real Estate Developer through a comprehensive draft law, submitted to the Minister of the Interior last May. This initiative aims to strengthen the reputation of the sector and build solid foundations for Cyprus’ future growth.
A framework built on transparency and accountability
The draft law is the result of open dialogue and collaboration. It was developed through extensive consultations with the Cyprus Scientific and Technical Chamber (ETEK) and multiple meetings with Association members, with valuable input from the Association’s legal advisors.
The proposed legislation sets out clear and objective criteria for practising the profession. It ensures professionalism, accountability, and reliability among those working in the sector.
A key element of the framework is the creation of the Registration and Supervision Council for Real Estate Developers. This body will be responsible for regulating, monitoring, and overseeing the profession. It will be chaired by a representative from the public service with academic and professional experience in a relevant field.
The Council will act as the guardian of the new framework, ensuring that property development in Cyprus operates with transparency, integrity, and consistency.
To be registered in the official registry, professionals will need to meet specific criteria that reflect high standards of competence and conduct. This will help build a culture of responsibility, raise the quality of services, and strengthen trust in the market.
Protecting property buyers
Regulating the profession and setting clear conditions for registration will create a strong and effective system of oversight. The main goal is to protect buyers and safeguard their interests.
Every buyer will have the confidence that they are working with a licensed and supervised professional who meets established standards and follows a strict code of ethics. This approach will enhance consumer protection and trust across the property market.
For the Cyprus Property Developers Association, buyer confidence is essential for:
- The long-term stability and growth of the sector.
- Building a sense of safety and reliability in the market.
- Strengthening Cyprus’ competitiveness as an investment destination.
- Encouraging investment activity that benefits the economy and society.
At the same time, for the state, a clear and well-structured framework will promote transparency, accountability, and oversight in a sector that plays a key role in the national economy.
The establishment of the Registration and Supervision Council will allow the state to maintain an official registry of professionals, apply common standards, and improve monitoring. This will create a better-organised and more trustworthy market, reduce unethical practices, and enhance the credibility of the entire sector.
The road ahead
The initiative to regulate the profession has already gained the support of the Minister of the Interior, marking an important milestone in modernising the industry. The creation of a dedicated working group, which includes officials from the Department of Lands and Surveys and members of the CPDA, reinforces this process and brings the proposed legislation one step closer to implementation.
The working group is now focusing on refining and adapting the bill to ensure that the final version meets the needs of both the sector and property buyers.
With commitment and consistency, the Cyprus Property Developers Association continues to work towards establishing a modern, practical, and effective framework for the profession of Real Estate Developer.
Through dialogue and collaboration with all relevant stakeholders, we are helping to build a stronger, more responsible, and forward-looking real estate market. A market that operates with professionalism, accountability, and a vision for the future.
- Mersina Isidorou, General Manager, Cyprus Property Developers Association
