BuySell is Registered but Buyers at risk, Cypriot police claim

Editor’s Comment

At the Cyprus Informer we like to see both sides of a story……………… 

An employee of the company writes on a public bulletin board or forum “the Registration number is: 482 and the Authorisation number is 314….”.  What the heck is going on?

 The Mail On Sunday, Cyprus

Buyers at risk, Cypriot police claim

A court in Cyprus has seized 14 computers along with boxes of paperwork from one of the country’s biggest property firms and ordered it to close three offices in Larnaca.

Cypriot police claim that BuySell Cyprus, which markets houses to British buyers, is breaking the law by operating as an estate agent without a licence. They claim that unlicensed agents put buyers at risk because they do not understand local property laws and the tax system and charge more than the legal 5 per cent commission fee.

It is the latest in a long line of actions against the company, which claims to be an advertising service rather than an estate agent, although all have been dropped.

Solomon Kourouklides, of the Cyprus Real Estate Association, claims that a similar court case in 2005 failed only on a technicality and that the new investigation related to a different matter.

The company, which organises inspection trips for thousands of househunters, says it is being victimised by competitors.
‘Over the past six years, competing organisations have brought actions, all of which have been dismissed in BuySell’s favour,’ said the company’s Litsa Chrysostomou.

House prices in Cyprus have risen by 12.9 per cent in the past year, bucking the trend of mainland Europe.

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