Buysell cyprus offices investigated by cypriot govt

Date Added: Sep 5, 2008

Author: Manager Real Estates Directory

Category: Europe real estates: Real Estates in Cyprus

OPP has learnt that one of Cyprus’s largest property agencies, BuySell Cyprus, is currently being investigated by the Cyprus Real Estate Agents Council (CREAC), a semi-government organisation, for breaching the law by operating as an estate agency with out a license.

On Monday the Larnaca District Court ordered that the agency close its three branches in Larnaca until the matter is resolved. Despite the order, BuySell Cyprus has not closed its Larnaca operations and in response to this, COREA investigators, in conjunction with the Cypriot Police Service, entered the offices of BuySell Cyprus in Larnaca looking for materials relating to the case.

Solomon Kourouklides, a sitting member of CREAC and president of the Cyprus Real Estate Association (CREAA), confirmed to OPP that some 14 computers were seized from BuySell’s offices, along with boxes of paperwork. He said that the investigators have three months to analyse the data before presenting their findings to the court.

“All of this material that existed in these three offices will be kept for evidence and studied by the special branch of the police for economic matters. When they have enough information, they will proceed. This is the situation at present,” he said.

OPP contacted the Cypriot Police Department which gave this statement.

“I can confirm that the police were called to assist in enquiries relating to BuySell Cyprus, however we were only assisting and this is not a criminal investigation. The enquiries relating to the company’s dealings will be handled by a government body and not by the police. There have been no criminal charges laid,” he stressed.

Litsa Chrysostomou, marketing director at BuySell Real Estate, told OPP that she believes it is being victimised and said that although it is being pursued in the courts, it is technically not an estate agent and operates as a property advertiser facilitating sales between two parties.

“BuySell now uses various advertising tools to promote properties that are for sale on Cyprus, such as our highly successful website, monthly magazine and newspaper supplements in major newspapers," she explained. “BuySell Cyprus has 17 offices on the island as well as two in Greece, two in the USA and four in Bulgaria. These offices exist to enable in-person meetings, which our staff members facilitate. Over the past six years, competing organisations have brought actions resulting in court cases, all of which have been dismissed in BuySell’s favour. BuySell has applied to the European Court of Justice asking for the change in the law. We have also claimed damages from the courts for bringing this action to the company. BuySell continues to operate as usual in all areas and remains as strong as ever.”

In 2005, a similar case was brought against the company which was subsequently dropped after the claims were found to be “invalid and unsubstantiated”. BuySell Cyprus received an undisclosed sum for damages.

Kourouklides acknowledged this, but said that the previous case was dropped due to a “small technicality” and that the new investigation relates to a different matter entirely.

Source: www.opp.org.uk