Cyprus Update: Real Estate Transactions
On the 2nd April 2021, the Cypriot House of Parliament has reportedly passed an amending legislation, which amended Advocates Law, Cap. 2, pursuant to which the drafting, review or amendment of documents regarding contracts of sale of immovable property, has been included in the scope of legal services that may only be undertaken by advocates.
This addition essentially renders the drafting, review or amendment of contracts of sale of immovable property in Cyprus within the exclusive ambit of legal services, hence apart from advocates practising law in Cyprus, no other person shall be entitled to draft, review or amend contracts of sale of immovable property in Cyprus.
The amendment is considered a positive development in the field of real estate transactions in Cyprus and is expected to enhance diligence in dealing with real estate matters, thereby safeguarding the legal rights of parties involved.
The amending law shall come into force upon publication in the Official Gazette of the Republic.
Nicosia, 8 April 2021