Cyprus - 21 November, 2006 -

Century 21, the US-based franchisor of the world's largest residential real estate sales network has come to Cyprus and aims to set up 21 shops with 100 associates while in Greece, the target is to open 180 offices with 900 associates. Paris Zachariades, Executive President of Century 21 Greece and Cyprus said the Group has already embarked on finding the right partners to join the network, which seeks to become the largest real estate franchise network in Cyprus. Century 21 has already signed its first franchise in Cyprus, the firm of United Property Consultancy situated in Nicosia, with four others in the pipeline. Zachariades said once the newcomers are given the proper training and are ready to adopt the Century 21 concept, they will be introduced to the market. After setting up its first office in Athens in September, Century 21 aims to open new offices in Thessaloniki and Crete before the end of the year. Zachariades said prospective Cypriot real estate agents who join Century 21 will be allowed to maintain their independence and benefit from the Group's strong brand name and extensive network, which spreads to 52 countries, through 8200 offices and 160.000 associates. Research has shown that the public does not trust real estate agents, which is why Zachariades believes that there is good opportunity for individual agents to join a trusted and well recognized global network such as Century 21 to increase their business. Century 21 President Tom Kunz said Cyprus is an excellent example of globalization having increased demand for properties coming from overseas.

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