In order to bring order to the real estate services sector, the Ministry of Justice of the Kyrgyz Republic has initiated a comprehensive reform that involves the adoption of a new bill. This document is aimed at protecting citizens from unfair practices, such as hidden commissions and fraudulent schemes, which today pose significant risks for all participants in real estate transactions. The main goal of the reform is to create a civilized market where every realtor will be held accountable under the law.
One of the key innovations will be the mandatory certification and registration of all realtors in the state register. Each specialist will receive a unique identification card, allowing anyone to quickly verify the legitimacy of the realtor. Among the new rules, strict prohibitions on "double commissions" and the posting of false advertisements will be introduced, as well as the establishment of uniform standards for the services provided and standard contracts, which will ensure maximum transparency in the process of buying and selling housing.
The bill also includes tax measures aimed at combating speculation in the real estate market. Strict liability is provided for violations of standards and illegal actions. It is expected that the implementation of this law will help cleanse the market of unscrupulous players and increase the level of public trust in realtors. The full text of the bill is available for review and discussion on the public discussion portal via the link.
