The Ministry of Justice of the Kyrgyz Republic has developed a new draft law aimed at regulating real estate activities, as reported in the agency's press release.
The purpose of the document is to protect citizens from unscrupulous agents, hidden commissions, fraud, and manipulative schemes, as well as from fake advertisements. The problem of "wild real estate practices" includes unprofessional and opaque practices that can pose risks to consumers in the real estate market.
The draft law is part of efforts to reduce bureaucracy and is intended to organize real estate activities, as well as to systematize intermediary services in the real estate market.
The main provisions of the initiative include:
mandatory state registration (certification) of realtors in accordance with established professional standards;
introduction of a realtor identification card that will allow citizens to verify the legality and status of the intermediary;
development of unified standards for real estate services and standard contracts;
ensuring transparency of information regarding the status, role, and powers of the realtor in the transaction process;
prohibition of double commissions and restriction of misleading advertising for real estate;
definition of liability for illegal real estate activities and non-compliance with established norms.
In addition, the draft law includes tax measures to limit speculative operations with real estate.
It is expected that the adoption of this document will help bring order to the real estate market, increase citizens' trust, and create civilized conditions for honest market participants.
The text of the draft law is available at the link.
