The Ministry of Justice of the Kyrgyz Republic has announced significant changes in the real estate sector by presenting a draft law aimed at eliminating disorder in the field of real estate services. This document is designed to protect citizens from unscrupulous practices by realtors, such as hidden commissions and fraudulent schemes, which pose serious risks for all participants in transactions.
One of the most important aspects of this draft law is the introduction of mandatory registration and certification for realtors. Each specialist will receive a unique identification card, which will allow citizens to quickly verify the legality and status of the intermediary. The law will also prohibit "double commissions" and the posting of fake advertisements, as well as establish standards for services and templates for contracts, which should significantly increase the transparency of the real estate buying and selling process.
In addition, the draft law includes tax measures aimed at combating speculation in the market. Strict sanctions will be imposed for violations and illegal actions. If this law is adopted, it is expected to not only cleanse the market of fraudsters but also increase the level of trust among citizens in the professionals of the real estate community. The full text of the draft law is available for review and discussion on the public discussion portal via the link.
