The Ministry of Justice of Kyrgyzstan has presented a draft law aimed at regulating real estate activities. This was reported by the press service of the ministry.
The document aims to protect citizens from dishonest realtors, hidden commissions, fraudulent schemes, and fake advertisements. It targets the manifestations of so-called "wild real estate practices," which are characterized by opaque and aggressive practices that create risks for citizens in real estate transactions.
The draft law is part of efforts to reduce bureaucracy and aims to systematize real estate services and intermediary activities in the real estate market.
The main provisions of the draft law include:
mandatory state registration (certification) of realtors in accordance with established standards;
introduction of an identification card for realtors, allowing citizens to verify the status and legitimacy of the intermediary;
definition of unified standards for real estate services and standard contracts;
provision of transparent information about the status, role, and powers of the realtor in transactions;
prohibition of double commissions and limitation of misleading advertising of real estate;
establishment of liability for illegal real estate activities and violations of regulations.
The draft law also includes tax measures aimed at curbing speculative real estate transactions.
The adoption of this document is expected to be a step towards restoring order in the real estate market, strengthening citizens' trust, and creating civilized conditions for the work of conscientious market participants.
The text of the draft law is available at the link.
