The Ministry of Justice of the Kyrgyz Republic has launched an extensive reform aimed at improving the situation in the real estate market. The new draft law is focused on eliminating the chaos in the field of real estate services, which creates unreliable conditions for citizens. The main objective of this initiative is to protect citizens from manipulations by intermediaries, hidden commissions, and fraudulent schemes, which currently pose a serious threat to all participants in transactions.
One of the key aspects of the new legislation will be the mandatory registration and certification of all realtors. Each specialist will receive a unique identification card, allowing citizens to easily verify the legality and status of intermediaries. The use of "double commissions" and the publication of false advertisements will be prohibited, and standards for service quality and standard contracts will be introduced, ensuring transparency in the process of buying and selling real estate.
The draft law also includes tax measures aimed at combating market speculation. Strict penalties will be imposed for violations of established standards and illegal activities. The adoption of this law is expected to not only cleanse the market of unscrupulous realtors but also increase public trust in the professional community of realtors. The full text of the draft law is available for review and discussion on the public discussion portal via the link.
