On August 1, 2023, the government committee of the Republic of Armenia held a public discussion on the “Law on Real Estate Activities” and related amendments to the Civil Code. The draft aims to improve the quality of real estate services, ensure fair competition for realtors, and increase the accountability of professionals in the field. The implementation of the draft is expected to begin on July 1, 2025. Under the proposed law, realtors and real estate companies will be required to register, obtain certification, and meet certain quality and compliance criteria in order to engage in real estate activities.

The establishment of a regulatory field in the real estate sector is important for addressing various issues such as counterfeit documents, fraud, poor service provision, and preventing illegal practices. The draft is still under development and further discussions and amendments are expected. It will also address mandatory requirements for professional liability insurance and minimum capital requirements.

Experts from Banali.am have been involved in discussions on this topic and have praised the committee’s openness to cooperation. They believe that the law will not only be based on legal aspects but will also be practical and effective in regulating and managing the real estate field. However, it is important to strike a balance to prevent adverse effects such as a decline in competition or negative impacts on businesses and employees. The draft regulations will be available for review on the edraft platform and interested parties are encouraged to provide their suggestions.

Banali.am is a trusted platform for real estate news in Armenia. It is known for its commitment to security, transparency, and professional ethics in the fields of urban planning and investment. The platform is designed to assist individuals in quickly buying, selling, renting, or leasing any type of real estate property. They charge a commission fee of only 1% for real estate sales and also provide advertisements for rentals, sales, and direct contacts with developers.

Source: News from Armenia – NEWS.am