Post by account_disabled on Jan 24, 2024 3:35:57 GMT -5
Now all persons who exercise activity in the field of real estate in the real estate market will be licensed by the Ministry of Justice. The law that provides for the proper functioning of this sector has been approved by the parliament. The law was drafted by experts from the Ministry of Justice and the accompanying report states that its purpose is "to protect and guarantee the exercise of the profession of real estate broker, as a free and regulated profession". Through this Law approved in January of this year, the Real Estate Broker Profession is further consolidated as an "Important Public Profession", thus guaranteeing an increase in market share in real estate transactions, continuous professional development , the highest standards of ethics, as well as mutual protection in business relations and with state institutions. What impact does this law have and how will it be more useful for Albanian citizens? Let's list the main points analyzed by DevInf: - According to this law, for the first time in 32 years in the real estate market, we will finally have "Licenses".
The licenses will ensure that in addition to the applicant meeting some personal Job Function Email Database requirements such as: education, age, proof of legal status, etc., the applicant must attend at least 60 hours of training. - Real estate agencies have the obligation to record every transaction and relatively report suspicious cases to DPPP, (Department of Prevention and Money Laundering). Between this law, this obligation remains the same, the new thing that this law brings is that for the first time, if the agencies or agents do not register and report as provided in the law, they will not only risk high fines, but they will also risk their licenses them and the continuity of work. - The law for the first time recognizes contracts, contract formats and obligations of clients of real estate agencies.
A very important element for the industry. Among the most important innovations brought by this law is the approach for the first time with the code of disciplinary ethics and the code of conduct for real estate agents. - The standard of service and the quality of services benefited by the end customer will increase significantly without additional costs for the customer. - According to the statistics that real estate agencies have, the general real estate market in Albania in 2021, had a turnover of 1.2 billion euros per year, and from this part only 15-20% of the market is mediated by Real Estate Agencies. The creation of this law will pave the way for the professional growth of Agents and Agencies, and as a result, within a few years, Albanian agencies will have a market share of 70-80% of the real estate market, as is the case in Western practice. - Also, it should be emphasized that the undertaking of this legal initiative comes as a result of the obligations that Albania has received through high-level political commitment to work with the Financial Action Task Force and MONEYVAL to strengthen the effectiveness of its regime in the fight against money laundering.
The licenses will ensure that in addition to the applicant meeting some personal Job Function Email Database requirements such as: education, age, proof of legal status, etc., the applicant must attend at least 60 hours of training. - Real estate agencies have the obligation to record every transaction and relatively report suspicious cases to DPPP, (Department of Prevention and Money Laundering). Between this law, this obligation remains the same, the new thing that this law brings is that for the first time, if the agencies or agents do not register and report as provided in the law, they will not only risk high fines, but they will also risk their licenses them and the continuity of work. - The law for the first time recognizes contracts, contract formats and obligations of clients of real estate agencies.
A very important element for the industry. Among the most important innovations brought by this law is the approach for the first time with the code of disciplinary ethics and the code of conduct for real estate agents. - The standard of service and the quality of services benefited by the end customer will increase significantly without additional costs for the customer. - According to the statistics that real estate agencies have, the general real estate market in Albania in 2021, had a turnover of 1.2 billion euros per year, and from this part only 15-20% of the market is mediated by Real Estate Agencies. The creation of this law will pave the way for the professional growth of Agents and Agencies, and as a result, within a few years, Albanian agencies will have a market share of 70-80% of the real estate market, as is the case in Western practice. - Also, it should be emphasized that the undertaking of this legal initiative comes as a result of the obligations that Albania has received through high-level political commitment to work with the Financial Action Task Force and MONEYVAL to strengthen the effectiveness of its regime in the fight against money laundering.