The Cadastre Committee has presented a draft for public discussion aimed at regulating the real estate sector. The draft’s justification states that currently, the sector in Armenia operates without any legislative regulation, and years of experience have shown that this has negatively impacted the sector’s establishment and development. According to the committee, this has led to a decrease in the quality of services provided by operating organizations and individuals.

There is no state regulatory system in the real estate activity sector. Legal norms that could contribute to increasing realtor responsibility and service quality, as well as bringing their activities into the tax field, are either absent or not functioning.

Vahe Danielyan, the founding director of “Kentron” real estate agency, notes that he agrees with the Cadastre Committee’s concerns, as there are numerous problems in the sector. According to him, there were previous regulations that didn’t yield any positive results and only created additional corruption-related expenses for market participants.

Details in the video.