ArmInfo. The Armenian real estate market will be regulated using new mechanisms and electronic platforms. At its November 5 meeting, the National Assembly's Committee on Economic Affairs approved the amendments to the Law "On Real Estate Activity" and a package of related documents submitted by the Armenian government for the second reading.
Presenting the package, Real Estate Committee Chairman Suren Tovmasyan noted that the initiative proposes regulating the content of real estate listings. After the laws enter into force, listings for sale on official online platforms must be verified in the Committee's electronic journal. This requirement, which will come into effect after 2027, stems from the fact that a large number of properties listed for sale have document issues, placing buyers in a difficult position. The proposed initiative aims to make the real estate market more transparent. The bill, in particular, plans to create a unified information database of real estate objects subject to purchase and sale, which, according to the authors of the bill, will make it possible to monitor transactions, ensuring the publication of reliable information on real estate sales websites.
Another amendment concerns the introduction of the professional realtor system, which will require a license and the use of an electronic system. In this regard, the RA government plans to adopt a number of decisions, including on the procedure for conducting examinations for realtors. After the first reading of the proposed package, it was established that realtors must have a higher education. However, for the second reading, an amendment was introduced to the document, according to which individuals without a higher education will also be eligible to practice as realtors by 2027 if they attend specialized seminars and courses for three years. However, starting in 2027, only realtors with a higher education must operate in the market.
Furthermore, all websites with real estate listings must be integrated into a unified database. It is also envisaged that property can be transferred to a condominium manager, who will manage the property for a fee, including through leasing.
It's worth noting that after the first reading, the expert community sparked a heated debate regarding the proposed package. Specifically, industry experts point to the odd requirement that mentioning a view of Mount Ararat cannot be included as a selling point in a real estate listing, as a specific listing format with clear and specific descriptions will be established. They also point out that the country lacks a university that trains specialists in this field.
