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NewsMontenegro's drive for transparent and regulated real estate practices

Montenegro’s drive for transparent and regulated real estate practices

The finalized draft of a new law governing real estate brokerage, aimed at instilling greater order in this sector, has now concluded and is currently undergoing interdepartmental review. It is scheduled to be presented to the Government in May and subsequently to the parliamentary members in the Assembly.

Veselin Dragaš, President of the Real Estate Agencies Group within the Chamber of Economy of Montenegro, anticipates that this legislation will be enacted by autumn, or at the latest, by the year’s end, as he conveyed in an interview with RTHN.

Key provisions of the forthcoming law include the mandatory licensing of agents. This entails the completion of specialized training and the successful passage of a professional examination to demonstrate competence in brokerage services. Moreover, agencies will be obliged to secure liability insurance, ensuring that clients have recourse in the event of damages incurred during transactions.

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Another significant aspect is the establishment of an online registry of licensed agents, a directive assigned to the Ministry of Spatial Planning, Urbanism, and State Property.

To enhance transparency and safeguard against unscrupulous practices, the law will require that all advertisements include the license number or company registration details of the agency. Dragaš emphasizes the prevalence of illicit actors falsely representing themselves behind non-existent companies, necessitating stringent measures to curb such behavior.

The eradication of unregistered intermediaries is deemed essential not only to eliminate unfair competition but also to bolster Montenegro’s reputation as an attractive investment destination.

Dragaš advocates for a legislative approach informed by the practices of more developed nations, cautioning against the bureaucratic pitfalls that have stymied progress in the past, such as the protracted process surrounding the Law on Legalization of Objects, which has left numerous properties in legal limbo.

By benchmarking against the regulatory frameworks of countries in the region, Europe, and the United States, Montenegro aims to align its business standards with those expected by international investors, thereby fostering confidence and facilitating economic growth.

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