From: Alice Taylor
Albanian Real Estate Agents to be Subject to New Law

Albanian real estate agents are set to be subject to a new law, according to the Ministry of Justice.

Minister Etilda Gjonaj held a public consultation with representatives and stakeholders from the industry, on the draft law “On real estate brokers.”

“For the first time we have a legal framework for real estate intermediaries in order to regulate and formalize the real estate sector and especially to guarantee a safer service for the citizen,” she said.

Gjonaj added that “this initiative also comes to fulfil the obligations that Albania has undertaken through engagement with the Financial Action Task Force (FATF) and MONEYVAL to strengthen the fight against money laundering.”

“Not only in Albania but also in other countries, real estate agencies and brokers, together with notaries and other categories are considered as important factors where control mechanisms for the legality of their activity play a key role in preventing money laundering,” she continued.

Also, Gjonaj said that “with this draft law, we aim at the certification of real estate intermediaries, their rights and obligations, inspection mechanisms, as well as registration in a special register. This act will also serve to regulate and moderate the sector, as well as will enable fair competition between entities by regulating informality in the field of real estate.”