NewsAt the public debate, the draft law on mediation in traffic and...

At the public debate, the draft law on mediation in traffic and rental of real estate

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The Ministry of Economic Development and Tourism (MERT) submitted for public debate a draft law on mediation in traffic and rental of real estate, which should bring order to this activity.

According to the general director for the internal market and competition, Jasna Vujović, the initiative for the adoption of this law came from the group for real estate trade within the Board of Trade Associations of the Chamber of Commerce (PKCG), bearing in mind that until now this area was not adequately regulated by law.

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“The existing legal regulation gives only general guidelines for the performance of the activity in question, leaving a large number of institutes and elements to the market to self-regulate, which contributes to legal uncertainty in this area”, said Vujović, adding that this law is of particular importance considering the rapid development real estate market in Montenegro.

By adopting that law, as she stated, conditions will be provided for raising the quality level of mediation services in accordance with EU standards, and this will contribute to the development of the real estate market and strengthening the competitiveness of economic entities in this sector.

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“Companies and companies that are registered for the sale of real estate are threatened by the competition of unregistered citizens who are engaged in the same activity without any responsibility for omissions during sale. Also, in such an unregulated real estate market, a large number of buyers are at risk due to the lack of complete information about real estate that is in circulation, as well as the lack of responsibility of persons dealing in real estate transactions if the sale contract is not implemented, so the provisions of this law protect consumers and prevent are misused in this area”, explained Vujović.

In addition to the fact that a high level of legal security will be provided for all participants in mediation when trading or renting real estate, it will also have an impact on the reduction of the gray economy, which, according to Vujović, is extremely present in mediation activities. At the same time, it will strengthen the competitiveness of this sector, which is currently underdeveloped and cannot compete with companies from the EU.

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