The Macau government put its proposal for a law to regulate the real estate brokerage sector out to public consultation, which will require agents to be registered and to pass an examination.

The Macau real estate sector has attracted real estate agencies from Hong Kong to Macau and led to the opening of several specialized companies, which will now be subject to regulation.

The high demand for housing and retail and office space sue to the economic growth driven by gaming and gambling liberalization, has made prices rise sharply over the last few years.

The diploma, despite including a three-year adaptation period, which will be under public consultation until mid March, aims to introduce rules into the real estate brokerage sector and ensure impartiality of those in the rental and sales market.

As well as licensing of real estate agents, agencies will also require licenses and have someone on their board with the respective license, which will only be granted after an examination.

With the new law, real estate agents will have to have written contracts for their brokerage services including all the details of the agreements they have with customers, in an activity regulated by the Housing Institute, which may apply sanctions if rules are broken.

Reprinted with thanks :: MacauHub

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