No more commission from two parties. The ministry wants to crack down on intermediaries

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The Ministry of Development wants to introduce regulations that will prevent real estate agents from charging commissions from both parties to the transaction. Minister Waldemar Buda, in an interview with RMF FM, also confirmed that work is underway on a website that will publish real estate transaction prices. He believes that this will result in lower housing prices.

Everyone who rented or bought an apartment with the help of an agent has probably encountered such a situation: the agent agreed to meet the client at the apartment building, but stipulated that he would show the apartment only after the customer signed a contract in which he agreed not to try to communicate contact the owner, bypassing the intermediary. Or he collected a commission from the buyer or tenant and did not want to clearly declare whether he also collected a commission from the seller/landlord.

The Ministry of Development and Technology has decided to put an end to situations in which an intermediary charges a commission from both parties to the transaction. Minister Waldemar Buda immediately explained that the ministry he heads does not intend to regulate the amount of the commission. “Let the market regulate it, but there cannot be such a pathology that we represent both sides and receive twice the remuneration,” he said.

When will the real estate price portal launch?

In March, Minister Buda announced that a special website with information on real estate transaction prices would be created. Notaries will provide current data. The minister argues that thanks to the dissemination of knowledge, buyers will be able to negotiate better prices. – There will be an indication of the town, district, area and price of the property – announced the minister.

RMF FM asked how work on the price comparison website was going. – It will start at the beginning of the year because it requires statutory changes. This is a very interesting tool for people who are interested in the housing market and want to buy or sell, said Waldemar Buda.

He recalled why, in his opinion, such a comparison site has a chance of lowering prices.

– To know how much apartments actually cost. Because today there is a bubble in which we see offer prices, and on average the offer price is overestimated by 7%. in relation to the transaction price. And it would be good for someone who buys an apartment to know that in Mokotów an apartment built in the 1990s with such surface parameters costs PLN 450,000 or PLN 600,000. zloty. Because there will be advertisements that are prohibitive and the price will then be matched to them. This will bring down the price very nicely and stabilize the market, added the minister.

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