The process of identifying illegal constructions in the real estate market and putting an end to them has a dual impact on the sector's development — both negative and positive. On one hand, the increase in such cases reduces buyers’ trust, instilling caution towards the market. As a result, not only new entrants but also well-established companies with years of experience may come under suspicion.
Paving the Way for Security and Transparency
However, the positive aspects of this process are much more significant. Systematic monitoring of illegal properties ensures market safety and prevents potential negative incidents in the future. This approach increases transparency within the sector:
- Honest developers begin to strictly comply with laws and regulations;
- Buyers start to thoroughly investigate properties before investing their funds.
Ultimately, trust in legally constructed housing increases, leading to a more stable and healthy real estate market.
How to Verify Developers?
Every citizen planning to buy a new apartment should focus on the following aspects:
1. Company Reputation and Experience: How many years has the developer been operating in the market? How many projects has it successfully completed and delivered?
2. Construction Permit (RQS): This is the most critical document that confirms the legality of the construction. Ask the managers for the original or certified copy of the permit and check its validity.
3. Project Passport: Typically placed at the entrance to the construction site, this board must provide detailed information about the project, timelines, and executor.
4. Land Plot Status: The developer must present the necessary documents verifying ownership or lease rights to the land.
Legal Protection and New Mechanisms
“Cleansing” the real estate market should not rely solely on government oversight. Buyers’ legal awareness and the introduction of modern protection tools play a crucial role:
- Escrow Accounts: Wider implementation of this system ensures buyers’ funds are securely held in a bank until the construction is complete. If the developer fails to fulfill its obligations, funds are returned to the buyer.
- Developer Ratings: Maintaining a rating of honest and responsible companies helps buyers make informed decisions.
- Digital Platforms: It is necessary to create open and convenient databases allowing citizens to verify the legality of properties online within seconds.
As a result of these comprehensive measures, the risk of illegal constructions will decrease, and public trust in developers will reach a new level.
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