Property brokers
to acquire official IDs

Real Estate Syndicate supports modernization of the Registry

Official identifications will be issued by the Ministry of Economy and Trade (MoET) to brokers and consultants who are members of the Real Estate Syndicate of Lebanon (REAL).

REAL Chairman Massaad Fares said: “This will help prevent intruders from trespassing into the real estate profession and help customers know whom to deal with.” The protocol is currently being examined by the State Shura Council before being ratified by MoET and published in the Official Gazette.

“Our foremost concern has been to organize the real estate brokerage profession. This calls for a clear and studied law, and we have already begun working on a trade union bill,” said Fares.

Fares voiced his support for the anti-corruption measures taken by the Ministry of Finance (MoF), in regards to the real estate registry. He further suggested that the the computerization of the real estate registry be completed, electronic transactions adopted, procedures simplified, and mechanism for property valuation be developed.

REAL had recently signed a cooperation convention with the U.S. National Association of Realtors (NAR).