The Senate has tentatively agreed that The Real Estate Regulation Bill, 2023, be presented before the House for a second reading on Wednesday, February 28.
In the Bill prepared by Trans Nzoia Senator Allan Kiprotich Chesang, real estate agents will be required to possess a degree before being granted a licence of operation.
Should they attempt to circumvent this requirement, they will be liable, upon conviction, to a two-year jail term.
“A person qualifies for registration as a real estate agent if such person is a citizen of Kenya and has a degree in real estate or equivalent from a university recognised in Kenya,” the Bill dictates.
“A person who contravenes commits an offence and is liable, on conviction, to a fine not exceeding five million shillings or to imprisonment for a term not exceeding two years or to both.”’
Senator Chesang in the Bill argues that Kenya at the moment needs a robust regulatory framework that will govern real estate agents and streamline real estate projects.
He adds that the sector which has an annual turnover of Ksh100 billion has been for long riddled with fraudsters.
Agents wanting to work in the industry will send their academic qualifications and personal details to the Real Estate Board for approval.
The agents will further be required to pay a fee which will be prescribed by the Board and subject to frequent revisions.
Once approved, agents will not be allowed to facilitate the sale or rent of any parcel of land, apartment or building in a real estate project which is not registered with the Board.
An up-to-date real estate portal will be established to facilitate the registration of real estate agents and projects.
This measure aims to safeguard Kenyans against falling victim to fraudsters selling non-existent property.
