10. The Real Estate Management Bill 2023

The Real Estate Management Bill 2023 seeks to address issues such as fraud, consumer protection and unethical practices in the real estate sector.

Quick link: http://www.parliament.go.ke/sites/default/files/2023-08/The%20Real%20Estate%20Regulation%20Bill%2C%20No.%2035%20of%202023.pdf

· Key Provisions in the Bill include:

• Clause 4 of the Bill establishes the Real Estate Board as the regulatory authority tasked with the licensing of real estate agents, regulating and registering real estate projects and prescribing standard fees and charges to be levied by real estate agents and developers.

• Clause 26 of the Bill which prescribes the requirements for registration as a real estate agent in Kenya which includes the person being a citizen of Kenya and possessing a degree in real estate and its equivalent.

· This will promote professionalism and weed out fraudsters.

• Clause 27 of the Bill precludes a real estate agent from engaging in unfair trade practices which include false representations as to the standard or grade of particular services, publication of any advertisement for property that is not intended to be offered, false or misleading representation concerning the services rendered or offered or representation that the real estate agent has approval or affiliation which they don’t have.

This is meant to protect consumers resulting in increased consumer confidence in the real estate sector.