Laws on real estate, public housing ready

The Executive Council (CE) yesterday launched three draft laws on real estate, public housing and the long-awaited legal framework for the renovation of old neighbourhoods, but details will only be given today at a press conference.
The spokesperson for the CE, Leong Heng Teng, said that the law on real estate is aimed at “effectively ensure the stability, security and transparency of property transactions”. It is one of the measures launched last year by the secretary for Transport and Public Works to curb market speculation.
The draft law gives the Housing Bureau (IH) powers to oversee the real estate intermediaries and their activities and spells out the individual obligations and rights of real estate agencies and brokers. It establishes that real estate agents and brokers have to hold at least the senior secondary level of education and a professional license from the Labour Affairs Bureau (DSAL) to operate.
“It will improve real estate agents’ professional skills,” Leong pointed out.
Once the law is enacted agents will be required to attend a professional course for real estate professionals organised by the DSAL in order to renew the licence. If they pass the course, professionals will get a license valid for three years. Agents with any criminal or administrative offense reports will not be able to apply for the license.
The law includes exemptions for experienced real estate agents and brokers. License holders working in the business for at least three years in a row are exempt from holding the senior secondary level of education. In addition, agents working in the business for more than five years in a row, aged over 40, who have attended the DSAL’s course are exempt from the new education requirements.  However, no more than one year can have passed since issuance of their license and the DSAL certificate.
Leong said that the Government is expecting 1,300 people to attend the DSAL course after the law comes into force. He also pointed out that according to the latest official data, in 2007, there were 2,000 real estate agents and 875 agencies in Macau.
Yet, in October last year, the Finance Services Bureau collected taxes from 4,200 real estate agencies and 7,902 agents. Leong added that the Consumer Council reported that there are 886 real estate agencies holding the certified shop emblem.
This morning, the IH is expected to share more details on the draft law on construction and selling of public housing. It spells out requirements for application for social and affordable housing but does not include details on the income ceiling on affordable and social housing applications. Leong said that these will be set up later by the Chief Executive.
“There are opinions saying the cap on a two-member household should be from MOP 25,000 to MOP 30,000,” he said, adding that the selling price of affordable housing may also be around MOP 1,100 per square foot, as has been previously proposed by the Public Housing Affairs Committee.
Next week, the Lands, Public Works and Transport Bureau will talk about the legal framework for the renovation of old neighbourhoods. The overhaul of the old districts was first announced in 2004. Since 2005, a specialised committee has been discussing the bylaw to improve districts like Iao Hon and Fai Chi Kei.