What Changes for Buyers and Developers
Under the new rule, construction companies will not be able to carry out a number of actions until the foundation and underground utilities stage is completed. This applies not only to sales but also to raising funds from individuals and legal entities.
Main Restrictions
- Apartments and non-residential premises in new buildings may not be sold
- Preliminary contracts are prohibited
- Raising funds from individuals and legal entities is not possible
- Advertising of such properties is prohibited
Purpose of the Restrictions
The Ministry of Construction, Architecture and Housing and Utilities explained that the restriction is aimed at protecting citizens' rights and minimizing the risks associated with investing in properties whose construction has not yet fully begun.
Monitoring Compliance
Compliance with these requirements is monitored by the Department of State Architectural and Construction Control under the Ministry. The department is currently conducting outreach with heads of construction companies, warning them against violating the law.
According to the Ministry of Construction, Architecture and Housing and Utilities, the introduction of these restrictions is intended to protect the financial interests of citizens and reduce the risks associated with properties at early stages of construction.
