Around 36,000 people are working illegally as intermediaries in Greece’s real estate market, while the number of legally registered professionals is approximately 6,500. The figures are an estimate by Lefteris Potamianos, chairman of the Association of Real Estate Agents of Athens and Attica. He is calling for stricter rules, a register of brokers and mandatory certification for the profession.
“With a single declaration on gov.gr, anyone can become a broker. That way, a friend, neighbor or acquaintance is given the right to open a property and show it to a potential buyer,” market representatives told Euro2day. According to them, the sector’s expansion in recent years has led to a situation that has spiraled out of control.
A register and examination for brokers proposed
Industry organizations want the profession to be placed within a clearer regulatory framework, similar to that governing insurance intermediaries. The proposals include a register that would allow clients to check whether a given intermediary is authorized to work, as well as certification through basic examinations.
In July, Lefteris Potamianos discussed the creation of such a register with Georgios Pitsilis, governor of the Independent Authority for Public Revenue. The issue was considered as a possible measure to curb unregistered activity. At present, however, no specific deadline has been announced for its introduction.
Sector representatives claim that despite contacts with the Ministry of Development, which is responsible for overseeing the profession, there has been no further progress on the matter. At the same time, some market participants believe that higher requirements from clients will gradually limit the role of occasional intermediaries.
What the current requirements are
Greek regulations require real estate brokers to be registered with the competent chamber of commerce and with the General Commercial Registry, GEMI. The brokerage agreement must contain the broker’s details, registration number, a description of the property and the amount or percentage of the agreed remuneration.
The law provides for imprisonment of between six months and two years or a fine of between €5,000 and €30,000, or both penalties simultaneously, for carrying out brokerage activities without meeting the necessary conditions and without registration in GEMI.
According to the industry, the problem is that oversight has difficulty reaching people who broker deals only once or present their activity as an informal service. This creates risks for buyers and sellers in transactions worth hundreds of thousands of euros, especially when the intermediary has no demonstrable qualifications or professional liability coverage.
Agencies are expanding their services
Against this backdrop, larger companies are trying to distinguish themselves through additional services. They use drone footage, high-resolution videos, 360-degree virtual tours and digital furnishing of properties with the help of artificial intelligence.
Some agencies are already offering technical and legal support, as well as assistance with the pre-approval of mortgage loans. According to market representatives, clients increasingly expect a comprehensive service rather than simply being shown a property.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg