International Real Estate Associations and Bodies

The number of overseas property companies, estate marketing overseas and international developers has mushroomed over the last few years in line with buying abroad becoming increasingly popular. When a lucrative market experiences rapid growth it inevitably will attract a rogue element. This comes in many forms, but agents or individuals taking monies and then disappearing leaving the buyer with nothing is a horror story everyone has heard. The answer to fraud in most industries is to set-up a professional bodies or trade association to self-regulate, represent and endorse its members.

The need for an Overseas Property Real Estate Association

After visiting a trade exhibition in December 2005, I came across the stand of a new Association being set up for the overseas property industry. The Assocation of International Property Professionals states on its website “The AIPP is about standards in the industry and bringing those to the attention of the public. The buying public will look for the AIPP stamp of approval. When anyone sees the AIPP’s logo, they should feel confident about doing business.”

From the timeshare scandals of old to the recent property scandals, here at Nubricks we believe the overseas industry is badly in need of an honest voice, so will the AIPP be the answer??

So what does the AIPP stamp signify?

They have a “Code of Conduct” on their site, which outlines many of the problems related to overseas property. In practice though, I feel that policing this industry is a big job, given the number of constrasting inter country regulations which is only set to increase a new emerging markets start to welcome foreign investment. The success of the AIPP hinges on its ability to build its profile through publicity and raise awareness of good industry practice which in turn is taken on board by overseas buyers. I think the concept is good, so lets hope they can drive standards up.

In our blog post about choosing a good overseas property agent we pointed out that trade associations and professional bodies vary in practice. The purpose of listing professional ly recognised bodies below is to help you make a more informed choice when selecting your overseas property professional whether they be self-employed or a multi-national organisation.

Remember professional membership is not necessarily a guarantee of quality service for the consumer or that you will be lawfully entitled to any compensation in the advent any member malpractice, they may however offer advice and assist with meditation of a complaints process.

It is essential that potential buyers investing abroad understand that each country has its own laws, rules and regulations regulating the sale and purchase of its real estate. In France and the United States for example real estate brokers are required by law to sit professionally accredited exams to obtain a licence to practice. The UK and France however, along with many other European countries do not have this prerequisite.

You may find it useful to know more about best practice in the UK estate agency industry as a starting point.

The National Association of Estate Agents is the largest professional body for estate agents in the UK although a number of international agents also belong to this association.

Many estate agents are also members of The Royal Institution of Chartered Surveyors.
The Ombudsman Scheme for Estate Agents is an independent body set up to protect consumers and a number of professional bodies also encourage their members to subscribe to the Estate Agent’s Code of Practice, which guards against discrimination, deception, and dishonesty.

Here are professional bodies specifically related to Overseas, International and European property:

AIPP The Association of International Property Professionals
FOPDAC Federation of Overseas Property Developers, Agents and Consultants

A selection of real estate assocations based in Europe and Worldwide

International Confederation of European Real Estate Agents
The International Real Estate Federation
European Estate Agents Union

Cyprus Cyprus Real Estate Agents Association
(email: yianna@ccci.org.cy telephone: +35 7253 67 467)
France Federation Nationale des Agents Immobiliers et Mandataires (French only)
Syndicat Nationale des Professionnels Immobilier (French only)
Union Nationale de la Propriete Immobiliere
Greece Hellenic Federation of Real Estate Agents (requires Greek fonts installed)
Italy Federazione Italiana degli Agenti Immobiliari Professionali
Portugal Associacao Portuguesa das Empresas de Mediacao Imobiliaria (Portguese only)
Spain Association Profesional de Gestores Intermediarios en Promociones de Edificaciones
Agentes de la Propiedad Inmobiliara (Spanish only)
Turkey Istanbul Chamber of Real Estate Commission Agents (tel. +90 2123 270 061)
USA National Association of Realtors

If you know of any other international bodies or associations related to real estate, feel free to add to the comments at the bottom of this blog post.