Thursday, December 12, 2019
Relevance for and Impact on the Real Estate Industry
At the end of October 2019, the Berlin Commissioner for Data Protection and Freedom of Information imposed a fine of about EUR 14.5 million against a German residential real estate company for various violations of the EU General Data Protection Regulation (GDPR).
The fine is not yet legally binding but, reportedly, has been appealed. However, irrespective of the outcome of the appeal, the sanctioning measures taken by the Berlin Data Protection Commissioner show that GDPR compliance must be taken seriously by all companies in the real estate industry.
Relevance of fine extends beyond residential real estate companies
Given that the amount of the fine was calculated based on the company’s annual turnover, GDPR compliance is particularly crucial for residential real estate companies with large portfolios. As demonstrated in this case,
Continue reading this atricle at https://www.natlawreview.com/article/multimillion-euro-fine-imposed-german-residential-real-estate-company-violations-eu