That's a very odd phrase; I don't know what it means. Where did you find it?
The only other hit a google search turns up is a Czech publication.
I don't think 'real estate' is ever hyphenated, and I wouldn't use any hyphens in that phrase. But again, I don't know what the phrase is supposed to mean.
I'd say no to hyphens. If you're talking about the sector of industry responsible for the registration of real estate, it should make sense to your readers. Perhaps "real estate registration sector" if that's appropriate.
Since we're on the topic of hyphens, I thought I'd ask this: isn't the term "quality management system" (Quality management system - Wikipedia, the free encyclopedia) ambiguous? It can mean two things: the management system is of quality or there's a system of quality management.
Since we're on the topic of hyphens, I thought I'd ask this: isn't the term "quality management system" (Quality management system - Wikipedia, the free encyclopedia) ambiguous? It can mean two things: the management system is of quality or there's a system of quality management.
"Quality management" would only be interpreted as "management of high quality" by someone who's never been in business, or if the context completely ruled out the common meaning. Maybe, "They have such high quality management in that company" could be called ambiguous.