Parliamentary Secretary for Planning and the Property Market Chris Agius today announced that he intends to finalise the White Paper on the regulation of estate agents with the Malta Developers association by the end of the first quarter of this year so that a draft Bill can be presented to Parliament.
Mr Agius was speaking during the launch of the Estate Agents Section (EAS) within the MDA, which represents the owners of 70 estate agent offices around Malta and Gozo. Since being appointed parliamentary secretary, he added that he had built a strong relationship with the MDA and was meeting the MDA board regularly to discuss how the sector can grow but also how to safeguard the environment.
MDA President Sandro Chetcuti introduced the proprietors of the new Estate Agents Section, explaining the need for professionalism to meet the top standards required in the property market. Collaborating with the new section, the MDA will be giving its views during the public consultation on the Individual Investor Programme in the coming weeks.
The Association was in favour of the extension of the IIP so long as the rental and purchase thresholds are increased so that the local residential market will not be eroded by foreign IIP investors. He explained that property values had increased in the past four years and it was important that those investing in Malta through the IIP should be directed towards high-end property.
Douglas Salt, who is heading the EAS, said there had been several efforts to unite the various estate agencies in the past and now, in the MDA, they had found a body that would drive higher levels of professionalism. There were excellent synergies between the estate agents and the construction industry, which would benefit both sides.
Chris Grech said it was important for all the estate agencies to be organised within the MDA which up till now has proved itself as the largest and most effective lobby group representing the building industry. The estate agents’ service needs to be reflected in the delivery of a high level of professionalism that would benefit the country.
16 February 2018