Estate agents applaud ‘elevation of professionalism’ promised by new Property Market Agency

The Estate Agents Section of the Malta Development Association (MDA) has welcomed the launch of a new Government agency regulating property market intermediaries, estate agents, property consultants and brokers.

In a statement released on Wednesday (today), head of the Estate Agents Section (EAS) of the MDA Michael Bonello congratulated and thanked Minister Jonathan Attard for successfully piloting the new law through its second reading in Parliament, adding that the association looks forward to see its expedient implementation.

Importantly, the new agency will be tasked with enforcing estate agents’ licensing requirements, introduced in 2022.

“As all our estate agency members have invested substantially in training and supporting their managers and agents to achieve their licensed status, we applaud the Government’s continued commitment to elevate the level of professionalism in our sector,” read the statement.

“It is this kind of close collaboration that can ensure the highest standards are maintained across the board, for the benefit of everyone working in this industry and the general public.”

The statement follows the second reading of a bill setting up a Property Market Agency in Parliament on Monday.

The agency aims to bring more regulatory oversight to a sector that has thus far been treated with a light touch.

Among its duties, the Property Market Agency will make recommendations to Government on policy matters related to property market intermediaries, monitor the property market and act as a regulator.

It will also promote educational campaigns, promote and coordinate the training of persons working as property intermediaries.

“We look forward to work directly with the new agency to support its regulatory functions, assist it in putting forward recommendations to the government on property market policies and standards, as well as in discussions leading to development planning,” said Mr Bonello.

“We hope to have the opportunity to support the agency’s educational campaigns and promote and coordinate the training of persons working as property intermediaries.”