New government agency will regulate property market
Property Market Agency will regulate the property market and protect real estate agents, property consultants and brokers, and property intermediaries, while also creating standards for brokerage and related services
Justice Minister Jonathan Attard on Monday presented the second reading of a Bill which will establish the Property Market Agency.
The agency will regulate the property market and protect real estate agents, property consultants and brokers, and property intermediaries.
The bill also proposes that workers in the sector would be licensed, as well as create standards for brokerage and related services in the property sector.
Addressing the House, the justice minister said the authority provides for reorganisation of the sector, and is to submit proposals and recommendations to government on national policy with regards to intermediaries in the property market, considering Malta's situation and requisites from time to time.
He said it would be participating in discussions on planning development, economic policies, and survey the property market either directly, or by commissioning professional studies.
The agency would also be organising promotional and education campaigns related to the sector.
Attard stated that the agency would consist of a Board and a Directorate, with the Chairperson serving as the agency's legal representative. However, the Board has the authority to appoint the CEO or a member of the Directorate to act on the agency's behalf in any judicial proceedings.
The Deputy Chairperson of the Board, appointed by the Minister, will assume all the functions of the Chairperson in their absence. Board members are to be appointed for a three-year term, with the possibility of reappointment.
The minister said the Bill will benefit seller, buyers and the market itself.
PN MP Stanley Zammit remarked that while the PN will support the government's Bill, the discussion should also address the added value to property and the high property prices across the island.
He stated that the Bill needs to be refined as much as possible, so that what is written can truly become a reality, leading to less bureaucracy, less time-wasting, and increased peace of mind for individuals, as well as enhancing property quality.
Zammit continued that the Bill must prioritise increased knowledge and studies about the sector to genuinely improve the quality of the property market.
He criticised the government for resorting to cheap labour in the development sector without a real plan, resulting in "ugly and inferior buildings" and high prices.
Lands Minister Stefan Zrinzo Azzopardi, who initially worked on the Bill, stated that once the agency is established, he is confident that the government can proceed with drafting a Bill to clarify property owners' responsibilities regarding the care of their buildings, especially when the structure is in a dangerous state.
The Bill was passed through to the committee stage.
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