Minister, MDA discuss preparatory works to establish Property Market Agency regulator

The Minister for Justice and Reform of the Construction Sector, Jonathan Attard, met with the Estate Agents section of the Malta Developers Association (MDA) to discuss how to best implement a unanimously approved Parliament Bill that includes establ

By: independent.com.mt

Jul 22 2024
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Minister, MDA discuss preparat

In this meeting, the Minister spoke with experts to see what works must be considered and done in order to meet the various aspects emerge from this new law. This law was based on a consultation the government held with stakeholders in the sector.

"We look forward to strengthening this dialogue to ensure that the standards in this sector continue to rise," he said, adding that "this is in the interest of all those who sell, buy, or rent property."

The agency for the property market will be set up with the purpose of acting as a regulatory agency to property intermediaries. It will also assume the functions currently carried out by the Licensing Board.

Minister Attard stressed that in conjunction with being a regulatory agency, this agency will also have the role of promoting effective communication and coordination between the government and private entities involved in the property sector.

The Minister called for these discussions to commence with the relevant parties with immediate effect "to ensure that we maximize the tools that this law is providing - not only in terms of designing and updating policy, but also in terms of educational programmes and data analysis that is available in this sector."

The head of the MDA's Estate Agents section, Michael Bonello, highlighted the importance of these meetings, describing this latest one as "another step forward" in the road for the creation of this agency.

The Chairman of the Real Estate Licensing Board, Dr. Ian Borg, and the President of the MDA, Michael Stivala were also present for this meeting, alongside other MDA members.