Govt launches real estate regulatory framework for public consultation

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The government announced the launching, for public consultation, of new draft regulations aimed at streamlining those persons acting as intermediaries in the process of negotiating and arranging transactions involving the acquiring or leasing of property.

The Parliamentary Secretary for Lands and Construction Chris Agius launched the new draft.

In a press statement, Parliamentary Secretary Agius said that through this act, issued for public consultation,  intermediaries will have to undertake mandatory training in aspects of law, financial and technical issues related to property.

Agius said that this legal instrument will establish a regulatory framework requiring real estate agents, branch managers, and property consultants to work for real estate agents as well as property brokers to be licensed. He also said that the stakeholders themselves have been insisting throughout the years on the importance of a regulated sector driven by qualified people.

Chris Agius also said that this will be a benefit to the real estate market but also to its customers, the buyer and the seller.