The Minister for Justice and Construction Sector Reform Jonathan Attard had a meeting with the real estate section within the Malta Developers Association (MDA), where they discussed the implementation of the law that was approved unanimously in Parliament, on the establishment of an Agency on the Property Market. The meeting served to pave the way for the necessary work to be done on various aspects arising from the new law.
“This law was based on the consultation with the stakeholders in the sector and its implementation must also be done with a dialogue with the stakeholders. Therefore, we look forward to continue strengthening this dialogue to see that standards continue to rise in this sector and this is in the interest of all those who sell, buy or rent property,” stressed the Minister Attard
The Property Market Agency will be set up with the aim of acting as a regulatory Agency on property intermediaries as it will also be assuming the functions carried out until now by the Licensing Board .
The Minister reiterated that although the primary function of this Agency is a regulatory one, it will also play the role of promoting effective communication and coordination between government and private entities involved in the property sector. .
“I therefore invite for the discussions between the parties to start from now to ensure that we maximize the tools that this law is providing, not only in terms of designing and updating the policy, but also in terms of educational programs and data analysis that is available in the sector”, concluded Minister Attard.
Head of the Estate Agents section within the MDA Michael Bonello said that he believes that these meetings are very important and described the meeting as another step forward on the road – good towards the implementation of the establishment of the Agency.
Also present for this meeting was the Chairman of the Property Market Licensing Board Dr Ian Borg and the President of the Malta Developers Association Michael Stivala, among other members.
