Essential regulation of estate agents

Apart from the Satellite Dish Tax issue, one of the questions I am frequently asked is about estate agents who purchase properties they are supposed to sell on behalf of the owners to make an extra profit besides their commission.

There are too many speculating estate agents. Indeed, the prevailing property inflation we (consumers) are subjected to is a direct result of such a practice. The only solution to the problem is to regulate the sector making such practices illegal.

As Dr David Fabri wrote: "There is no specific legislation which regulates the activities of estate agents in Malta. This also means there is no public authority overseeing their activities. I have repeatedly pointed this out as a serious failing in our regulatory framework in public seminars and elsewhere."

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