A government agency set up to regulate the activities of property market intermediaries, real estate agents, property consultants and brokers was launched on Tuesday.
The Property Market Agency will also be tasked with making recommendations to the government about a national policy on property market intermediaries and issuing standards linked to brokerage and related services in the property market.
Among others, it will also participate in discussions leading to development planning and will monitor the market.
Justice Minister Jonathan Attard told those at the official launch that the new agency will serve as the primary regulator for intermediaries and operate under a fresh regulatory framework designed to enhance protection for buyers, sellers and market operators.
“The implementation of this new regulatory framework addresses existing legal gaps, introduces clearer professional standards, and ensures that the sector operates with greater ethical responsibility.
"This initiative complements the government’s broader efforts to strengthen public confidence in a market that holds significant economic and social importance for Maltese families,” he said.
CEO Joe Deguara added that the agency’s primary objective was to provide consumers with the necessary knowledge and assurance to navigate the property market with confidence.
Some of the agency's functions:
- Regulate and oversee the property market
- Provide training and development programs for intermediaries
- Encourage and coordinate industry research
- Conduct public awareness campaigns to educate consumers
- Offer easily accessible resources that explain legal procedures and market conditions
- Promote ethical business practices that prioritise consumer protection and fair treatment