[WATCH] Developers hit out at ‘far-fetched’ proposal to jail unlicensed real estate agents

Developers hit out at proposal to jail unlicense estate agents

A proposal in the White Paper for Malta's property code and regulations has received the thumbs down from various stakeholders after it was suggested that unlicensed real estate agents should face imprisonment. 

Meeting with parliamentary secretary for competitiveness Jose Herrera, president of the Malta Developers Association Sandro Chetcuti said that real estate agents were the middlemen whom clients trusted to secure the best deal with property owners.

"We no longer look at property negotiators as going after our commission but as our negotiator," he said, adding that regulations would help solidify this trust.

Chetcuti added that suggesting imprisonment for unlicensed agents was "far-fetched" although fines should be retained.

He added that the white paper needed fine-tuning after property broker felt they were being kicked out.

Chetcuti said the legislation would be a step in the right direction, incentivizing those who worked genuinely. He praised the market as being driven by demand, with foreigners also looking for high-end property. 

Herrera acknowledged that there was a need to safeguard the role of real estate agents, adding that the parliamentary secretariat received 60 submissions since the launch of the white paper for consultation.

Douglas Salt, president of the Federation of Estate Agents, said they were working on a code of ethics for agents.