Benjamin Grech, CEO at Engel & Volkers Sara Grech, is “over the moon with the law to license real estate agents”.

Mr Grech reacted to an announcement today by Parliamentary Secretary for Lands and Construction, Chris Agius, that in the coming days, a law will come into force providing for the issuance of a license for real estate agents, real estate brokers and real estate consultants.

“This gives the industry an opportunity to work more closely together and improve the standards of an agent; both ethically and professionally,” he added.

Mr Grech has supported the idea of regulating agents working in Malta’s real estate sector since its inception, saying it seeks to level out the playing field and bring more of a standard to the agents who are involved in the industry.

“I think this gives us the opportunity to consolidate and upskill our team. The full Engel & Völkers team have almost completed the training program level 4 requirements as I write this.”

The law will require any person who is involved as an intermediary in the sale of property to be licensed, except for those who do not carry out more than two transactions per year.

Every person who will be working as a property agent, property consultant, branch manager and property broker must have a certificate showing that they have attended a course at an accredited institution with at least 12 or 8 ECTS at level 4. Each licence shall be valid for five years and may be renewed if the licensee meets the criteria required by the Board.

The approval of the law in Parliament follows months of meetings with the main stakeholders in the sector, the FIAU and even MCAST, together with a public consultation process.