Licensing of Real Estate Operators

Jul 26, 2021

Parliamentary Secretary for Construction Chris Agius launches a call for intermediaries in real estate to apply for the necessary licenses 

Real Estate operators have until September 17 to apply for their license, valid for a five-year period, in order to be allowed to operate from next year. 

Parliamentary Secretary Chris Agius warned that applications submitted after that date may not be processed in time for the January 1, 2022 deadline when licensing rules included in the Real Estate Agents, Property Brokers and Property Consultants Act come into force. No person shall carry on the activity of a property broker or real estate agent or be employed or engaged as a branch manager or property consultant after the 31st of December 2021 unless he/she is the holder of a license issued under the Act.

According to the law, any real estate agent or property broker operating without a licence as of next year can be fined €20,000. “Occasional operators” who are involved in no more than four transactions annually, are exempt from the licence requirement.

The Act came into force on the 7th July 2020 and regulates the licensing of real estate agents, property brokers, property consultants and branch managers in Malta. This law is certainly a crucial step in harmonising the involvement of persons acting as intermediaries in the process of negotiating and arranging transactions involving the acquisition, sale or rental of land with the clear intention of ensuring that consumers are guaranteed the necessary protection needed.

Many agents in Malta have already undertaken licensing courses. Agius noted how all those interested in a license were to have declared as much by 31 March, and that around 1,500 had done so.
 
Licence Application Forms may be accessed directly through its online portal: https://realestateregistration.gov.mt

 

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