Chris Agius, parliamentary secretary for construction, has declared that all those working in Malta’s property sales sector must notify the Real Estate Board by mid-September to obtain a license which will be mandatory from the beginning of 2022.
Property brokers and agents will be required to use a licence to operate, emerging from last years law which forces anyone working in the sector to train and obtain a licence.
Discussing the uptake of the application process so far, Mr Agius stated that to date, 1,500 people have shown an interest in applying for a licence, though another 1,000 people working in the sector have not yet kicked off the process to be licensed.
“I am seeing there are about 2,500 to 3,000 persons working in this sector, and we are appealing to those who have not fallen into line to ensure everything is in place and see the online application with the Real Estate Board for the eventual issuing of their licence”, he said.
Aspiring licensees are able to study to receive the licence, which lasts five years, at eight schools in Malta, the parliamentary secretary added.
Those who haven’t contacted the Board by mid-September will not be guaranteed a licence to operate by the beginning of the year, and will thus be liable to incur considerable administrative fines should they continue operating without a licence, Mr Agius said.
According to the Real Estate Agents, Property Brokers and Property Consultants Act of Malta, which came into force on 7th July 2020, no person shall carry out the activity of a property broker or real estate agent, or be engaged as a branch manager or property consultant after 31st December, unless they hold a licence to do so.
In January, Mr Agius announced the launch of a dedicated website for individuals to declare intent or apply to receive a licence.
To obtain a licence to act as a property broker, real estate agent or branch manager in Malta, one must fulfil the following conditions:
For property consultants:
Should a person satisfy the conditions listed above, they may not apply or obtain a licence under the Act if they are:
The law was introduced as part of a drive to harmonise the property market in Malta.
The new rules come into effect from 1st January 2024
Only competent authorities or subject persons will have access to information on Beneficial Ownership
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