The aims are :

• To ensure that the various policies and laws concerning this industry protect the interests of both the client and the related businesses
• To ensure that all business is conducted ethically between agents and their clients, as well as between the agents themselves
• To raise the standards of the real estate industry in Malta
• To secure the advancement and facilitate the acquisition of the knowledge requisite for the carrying out of the said business
  

It has been a very busy five months for the committee. On the lobbying front we had meetings with Tonio Fenech post budget for the amendment of the capital gains tax and are still lobbying for the removal of the five years to leave the choice open throughout the ownership of the property. We also had meetings with government on the possibility of a final withholding tax on rental income. This is in the light of recent actions by the tax compliance unit and also due to an increased demand for rental both by locals and foreigners. This increased demand will grow further due to property pricing and also projects like smart city that are bound to have a foreign element in their worforce. A final withholding tax will entice more people to put vacant property that they do not wish to sell up for rent.

We successfully lobbied for our commission to be exempt from the 12% withholding tax.

We have also met and written to the EU commission local representative on the removal of the clause in the AIP that prevents foreigners renting out their holiday home for periods of the year.

We have started an awareness campaign in the local media on the value for money and benefit of using an estate agent as opposed to paying 3% just to be on some magazine.

On the training front we have approached the Malta Institute of Management to set up a course for negotiators with an exam certification.

We will be calling an EGM for members to approve a code of ethics with an adjudication panel of non estate agents currently being identified to decide on grievances.

We are extremely fortunate that HSBC has tied up with us and they have shown a commitment to support agencies in any way that they can. In fact their loan literature will be carrying a leaflet produced by us in conjunction with them on the benefits of using an agency.