The regulation of estate agents

Abstract

This paper traces attempts to create a regulatory framework for the carrying on of estate agency work in Malta and on relevant developments overseas. An initial proposal published in 1991 was not followed up but in early 2016 government published a new White Paper and draft law on the subject - Malta's Property Code and Regulations. The authors analyze critically these latest proposals and argue that the draft law is deficient in various ways. They comment on the role and powers of the proposed new regulator and the grave anti-competitive issues that it may give rise to. The apparent inaction of Malta's consumer and competition agency is also highlighted. Finally, the paper comments on the comparative dimension and briefly describes differences in the regulatory approaches adopted by the European Union, United Kingdom and in Australia. The difficulties encountered by Cyprus arc also looked into.