White Paper proposes more 'professionalisation' of real estate sector

Economy minister Chris Cardona says government is committed to further diversification of the economy.

Parliamentary Secretary Jose Herrera and Economy Minister Chris Cardona at the Gvern li Jisma public consultation
Parliamentary Secretary Jose Herrera and Economy Minister Chris Cardona at the Gvern li Jisma public consultation

A white paper concerning estate agents is to be launched in a few weeks’ time Parliamentary secretary for economic growth Jose Herrera said speaking at the ‘Gvern li Jisma’ public consultations.

Herrera said that the property sector would be seeing a complete revamp with the creation of Property Malta, and that the white paper would outline the training and knowledge required by estate agents.

“Such developments aim to regulate development and to ensure that it complements the environment, as well as to give the sector more professionalism.”

Herrera also explained that the need to develop the sector had arisen both due to growth from Maltese clients, as well as added numbers of foreigners working in Malta.

Herrera looked forward to the publishing of guidelines for the new Malta residence visa regulations to complement the country’s already existing permit schemes and further generate investment and wealth in the country.

Discussing the developments in various sectors, Herrera added that the government was also looking forward to launching a new gaming academy to fill the skills gap and allow Maltese employees to have the opportunity to work in the sector and advance over time.

“A number of Maltese workers are missing out on jobs in the sector because they do not have the necessary skills,” Herrera said.

Herrera also explained that due diligence in the Malta Gaming Authority had greatly improved and expressed his hopes that the sector would continue to grow over the years.

Economy minister Chris Cardona said that the success of the local economy depends on a number of players in the field including families and smaller companies, and that the government was committed to creating diversification in the economy.

“The Life Science park is a testament to the diversification of the economy, with over half the building already being taken up by foreign and national companies,” he said, adding that the park will soon see its first tenants operating from the buildings, he said, adding that the park.

Cardona pointed out that an average of 17 jobs and 8 companies were being created on a daily basis and that some 10 registered unemployed were successfully finding employment every two days.

He added that the further diversification in the economy would continue to support the creation of jobs.

“There are plans to launch a 1 million pilot project over the coming months to support artisanal skills to continue developing the sector,” Cardona said..

He added that further training will be provided in collaboration with educational institutions, to allow the country to keep traditional skills alive and develop new skills.

Cardona also stressed the importance of the manufacturing industry and stressed that efforts should be made to make sure that young people needed to become prouder and more willing to participate in the industry.

Herrera also spoke about the maritime sector and pointed out that it employed some 12% of Maltese workers, but that salaries in Malta for this sector were lower than EU standards.

“Maritime Malta is a response to this reality and it seeks to create a new attitude and to involve the private sector more effectively,” Herrera said.