ARTICLES
NEW FEDERATION OF ESTATE AGENTS LAUNCHED (11 April 2006)
The Federation of Estate Agents was officially launched with a cocktail reception at the Portomaso Suite, at the Hilton Malta Hotel in St. Julian’s. Organized with the generosity of HSBC Malta p.l.c., official sponsors of The Federation, set up in November of last year.
Speaking at the launch, Mr. Douglas Salt, President, set the following aims for the Federation:
• 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
Mr. Salt continued, “It has been a very busy five months for the committee, both on the lobbying front for the amendment of the capital gains tax - we are still lobbying, and for the final withholding tax on rental income.” He added “A final withholding tax will entice more people to put vacant property that they do not wish to sell up for rent, thus satisfying an increased demand for new rental property from projects like the one of Smart City, and others .”
Mr. Salt mentioned the Federation's influence in exempting Estate Agents from a 12% Withholding tax which was first recommended in the 2006 Government budget as well the Federation’s pro-activeness in setting up an awareness campaign in the local media against Property Sellers paying 3 % commission to have their property featured in a magazine rather than getting a service from a professional real estate agent.
During the launch, Mr. Kevin Buttigieg, Regional Director of RE/MAX in Malta, expressed his support to the federation saying ”I think that this is a good start to having a stronger Federation compared to what we have had in the past and hopefully the Federation will help us in setting a standard in professionalism” “As long as the Federation remains proactive as they are being we are going in the right direction and at the end of the day, anything we do, our clients will benefit.
The meeting concluded with Drinks and Canape’s.
For further information regarding the Federation of Estate Agents you can go to www.feamalta.org or contact Regional Director of RE/MAX Malta, Jeffrey Buttigieg on +35621380440 if you have any questions.
