Real estate agent tells AG a 2% commission is not sustainable

A real estate agent has told the Minister for Economy during the budget consultations that a 2% commission on the sale of a residential property is not sustainable for some businesses.

The agent says they used to charge 5% commission before and bringing it down to 2% is a 60% reduction in their income.

He says despite this their expenses have not decreased.

While responding, Acting Prime Minister Aiyaz Sayed-Khaiyum says they are thinking long term and they will look into it if the Association makes a submission.

However Sayed-Khaiyum also says real estate agents have fractures between themselves and that is a pity because they do not have a strong association.