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.
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