Malawi Real Estate Management Council: Still Non-Operational Over Year After Establishment

• The Real Estate Management Council in Malawi remains non-operational over a year after its establishment.
• Buyers are paying the price due to the lack of regulation, exposing them to compliance risks.
• Lawyers advising clients on property transactions should be aware of the potential risks and take necessary precautions.
• The Real Estate Management Act of 2024 aimed to regulate the real estate sector in Malawi but has yet to achieve its goals.

The council's non-operational status raises concerns about its ability to effectively regulate the sector and protect consumers.

The Real Estate Management Council, established under the Real Estate Management Act of 2024, has yet to become operational. Despite being created over a year ago, the council remains non-functional, leaving buyers vulnerable to compliance risks. The council's mandate includes licensing agents, enforcing professional standards, and protecting consumers in Malawi's real estate industry.

The Real Estate Management Act of 2024 is a key piece of legislation aimed at regulating the real estate sector in Malawi. The law established the Real Estate Management Council to oversee the industry and ensure compliance with professional standards. However, the council's non-operational status raises concerns about its ability to effectively regulate the sector and protect consumers.

The continued non-operation of the Real Estate Management Council has significant implications for lawyers advising clients on property transactions in Malawi. With no functional regulator, buyers may be exposed to compliance risks, including potential losses due to unscrupulous agents or developers. The situation highlights the need for urgent action to establish a fully operational council that can effectively regulate the real estate industry and protect consumers.

Lawyers advising clients on property transactions in Malawi should be aware that the Real Estate Management Council, established to regulate the industry, remains non-operational and may expose buyers to compliance risks.

Source: Original reporting via Nyasa Times