Jarring disconnect between OFT Report figures and Minister’s claims

Jarring disconnect between OFT Report figures and Minister’s claims

Minister Arias Vasquez’ claim that the OFT report shows momentum in (Government) supporting the
business community reflects wishful thinking, verging on denial.

The data informs us that property transactions slumped from 638 in 2023/2024 to just 344 in 2024/25, a staggering reduction of nearly 46% year-on-year.

While the report forecasts a pipeline of projects and a “modest recovery in buyer enquiries,” the actual
figures show that momentum is not just cooling, in the property sector it is dramatically slowing down.

The GSD warned at Bill stage of the negative impact the Property Tax would have on the property sector and the Government’s poor policy-making and timing will undoubtedly have played a hand in this market decline.

Momentum is built on tangible results, and this nearly halved transaction volume indicates that confidence
in the property sector this past year has been far from buoyant. There are also questions around the reliability of the data itself arising from a lack of clarity on where or how these figures are collected.

The dramatic drop in consumer complaint inspections (from 87 to a paltry 6) is deeply alarming. It signals
an erosion of regulatory vigilance and opens the door to increased non‑compliance.

The report cited “limited operational capacity due to staff issues” which is nothing short of an admission of
failure. This is not a challenge; it is a systemic breakdown in the enforcement apparatus.

Craig Sacarello commented, “I believe the Minister should call a spade a spade, apologise for the failure to deliver to the standards she promised and move on. It is clear that the uncertainty brought about during the protracted Treaty negotiations has had a negative impact on the property sector and we hope that its conclusion will restore buyer confidence.

Effective policy must be backed by robust oversight. Yet the government has failed to maintain minimal
inspection standards following consumer complaints lodged with the OFT, thus eroding consumer
confidence and public trust.In fact, declaring momentum amid declining activity and weakened enforcement borders on utter disconnect.

The GSD demands accountability. What concrete steps will be taken to reverse these declines? We would like to see clear timelines for restoring inspection numbers relating to consumer protection to at least prior levels. The Minister also ought to explain how the Government intends to address the almost halving of transactions within the property sector and by when.

Momentum is not measured by rhetoric, it is measured in concrete outcomes.”