‘Jarring disconnect’ between OFT figures and minister’s claims  

The GSD on Wednesday highlighted a “jarring disconnect” between recent statements by Business Minister Gemma Arias-Vasquez and data laid out in the latest OFT report. 

Mrs Arias-Vasquez had said the report showed momentum in the Government’s support for the business community. 

For the GSD, this was “wishful thinking, verging on denial”.  

The Opposition said the OFT data showed 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 GSD said the 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 policymaking and timing will undoubtedly have played a hand in this market decline,” the Opposition said. 

“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.”  

The GSD raised questions too around the reliability of the data itself arising from a lack of clarity on where or how the figures are collected.  

And it described a dramatic drop in consumer complaint inspections from 87 to “a paltry” six as deeply alarming, adding it signalled an “erosion of regulatory vigilance” and opened the door to increased non compliance.  

The report cited “limited operational capacity due to staff issues” which the GSD said was “nothing short of an admission of failure”.  

“This is not a challenge, it is a systemic breakdown in the enforcement apparatus,” said GSD MP Craig Sacarello. 

“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.”