The Government has no immediate plans to revise the legal framework governing the private real estate market, said the Secretary for Transport and Public Works, Mr Raimundo do Rosário.

He stated that the Government was not currently planning to introduce changes to the rules governing the sale of units in buildings under construction; or to other regulations related to the private real estate sector.

Mr Rosário was speaking to the media on the sidelines of an event on Thursday (18 February).

The local authorities would nonetheless continue to monitor closely the development of, and changes to, the local property market, he added.

The Secretary also commented on the progress of the proposed urban renewal committee. He said the consultative body would be set up officially in the next few weeks, and its members would be appointed shortly.

In response to comments relating to the Government’s administrative procedures in various areas of work, Mr Rosário explained such procedures were necessarily time consuming in order to be fair and effective.

He added that he had instructed all public bodies under his portfolio to speed up administrative procedures where practicable.