€18.6 million saved by those who bought a property in an Urban Conservation Area – PM

Last Updated on Thursday, 13 October, 2022 at 12:03 pm by Andre Camilleri

Prime Minister Robert Abela said that up until September 2022, government has invested more than €20 million to incentivize people to go for projects which safeguard Maltese architectural characteristics.

In a pre-Budget meeting with the Malta Developers Association (MDA), Abela said that through tax savings or direct grants, government is encouraging people to resort to projects which protect Maltese characteristics.

€18.6 million was saved by those who bought a property in an Urban Conservation Area, as well as more than €1 million saved by buyers of a property that had been vacant for a long time.

He said that development is not necessarily averse to the environment, and while government understands the individual’s rights, it will continue to incentivize quality development.

Abela said that the sector is continuously strongly represented by the MDA and reiterated that stability and sustainability is the government’s priority in the upcoming Budget.

President of the MDA Michael Stivala said that the strategic decision government has made to help in the field of energy without increasing taxes is a positive one, and for this support to be sustained it needs economic growth as a result of investment, which may also come from the private sector.

Stivala said that the private sector continues to look at incentives and reducing bureaucracy, adding that the MDA believes in improving the conditions of workers.

He also said that that as per the agreement the MDA has, compensation for the cost of living (COLA) should be given in full.

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