MDA welcomes incentives to boost the property market

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The Malta Developers Association (MDA) welcomes the incentives announced by the government for the property market as part of the post-Covid-19 stimulus package.

During various meetings held with the government during these past weeks, the MDA has put forward proposals to further boost the property market through the reduction of taxes related to sales, both in terms of capital gains and duty on documents.

The MDA’s proposals were accepted in full.

“We are very satisfied that our proposals have been taken up as this will mean that the property and construction sector can continue to help our economic recovery. Our country will be passing through difficult times and with the right incentives we believe that the property market can contribute significantly to kickstart our economy again,” MDA President Sandro Chetcuti commented.

Dr Marthese Portelli, Director General of the MDA said that the lowering of property taxes has a two-pronged target.

“These incentives will help demand to regain its momentum, benefitting both the buyer and the seller. Property buyers will be in a better position to continue with their plans and afford to buy the property they were after. It will also incentivise developers to invest more in the market and on higher quality and standards,” Dr Portelli said.

The property development and construction sectors were one of the few economic activities which continued to operate and sustain its employees during the Covid-19 crisis without any help given from public coffers.