‘Budget measures will keep us going’ – Estate Agents say welcoming government’s commitment

Tista' taqra bil- Malti.

The Estate Agents section within the Malta Developers Association (MDA) has noted the “government’s renewed commitment and tangible measures towards the property and real estate industry” in a statement on Wednesday when it reacted to the government’s budget unveiled on Monday.

The section said that such tangible measures are crucial during the current difficult moment created by the pandemic.

It noted that the government took on board various proposals put forward by the MDA and its sections, adding that these included an extension and fine tuning of the First Time Buyers Scheme as well as the continuation of last June’s initiative lowering taxes for both buyers and sellers in the real estate market.

The MDA also welcomed the extension of the wage supplement scheme.

Douglas Salt, Head of the MDA’s Estate Agents section said that it is vital that in the current difficult economic scenario, the government accepted its suggestions to keep lending a helping hand so that thousands of families depending on the industry keep afloat.

Salt said that the MDA proposals which have been taken up by the government, including the increase in the threshold for First Time Buyers from €175,000 to €200,000, and less stamp duty and other taxes for sellers and buyers, fit perfectly in the MDA’s strategy to help property agents work harder to contribute towards a rapid economic recovery.

MDA’s Director General Marthese Portelli said that it was very encouraging that the government is taking note of the MDA’s continuous propositions, transforming them into tangible schemes for the benefit of all involved including developers, sellers, and buyers. This shall also translate into a more affordable and sustainable property market, she insisted.