Developers pleased government accepted their proposals in full

construction sight

The Malta Developers Association expressed its satisfaction with the economic package announced by the government yesterday, noting that its proposals had been accepted in full.

In a statement, the MDA said that it held various meetings with the government in recent weeks, in which it proposed the reduction of taxes related to the sale of property, both in terms of capital gains and duty on documents.

“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 kick-start our economy again,” MDA president Sandro Chetcuti said.

MDA director-general Marthese Portelli, meanwhile, argued that lowering taxes would achieve two main aims.

“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,” she claimed.