Douglas Salt, Company Director of Frank Salt Real Estate, called the Budget announced yesterday “the best we could expect” when considering that Government coffers and the economy are what they are in the difficult circumstances brought on by the COVID-19 pandemic.
He said the increased threshold for the First Time Buyers’ scheme, from €175,000 to €200,00, is a positive development that “reflects the realities of prices on the ground”.
Mr Salt also welcomed the extension of the wage supplement, saying this keeps money flowing through people’s hands, creating a feel-good factor that should translate well to the property market.
“What’s on the table will see the property market through to next year,” he said, noting that the market will remain local until travel restrictions lift. He remains cautiously optimistic, referring to Maltese savers’ propensity to invest in real estate in times of crisis.
“The Maltese don’t like to put their money in bonds and shares during a downturn. Nor do we like to leave it lying idle in the bank. We prefer to put our money where we can see it and feel it, where it remains in our control – in property.”
Douglas Salt - Company Director, Frank Salt Real Estate Ltd