Remarkably, the Malta Developers Association (MDA) has taken to Facebook to announce that according to its data, July 2020 was one of the best months for property sales since 2017.

It went on to say that preliminary data shows that more than 1,600 promises of sales were registered in July, with a total value exceeding €330 million.

The MDA said this follows proposals put forward by the association to Government las June, and added that “tangible results are already being felt within the industry”.

It welcomed the results, saying that the figures are tangible proof of its proposals helping the economic recovery of Malta.

The MDA had put forward a number of proposals in order to stimulate the property market in the wake of COVID-19 and the devastating effects on the economy.

The proposals were accepted and include a reduction of taxes related to sales, both in terms of capital gains and duty on documents, and other incentives.

Turning its attention to the coronavirus, the MDA made several points where it called for:

• The need for continued vigilance against the further spread of the COVID-19 virus and by ensuring that timely and balanced measures are taken.
• The importance of taking well-informed decisions and this can only happen if Government works closer to and listens to all stakeholders and also to the concerns of the general public.
• The importance of creating the proper stimulus for all economic sectors based on initiatives with very low risk health repercussions.
• The importance of continuous monitoring and spread analysis of the Covid-19.

In its concluding remarks, the MDA insisted that health safeguards should remain the paramount concern and economic recovery should be built around this new reality.

The MDA “is very worried about the way the second wave is being handled and called for the better co-ordinated efforts by Government and increased efforts by all to make sure the country emerges stronger from this challenge”.