In its Budget 2021 reaction, the Malta Developers’ Association (MDA) expressed satisfaction that several of its proposals were taken on board by the Government.

The various initiatives announced were described as “a step forward” so that the property market and the renewable energy industry could continue to contribute towards the sustainable development of the Maltese economy at large, the Association said. The measures have a part to play in “giving a much-needed input towards a rapid boost and increased confidence in the current difficult economic scenario”.

The MDA particularly welcomed the extension of the First Time Buyers scheme, which has proved popular over the past years, and of the lower taxes for property buyers and sellers introduced last June. The latter provided the impetus for record numbers of promises of sale agreements registered over the summer. “The extension of these incentives should continue to ensure more growth in this crucial sector.”

The Association also acknowledged the incentives announced for more investment in modern, efficient and sustainable machinery and equipment, saying these as well as other incentives in favour of the green economy are “another step forward in tune with the MDA’s overall vision”.

MDA President Sandro Chetcuti said that the association is satisfied that through these various announcements, the sectors represented by the MDA have the right tools in place to post important economic results to the benefit of all the community at large.

Director General Marthese Portelli acknowledged that the Government has listened positively to its suggestions and the industry will be responding with more investment and increased enthusiasm to create more confidence and possibly rapid growth in the economy.