Property measures applauded

Budgetary measures that facilitate the transfer of property between heirs will consolidate ownership and avoid buildings becoming derelict, according to the Malta Chamber of Commerce, Enterprise and Industry.

The chamber’s real estate business section welcomed the measure and a series of others introduced during the Monday’s Budget that “took a different and innovative approach towards the property sector.”

It applauded incentives offered to restore scheduled and derelict properties in urban conservation areas.

“The concept of rewarding investors who are preserving our national heritage is commendable and should be extended further,” the section said.

The introduction of a final withholding tax system on restored residential and commercial rentals was a step in the right direction, even if a small start. The chamber encouraged the Finance Minister to extend this innovative taxation system to all residential rentals.