Action call on property market

The Malta Developers Association is calling on the government to take action to boost the property market and ease the pressure on the banking sector.

In a statement, the association said it wants to see a revision in the way property sales are taxed so that vendors could opt to pay tax on their actual profit as part of their normal income tax.

It also wants the removal of barriers faced by foreigners who buy property in Malta – such as the ban on them leasing their property as holiday premises – thus allowing foreigners to buy as an investment.