The Malta Developers Association has expressed satisfaction that the government has "given due importance to the property sector" in the Budget. 

In a statement, the MDA said it is pleased the Government is addressing the 12 per cent withholding tax on the selling price of properties and the issue regarding property valuations made by government-appointed architects after the deed of sale.

The solutions to these two problems were among a list of steps suggested to government in order to address the stagnation in the property market – proposals submitted in writing as well as during meetings with Finance Minister Tonio Fenech and officials from his ministry, the MDA said.

The association is satisfied that "the government has acknowledged that its proposals were justified and made sense, to the extent that in the Budget it has announced important steps so that its proposals are positively accepted."

However, while appreciating that the raising of the ceiling up to which first-time buyers pay 3.5 per cent stamp duty is a positive step, the MDA feels that it would have been better if this stamp duty were completely removed in the case of those who are genuinely buying property for the first time.