The Malta Developers Association yesterday said the Nationalist Party’s argument that the new taxation system on the sale of property creates inflation and/or abuse is a misinterpretation of how the property market operates.

“This system will leave a positive effect on the property market and will help to reduce abuse,” the association said, while adding that it was not consulted before the PN held a press conference on the subject yesterday.

“The MDA, which represents more than 90 per cent of building contractors and all developers in Malta, consulted the majority of its members and it emerged that they are in favour of this reform. A number of estate agents who are affiliated in the MDA also agree with the new system,” it said.

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