The Budget is a positive one that will continue to strengthen the property market and the economy, the Malta Developers' Association said.

It said the Budget showed that the government was looking at Malta's economic future "outside the box".

It announced measures that hit economic sectors that needed to be addressed and in this way the Budget’s impact would be felt by both small and large businesses, while the needs of those on low income were also being addressed.

It said the government accepted a number of its suggestions, including the proposals for fiscal measures to help foster the regeneration of urban conservation areas, and the introduction of a final withholding tax on income from commercial leases.

The developers noted that the exemption on the payment of stamp duty on the purchase of property by first-time buyers, which the MDA had requested in previous years, was going to be extended for another year.