The Malta Developers' Association was the first organisation to welcome the Budget this evening.

"The Malta Developers Association welcomes with satisfaction the measures announced by government in the Budget speech, which indicate that government is recognising the need for a thrust in the property market while assuring a level playing field in this sector, as well as through efforts aimed at avoiding abuses in taxation," the association said.

The measures announced include four that were among the proposals made by the MDA to government.

The measures were the introduction of a 15% withholding tax on rents of residential units; The concession to first time buyers who will not be charged stamp duty; The end of the system using architects briefed by government to value property for taxation purposes; and the setting up of an official structure aimed at encouraging the sale of property to foreigners through marketing campaigns abroad.