The Malta Developers Association has requested a two-month extension on the scheme exempting first-time home buyers from paying stamp duty on the first €150,000.

It said the momentum in the property market should not slacken and another two further months should be given for those who sign a promise of sale before the end of June.

This would mitigate the current pressure on the banks and the notaries to file the necessary papers would be lessened.

The MDA noted that the scheme had helped the property market to recover and  the government's revenue from the tax on property sales increased.

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