Developers should “make hay while the sun shines,” Malta Developers Association president Sandro Chetcuti advised.

Speaking at a reception commemorating the association’s fifth anniversary, he said “there is once again a boom in the property industry for whoever is working properly, developing sustainably and for whoever follows the rules and directives that are being imposed on us by the European Union”.

He said the economic climate was far from rosy when the association was set up.

“We were being told to diversify because the construction industry and the property market were saturated and there was no room for further progress…”

The situation today has changed completely, he said, but he also warned developers not to take things for granted.

“Let us continue to keep our feet on the ground. Damage is repaired slowly and it can be suffered very quickly. Our association today enjoys the respect of both the main large political parties and they are instrumental in delivering the policy that directs the economy ahead. If our industry slows down, everything follows…

“It is a marvellous thing when you are giving a contribution on a national scale. We have learned how to lobby and negotiate with the government. Without being partisan, I must admit that this administration understood clearly the need and the importance of the building industry,” Mr Chetcuti said.