A foundation tasked with developing a strategy for Malta's property industry and promote local properties to foreign buyers held its first meeting today. 

The Property Malta Foundation, which is composed of four trustees nominated by the government and a further four selected by the developers' lobby, will also be commissioning market studies of the local property industry.

Services Economy Minister Emmanuel Mallia presided over the foundation's inaugural meeting and noted that it formed part of the Budget 2017 proposals. 

"Property Malta will be actively promoting our islands internationally to attract investors to buy holiday homes and establish themselves in Malta,” he said.

Among the foundation's stated aims are: 

• to provide a platform for the promotion of Maltese real estate overseas, as well as to co-finance and support other international promotional initiatives with the private sector;
• to provide a platform for the promotion of Maltese real estate overseas, as well as to co-finance and support other international promotional initiatives with the private sector;
• to provide guidance and assistance to international buyers by providing an industry representative back office;
• to develop a national long-term product positioning strategy for the property industry

The government's four nominees to the foundation are Vincent Bone, Peter Caruana, Mario Falzon and Antoine Mallia, while Malta Developers Association president Sandro Chetcuti, secretary Michael Stivala and council members Alfred Camilleri and Michael Bonello will represent developers.