News

Owners of 70 estate agency offices join MDA

Saturday, February 17th, 2018

Parliamentary Secretary for Planning and the Property Market Chris Agius today announced that he intends to finalise the White Paper on the regulation of estate agents with the Malta Developers association by the end of the first quarter of this year so that a draft Bill can be presented to Parliament.

Mr Agius was speaking during the launch of the Estate Agents Section (EAS) within the MDA, which represents the owners of 70 estate agent offices around Malta and Gozo. Since being appointed parliamentary secretary, he added that he had built a strong relationship with the MDA and was meeting the MDA board regularly to discuss how the sector can grow but also how to safeguard the environment.

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MDA offering assistance to members when applying for any type of work permit with Jobsplus

Wednesday, January 31st, 2018

Attention all MDA members.

We are pleased to announce that the MDA is offering assistance to its members when applying for any work permits with Jobsplus. This exclusive service will be offered at the offices of Malta Developers Association every Tuesday from 12.30pm to 3.00pm.

Kindly call on 2122 8184 to make an appointment.

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Budget 2018 proposals

  1. An MDA/Government action team will be set up in order to address Social Housing, which is in dire need of an urgent reform mainly:
    1. Rental Law changes in order to assure peace of mind to landlords and also addressing injustices.
    2. Incentives and new ideas to property owners who have properties in Urban Conservation Areas (currently idle/abandoned) to make use of such idle, abandoned or dilapidated properties.
    3. Introduction of Social Housing Planning Gain in medium/large sized residential projects. Government and MDA will set up a working group to find win-win situations.
  2. Temporary increase of agency permits for Third Country employees from 15 per month to 100 per month.
  3. MDA suggests that interest on succession tax will start accruing after 2 years instead of the current 6 months. This is an opportunity for inheritors to have enough time to settle and conclude sales deals while temporarily reducing supply. This measure is just with the inheritors and also beneficial for the property market.
  4. Extend the exemption further for first time buyers and increasing the capital investment capping from €150,000 to €180,000 to reflect current market value. Having previously bought another property which is not a residence (garage, greenfield, tomb, etc.) will no longer disqualify one from entering such a scheme.
  5. Second time buyer scheme: Anyone selling their ordinary residence to acquire a new one will benefit from an exemption in stamp duty equivalent to the original purchase price of the property being sold. This will be capped at a maximum of €350,000.
  6. Complete liberalisation of the property market for EU citizens – this entails the removal of the AIP permit requirement and any other restrictions.
  7. Introduction of Final Withholding Tax of 10% on profits when there are promise of sale agreement cessions.
  8. Aggressive tax credits to modernise construction equipment and machinery, especially those contributing to minimising negative environmental impacts.
  9. Tax credits to be set off against Final Withholding Tax. Current situation is discriminatory.
  10. Final Withholding Tax on sales to be reduced by 2% on attaining a level above the minimum Energy Efficiency requirements as shown on the Energy Performance Certificate. Staggered obligatory introduction of EPC level disclosure in advertising as from 2018.
  11. Renewable energy sector – urgent action required to set up:

a)      A one-stop shop incorporating Enemalta, Lands Authority, REWS, Planning Authority and any other entities, similar to recently introduced tables and chairs mechanism.

b)      All entities concerned will commit (against penalties and automatic approval upon no reply), that all paperwork and permits are issued within 3 months of application submission.

c)      Non-Maltese companies operating in this sector benefit from a reduced tax rate equivalent to 5%. This is creating unfair competition and a 10-year tax relief is being sought to anyone in this sector based in Malta. This will send a clear message that Malta means business when it comes to achieving clean energy targets.

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