Information Session – The Energy Performance Certificate
Saturday, April 4th, 2015
The Building Regulation Office (BRO) of the Government of Malta and the Malta Developers Association (MDA) will be organizing an Information Session about the requirement of the The Energy Performance Certificate (EPC) in line with the EU Directive (2010/31 EU) and Maltese Law, specifically the Energy Performance of Buildings Regulations (EPBR) of 2012 (LN376/2012). Please click on image below for more information.
MDA welcomes amendments to final tax on property transfers
Monday, March 30th, 2015
The Malta Developers Association welcomes with satisfaction the amendments to the tax on property transfers.
While it was the same MDA that worked and insisted that the reform be made to the final tax on property transfers, the MDA still continued to work so that some further fine tuning will be done due to the need for social justice to be achieved – as in the case of couples who end their engagement and are constrained to sell their first property. Read more »
MDA ON NEW HOUSING AUTHORITY RENTAL SCHEME
The Malta Developers Association (MDA) refers to the new rental scheme launched by the Housing Authority through which property owners can rent their premises to the authority, which will then sublease it to tenants at subsidised rates.
The idea of using existing vacant building stock for rents to persons who qualify for social assistance in housing originated from one of the many suggestions made to Government before the Budget by the MDA, which had also suggested that a fixed rent for a predetermined period could be incentivised by a reduction in income tax from rents, as actually indicated in the announced scheme.
However, instead of allowing for a free rental market with tenants dealing directly with owners and then registering the lease when applying for subsidy, the scheme has become one where owners lease to the Housing Authority, which in turn sub-leases to the tenants.
This is in fact a major obstacle for the success of the scheme. Owners would normally seek to know who the prospective tenants are before they enter into a rental agreement and should not be obliged to accept anyone who obtains a sub-lease from the Housing Authority.
This would have avoided a lot of expensive bureaucracy and expenses on the part of the Authority, which will now be responsible for potential damages made to properties by its sub-lease holders.
With the announced scheme the property owners concerned will lose all control of their property and what happens to it, much as what used to happen in the past in the case of requisition orders.
It is a pity that such a good initiative has been smothered at its inception in this way rather than being allowed to flourish, something that would not have happened had the Housing Authority consulted interested stakeholders before finalising the scheme.