Issue link: https://maltatoday.uberflip.com/i/1385129
NEWS 12 20 JUNE 2021 E nterprises operating in the re- al estate sales sector can benefit from a new Co-Financing Scheme launched today by Parliamentary Secre- tary for Construction Chris Agius and the President of Property Malta Founda- tion, Sandro Chetcuti. rough this scheme, operators in the property sector can apply with Property Malta to receive direct funding for the organisation or participation in interna- tional property fairs and real estate trade shows or exhibitions. e events must be of an international nature, reaching sub- stantial audiences and participation must be in person. Event participation costs, stand design and build, as well as flights and accommodation costs of attendees are eligible expenses. e scheme closes at the end of Sep- tember or when all the funds are allocat- ed and is valid for participation in events happening between 30th June 2021 and 31st December 2022. Priority is being given to proposed events taking place in the near future. Mr Chetcuti explained how the grant being funded by Property Malta, covers up to 50% of the total cost invested by the applicant, up to a maximum of €5000 per enterprise. "Applications are being evalu- ated by a committee set up for this pur- pose", he continued. In recent years, Property Malta has successfully put up Malta pavilions at property shows in Cannes, Dubai and Munich, with very positive engagement from the sector. "Supporting our commitment to con- tinually strengthen Malta's economy, these entrepreneurs will be promoting the Maltese lifestyle identity and real es- tate investment in Malta and Gozo", Hon. Agius concluded. e scheme is In line with the state aid provisions and parameters established in the de minimis Regulation and ex- pression of interest applications can be submitted online at propertymalta.org/ funding. More information may be ob- tained via email on funding@property- malta.org or by calling 2033 4897 during office hours from Monday to Friday from 9am to 4pm. International property fair co-funding scheme launched Parliamentary secretary Chris Agius Recommended proposal for the extension of tax incentives put forward by the president of MDA Sandro Chetcuti accepted T he government will be acting on the recommendation of MDA chair- man Sandro Chetcuti and extend- ing the reduction on stamp duty incentive on the first €400,000 spent when buying a property. This scheme was supposed to end at the end of June but has now been extended to the end of the year. e announcement was made during a meeting between Prime Minister Robert Abela and the Maltese Developers Asso- ciation on Wednesday at the AX Group business centre. e delegation included top ministers like finance minister Clyde Caruana, in- frastructure minister Ian Borg, environ- ment minister Aaron Farrugia, and par- liamentary secretary Chris Agius. "I believe the environment and develop- ment sectors can live together in synergy and complement each other," Abela told the MDA. "In our economic vision, we have always seen this balance between environmental transformation and that of development. What we have achieved in energy, we must achieve in construc- tion." Abela noted that proposals launched in the Economic Regeneration Plan would move the government "towards excel- lence". "e new construction authority will be very effective in further improving the standard in this sector," Abela said. MDA President Sandro Chetcuti high- lighted the construction industry's direct support of the economy to the tune of 11% in gross value added. "While we must work to address environmental challeng- es, we must understand that development is a direct support of the economy with 11% direct value-added that can contrib- ute to the government helping more oth- er sectors." Chetcuti said acquisitions on promise- of-sale agreements had increased by €1.4 billion over the last year, despite the pan- demic. Chetcuti said a KPMG study showed that the price of affordable homes had not risen for the first time in the last sev- en years, despite strong property sales. "Had we not been resilient and turned challenges into opportunities, we could have had 40,000 at risk of losing thir jobs." Prime Minister Robert Abela (left, centre) meets Sandro Chetcuti and the developers' lobby