Issue link: https://maltatoday.uberflip.com/i/1405706
2 29 AUGUST 2021 A s the summer days get shorter and shorter, and the worst of the Covid-19 months being put behind us, it is time to start looking forward to making the most of what is ahead of us. In this second edition of the Property Malta Supplement, we are doing just that by giving an overview on how our industry has fared in the past months, as well as giving you a sneak preview of what is next to come in the coming months. Parliamentary Secretary for Construction, Hon. Chris Agius, talks about the future of real estate. In his article he writes about the mile- stones the industry is reaching to elevate the level of services provided by real estate profes- sionals. A better regulated sector, with all those working in the estate agency trade being fully licenced, comes as good news for all serious in- vestors in Maltese real estate. Found of page 5, a roundup of the tax and duty reduction schemes that one can currently enjoy on transfers of immovable property, should be of interest to all those seeking to invest in prop- erty. Schemes initially launched as part of the Government's Economic Recovery Plan for the COVID-19 pandemic are still effective and re- main so, until the end of this year, and here we give you the opportunity to go through them in one, easy to read reference point. In an interview with Malta Today, Steven Sti- vala, an associate director at KPMG, talks about visible trends in the construction industry and property market in Malta. We learn that the construction sector remains one of the few to have seen economic growth during the COV- ID-19 pandemic. Whilst total Gross Value Add- ed (GVA) of Malta's economy has shrunk by 4.3%, in 2020, the level of GVA attributable to construction activities increased by 4.3% over 2019. Mr Stivala contends that Malta urgent- ly needs a highly detailed, holistic plan to limit urban sprawl, moving away from micro permit- ting to macro planning, as he claims that proper planning must start from a long-term socio-eco- nomic vision for the nation. Another interesting observation is found on Page 9, which outlines residential property transactions recorded last month. It is encour- aging to note that there were 205 more deeds signed this year when compared to last year, and that translated into an increase of 36.4% in value over last year. 85.8% of these involved individual buyers, amounting to an astounding €8 million worth of residential property transactions per day, every day including Sundays. For our readers interested in the local property market data, we have yet another highly inform- ative article on the basic elements of our indus- try with more numbers and figures to digest. Last year's increased demand pushed apartment prices up, whilst houses including townhouses, houses of character and villas, experienced the highest price surge. Data is also included on res- idential construction, the mortgage market and lending rates and the rental market more gen- erally. For the news highlights we chose two impor- tant events. e first is about the organisation of a high-level trade delegation for real estate and construction operators to Dubai planned for November 5th to the 10th, and in the sec- ond news item we read about the Government's grants being approved to help reduce the carbon footprint of the construction industry. At Property Malta, we are very proudly sup- porting one of Malta's main economic drivers with incentives, opportunities, and through this publication, a wealth of information to help everyone take informed and sensible decisions for our future. Looking forward GERTRUDE BORG MARKS SENIOR MANAGER, PROPERTY MALTA EDITOR'S NOTE