Property sales boomed in July, making it one of the best months at least since 2017, the Malta Developers' Association said on Wednesday.

Preliminary data showed that more than 1,600 promises of sale were registered,
with a total value exceeding €330 million.

This put July 2020 as one of the best months for property sales, the MDA said.

The association attributed the boom to the government's decision to adopt proposals it made in June to counter the COVID-19 slow-down. The proposals had centred on lower tax on property sales.

The association, however, underlined the importance of creating a stimulus for all economic sectors based on initiatives with very low-risk health repercussions.

"The MDA is very worried about the way the second wave(of COVID-19) is being handled and calls for better-coordinated efforts by government and increased efforts by everyone to make sure that the country emerges stronger from this
challenge," the association said.

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