Property businesses that participate in international fairs overseas will be able to claim half their costs from the government, thanks to a new scheme launched by the Property Malta Foundation.

The scheme will provide businesses with up to 50 per cent of costs up to a maximum of €5,000, provided they are attending a recognised property fair that has the potential to draw international investment towards Malta.

It will be open to a number of professionals, including consultants, estate agents and property negotiators and may be used to recoup some of the costs on travel, accommodation and fees related to participating in the fairs.

Delegations cannot tap funding if they are travelling to fairs as regular attendees: only businesses that set up stands at fairs and actively seek to attract trade will be eligible. 

Property Malta, a foundation run jointly by the Malta Developers Association and the government, will be issuing an expression of interest on in the coming days, where prospective applicants will be able to fill in the requisite forms to apply for the scheme.

Eligible applicants will be evaluated by a committee that includes a government representative. 

“Despite the hardship we’ve faced this past year, we would like to encourage our businesses to participate in these international efforts because the property sector still generated interest in the pandemic and the demand is there,” MDA President Sandro Chetcuti said.

“The challenges that our country faces in planning, density and traffic are not unique to us. We do not agree with the negative message that some are trying to convey that our country is ugly. The way we work and inconvenience to the public can always be improved but overall the country’s response to a demand for property has been good.” 

Chetcuti called for an increase in designated areas to attract more high investment property buyers.

Designated areas are typically high-end developments, such as the St Julian’s Portomaso development, where third-country nationals are allowed to purchase more than one high-value property.

Parliamentary Secretary for construction Chris Agius added that demand for property during the pandemic was a key sector in generating income during a difficult time.

“The registration of promise of sale has continued increasing in these past months showing that the sector was a key motor in keeping our country’s economy running,” he said

“We want to encourage the industry to promote our country overseas because we have a lot of value to offer.” 

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