The Malta Developers Association has joined the Government in the setting up of the Property Malta Foundation, as set out in the 2017 Budget. The deed of the foundation, which is made up of four trustees nominated by the MDA and four trustees nominated by the Government, was signed on 21 March, 2017.
The trustees are MDA President Sandro Chetcuti, Hon. Secretary Michael Stivala and Council Members Alfred Camilleri and Michael Bonello; those nominated by the Government are Vincent Bone, Peter Caruana, Mario Falzon and Antoine Mallia.
Among the foundation’s aims and objects are to:
provide a platform for the promotion of Maltese real estate overseas, as well as to co-finance and support other international promotional initiatives with the private sector;
develop a national long-term product positioning strategy for the Industry;
implement and refine the brand strategy and road map developed for the Industry and execute this strategy to effectively promote the Industry overseas and in turn increase real estate sales to foreign buyers;
promote sustainable and innovative property development and design in Malta and Gozo;
increase familiarisation trips to Malta and Gozo during the shoulder months;
provide guidance and assistance to international buyers by providing an industry representative back office;
raise Malta’s profile as a quality lifestyle destination;
undertake research on new market opportunities;
tap into European Union-funded programmes for the benefit of the Industry;
provide all the necessary know-how and intelligence to facilitate the promotion of the Industry on the international market;
act as a facilitator in the development of new markets and to assist in creating a culture of international competitiveness;
create business and networking opportunities for persons operating in this Industry;
co-ordinate closely with relevant industry players;
promote ownership of the Malta brand among all stakeholders; and
synergise the different industries relating to the property market in Malta, pushing them to complement each other.
Property Malta Foundation held its first meeting today, presided by Minister for Competitiveness and Digital, Maritime and Services Economy Emanuel Mallia at the Ministry in Valletta.
Dr Mallia explained that, in line with Budget Measure 165, the foundation was being established to act as a catalyst to encourage foreigners to purchase and invest in our islands. “Property Malta will be actively promoting our islands internationally to attract investors to buy holiday homes and establish themselves in Malta,” he said.
“Thanks to the input of the industry and our own guidance, I am confident that the Property Malta Foundation will be a success,” Dr Mallia added.
Mr Chetcuti expressed satisfaction that the foundation had been set up after the Association had been working on this initiative for the past two and a half years. “I am confident that the Property Malta Foundation will fulfil its extensive remit and attract investment in the property market, enabling our country to achieve its full potential as an international residence of quality,” he said.
One of the foundation’s first tasks is to commission market studies of the local property industry and the international property market and to launch co-financing schemes to enable local companies to participate in international property fairs.
“We have ambitious plans for the Property Malta Foundation to pursue and we will be making further announcements in this area later on this year,” Mr Chetcuti concluded.