MDA welcomes new residence programme as incentive to restore abandoned property

The Malta Developers Association welcomed the government’s decision to launch the Residence and Visa Programme for Malta.

“Through this Government programme, more investors are going to be attracted to our country and encouraged to buy or rent quality property. At the same time the minimum price established for property will avoid competition with buyers for cheaper properties,” the developers said in a statement.

MDA said that the in the areas where the scheme is going to be applicable there are a number of vacant properties, many of which are abandoned and dilapidated.

“Through this scheme, the owners of these properties will be encouraged to refurbish them because they know that there is going to be a market to either sell or rent them,” they said.

“There is no doubt that this will lead to a further strengthening of the property market and, as a result, to further expansion of the country’s economy.”

The MDA also called for a serious due diligence process to ensure that those for the programme are genuine people with a clean legal record.