A foundation tasked with developing a strategy for Malta's property industry and promote local properties to foreign buyers held its first meeting yesterday.

The Property Malta Foundation, which is composed of four trustees nominated by the government and a further four selected by the developers' lobby, will also be commissioning market studies of the local property industry.

Services Economy Minister Emmanuel Mallia presided over the foundation's inaugural meeting and noted that it formed part of the Budget 2017 proposals.

"Property Malta will be actively promoting our islands internationally to attract investors to buy holiday homes and establish themselves in Malta," he said.

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.

The government's four nominees to the foundation are Vincent Bone, Peter Caruana, Mario Falzon and Antoine Mallia, while Malta Developers Association president Sandro Chetcuti, secretary Michael Stivala and council members Alfred Camilleri and Michael Bonello will represent developers.