Property prices in Malta continue to rise, PN says
Statistics published in recent days confirm the ever-increasing trend in residential property prices, with the Government, as it has done over the past 11 years, remaining largely reactive "often adding more bureaucracy," the Nationalist Party has sa
Statistics published in recent days confirm the ever-increasing trend in residential property prices, with the Government, as it has done over the past 11 years, remaining largely reactive "often adding more bureaucracy," the Nationalist Party has said
"According to the National Statistics Office, the Residential Property Price Index (RPPI) in Malta, which includes houses, apartments, and maisonettes, indicates a significant increase of 7% compared to the same period last year," a statement signed by PN MPs Stanley Zammit and Ivan Bartolo read.
The Eurobarometer survey shows that Malta experienced an annual increase of 4.6% in property prices, along with a significant 17.5% rise in rents, it read. "Over the past 15 years, property prices have surged by 62.6%, while rents have risen by 56%."
"This has further aggravated the affordability crisis for both local and foreign residents, as, despite a study published earlier this year by KPMG showing that the median price of an apartment has doubled over the past decade, salaries have not increased at the same rate."
"Even though interest rates in Malta have fallen, the sharp increase in property prices has cancelled out any potential benefits. Even if they may have helped slightly, the government's schemes have not fully addressed the growing housing crisis. With the average property price now exceeding €217,000, the required 10% deposit remains a significant obstacle for many prospective buyers, especially those without financial assistance from their families."
All this coincides with the findings from the continuous dialogue that the PN, led by Bernard Grech, is having with the sector, the party said. "It is estimated that for every seven apartments sold, the price of one of them goes toward expenses related to the excessively bureaucratic processes of planning, the Building Construction Agency (BCA), and many other public entities."
"A new Nationalist Government is committed to introducing not only innovative measures in the field of social housing but also to radically reforming the procedures related to permits by implementing a one-stop-shop concept, simplifying and speeding up processes, and reducing costs, which the end-customer ultimately shoulders."
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