Increase in construction activity to result in vast quantities of construction-waste which would increase pressure to use this material for land reclamation projects which will only be viable if more apartments are built on reclaimed sea.
The nine-mega developments in Paceville are expected to create between one and two million cubic metres of construction waste - more than the total amount of construction waste dumped in a single year.
The amount could increase further with the excavation of a tunnel proposed under regional road earmarked for after 2018.
Altogether, the nine Paceville developments included in the master plan will create 1.17 million square metres of new ground space set on different floors-which is nine times that of the combined Mriehel and Sliema towers approved by the Planning Authority in August.
The two projects - which have a combined gross floor area of 135,149 square metres - will together generate 276,115 cubic metres of excavation waste.
Although a direc…
The government this morning announced a new scheme which will enable tenants to redeem temporary emphyteusis in residential properties administered by the Joint Office and the Lands Department.
Government properties minister Jason Azzopardi said this would benefit hundreds of households, who would finally be able to become owners of their homes.
He said the new scheme opens on February 20 and will run for six months. It will enable the tenants to redeem their groundrent at very favourable rates.
Those who currently pay less than €5 per year as groundrent will be able to redeem their groundrent for €1,000.
Those between €5 and €10 per annum will be able to redeem for €2,000 and those currently paying between €10 and €20 per year will redeem for €3,000.
There are two conditions. If a property is sold within five years from when the groundrent is redeemed, the governemnt will be entitled to 25% of the price of the property. Disabled people, separated couples and those over 65 years old…
Property recovers to pre-crisis highs Prices up 4.7% in 2016
Property prices in 2016 grew by 4.7% compared to the previous year, recovering to the pre-crisis peak, according to a report issued today by the Central Bank of Malta.
However, the CBM said there was no cause for alarm about affordability as the ratio between the median house price and households’ income remained significantly low when compared to the boom period of 2005/2006.
The bank said there were two reasons for this: the fact that incomes were rising, and the fact that pressure driving up prices was mostly generated by foreigners seeking jobs in Malta. The CBM noted that in response to the higher demand, supply was also expected to increase in the near term, as the number of permits issued by the Planning Authority almost doubled in 2016 – although not to the pre-crisis peak.
Meanwhile, the bank repeated its Real Estate Market Survey among real estate agents, a larger share of whom expressed their view that residential prop…