The Gravity of Week 13

This week, the 13th in 2007, witnessed the beginning-of-the-end chapter of a winding and tortorous academic and social debate in the media, vis-a'-vis the current property market interactions, and the ensuing social responsibilities of the key players in this market.

This debate, and the subsequent introspection, has this week finally started to precipitate into more tangible facts and figures then previously made available. Partially responsible for this turn in events were a number of key figures from the local real estate and financial services market who on the 28th. March convened at the Hilton Business Centre, for a forum organised by EMCS Ltd. and entitled "Real Estate, Opportunities and Challenges for the Future". For a full report on the forum by the Malta Independent entitled "Lm25 billion worth of property in Malta" click here.

The following day, on the 29th. March, an EU Commission delegation visited Malta to investigate the maltese government on several environmental infringements, amongst which we find the Sliema Fort Cambridge Development comprising 386 flats and 4 levels of underground parking, which MEPA has approved without conducting an Environmental Impact Assessment. The Sliema residents are opposing this development through a judicial protest signed by lawyer Simon Micallef Stafrace. For the full article by Maltastar please click here.

Yet again on the following day, the 30th. March, we find The Times of Malta's editorial entitled "Concrete Investments". The editorial points readers towards The Times Business (March22) which had stated that 46,000 units were given permits by MEPA between 2000 and 2006. The demand for property as an investment was being confused with demand for residence, and goes on to ask, "who are the potential buyers?". A very significant point made by the editor is that although 46,000 new units were given permits, only 25,000 new water service connections were applied for in the same period, that is 2000 to 2006. It is also reasonable to assume that some of these new properties with a water connection would also be vacant. The editorial can be read in full here.