Showing posts from February, 2010

CBM Quarterly Review - Property prices drop at slower rate

Residential property prices

The Central Bank of Malta’s index of advertised residential property prices declined by 2.5%,year-on-year, during the September quarter. Following a drop of 6.0% in the second quarter and 9.9% in the first, the third quarter’s relatively modest fall in the index appeared to indicate that the recent negative trend in property prices was reversing its course. Concurrently, the number of advertised properties -- a further indicator of supply conditions in the housing market dropped by 24.1%, following a 28.0% decline in the June quarter. Meanwhile, the number of building permits issued by the MEPA was down by 38.9%, year-on-year, in the third quarter.

Lower asking prices were reported in half of the eight categories covered in the Bank’s survey.
The largest contributors to the overall decline were flats in shell form and finished flats,with a fall in asking prices of 7.0% and 2.9%, respectively. These categories together make up more than half of the monitored pr…

Malta Government Property Division signs bilateral agreement with Dubai Land Department.

The Malta Goverment Property Division (GPD), and the Dubai Land Department have signed a bilateral agreement valid for 1 year, which will give rise to a collaboration between both countries on technically related matters involving property registration and regulations. The agreement also covers training and an exchange of information.

The bilateral agreement was signed the last week of January 2010 by Parliamentary Secretariat Dr. Jason Azzopardi Azzopardi on behalf of Malta, in the presence of the Consul General of Malta in Dubai UAE, Mr. Anthony Tabone. Dr. Azzopardi said the Land Department was entering the international property scene exposing it to the best practices and systems used in different countries.

Sultan Bin Butti Bin Mejren signed the agreement for Dubai.