Letter to The Times of Malta - Insight into the property market
Letter to The Times of Malta, from Francis Raeymaekers, Mellieħa. Date of publication: March 28, 2012 I refer to the editorial Mixed Messages From The Property Industry (March 21) and as a director of one of Malta’s few property search companies would like to make some observations. The Maltese construction sector is in the doldrums for two significant reasons: lack of funds and greed. Greed as typified by substandard construction where corners are systematically cut in the quest for ever greater “paper” profits. Some glitzy developments built with no or little ventilation, window fixtures installed with foam guns, and so on and so forth. Greed, as typified by overdeveloping developments, constantly adding to the current stock by clever manipulation and re-application of planning permissions. All impact the resaleability of the developments, creating substantial overhang and despair for owners who made the error of buying in the first place. The word gets out and funding dries up.