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Property in Malta recovers to pre-crisis highs

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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…

Let government intervene to restore private dilapidated buildings, GHRC head pleads

Lawmakers needed to explore ways how the government could intervene to restore historic dilapidated private properties, the chairman of the Grand Harbour Regeneration Corporation, Stefan Zrinzo Azzopardi, said today.

“Does it make sense to allow properties to deteriorate into eyesores in areas where millions are being spent on regeneration and restoration, such as in Valletta? While I would exclude expropriation, we need to find a solution how private owners would be compelled to look after their property within constitutional parameters,” Dr Zrinzo Azzopardi said.

He was speaking at a conference on regeneration, organised by the corporation.
Dr Zrinzo Azzopardi vented his frustration that in some instances, efforts to restore historic areas to their former glory were hindered by the fact that the government could not intervene as the buildings were private.

Another problem was that the authorities sometimes could not even identify the owners of dilapidated buildings, he said.

The co…

Home owners snap up €8m in restoration funds

A home restoration grant was closed today following overwhelming uptake from the public, Planning Parliamentary Secretary Deborah Schembri said today.

Addressing a press conference, Dr Schembri told reporters that the Irrestawra Darek scheme, launched back in January, had been met with more than 800 requests from home owners.
She said the entire €8 million allotted for the project had already been absorbed and the last few applications were being processed.
Although applications had come from all over the island, the highest concentration were for Grade 1 or 2 scheduled properties in Sliema. Żebbuġ and Valletta had also generated a lot of interest, she said.....

Read the full article on Times of Malta online edition March 27, 2017, here.