The future of Malta’s rental market: A bubble set to burst?
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Speaking this week on the future of the property market in our country, Parliamentary Secretary for Planning and the Property Market Chris Agius said that among the sectors which should be addressed is the rental market.
He stressed the importance of formalising the relationship between the owner and the tenant; “a process which should be beneficial and give peace of mind to both parties,” he said.
The Parliamentary Secretary also mentioned the importance of looking at the way in which Maltese society is constituted at present and the impact of foreigners on our country.
Agius pointed out that, “there are several factors which affect the property market, either due to the way families live today, or the effect of population growth with the influx of foreigners who are choosing to live and work on the islands, or to the country’s unprecedented economic growth, the fiscal stimulus taking place in the past 5 years, as well as due to the operation of the private sector in this industry.”
Questioning the road ahead, the Parliamentary Secretary said that it is essential for the country to do its utmost to address the problem of a market which is witnessing continuous growth.
He emphasised that the first step is to analyse the way in which new families are being built and the way these are living economically.
In conclusion he stressed the importance of collaboration between the Government and the private sector, “so that while ensuring that this sector continues to grow, we can also witness Maltese families who are able to afford the costs involved with buying or renting a property as their ordinary residence.”
Photograph: DOI/Pierre Sammut