Tak­ing a look at the fu­ture of the prop­erty mar­ket

The Malta Business Weekly - - NEWS -

Par­lia­men­tary Sec­re­tary for Plan­ning and the Prop­erty Mar­ket Chris Agius de­liv­ered the open­ing speech for the busi­ness break­fast or­gan­ised by the Malta In­sti­tute of Man­age­ment en­ti­tled Malta’s rental mar­ket: A bub­ble set to burst?

Dur­ing his speech, Agius spoke about the sev­eral fac­tors which af­fect the prop­erty mar­ket, namely the way fam­i­lies live to­day, the ef­fect of the growth in pop­u­la­tion with the in­flux of for­eign­ers who are choos­ing to live and work in our coun­try, the coun­try’s un­prece­dented eco­nomic growth, the fis­cal stim­u­lus which took place in the past five years, as well as the op­er­a­tion of the pri­vate sec­tor in this in­dus­try.

Among the sec­tors that should be ad­dressed, Agius men­tioned the rental mar­ket, where 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 also spoke about the im­por­tance of look­ing at the way in which the Mal­tese so­ci­ety is con­sti­tuted at present and the im­pact of for­eign­ers in our coun­try. He added that we need to con­tinue work­ing so that through strong fis­cal pol­icy we can con­tinue to wit­ness strong eco­nomic growth with low unem­ploy­ment rates.

Ques­tion­ing the road ahead, Par­lia­men­tary Sec­re­tary Agius 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.

He con­cluded by stress­ing the im­por­tance of col­lab­o­ra­tion be­tween gov­ern­ment and the pri­vate sec­tor, so that while en­sur­ing that this sec­tor con­tin­ues to grow, we can also wit­ness Mal­tese fam- ilies who are able to af­ford the costs in­volved with buy­ing or rent­ing a prop­erty as their or­di­nary res­i­dence.

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