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 with the name Malta’s Rental Market: A Bubble set to burst?
During his speech, Agius spoke about the several factors which affect the property market, either due to the way families live today, or due to the effect of population growth with the influx of foreigners who are choosing to live and work in our country, or due 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.
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 Maltese society is constituted at present and the impact of foreigners on our country. He went on to say that we need to continue working so that that through strong fiscal policy we can continue witnessing 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 families who are able to afford the costs involved with buying or renting a property as their ordinary residence.