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The Maltese Herald

Here’s why it’s not a good idea to sell residency against ghost rentals for thousands of foreigners

—

by

Mark Camilleri
in

There are at least 3000 foreigners who have registered under Malta’s Permanent Residence Programme many of them having rented ghost rentals.with some of the rentals even being owned by government ministers. Joseph Muscat and his friends have been making good money out of the Malta Permanent Residence Programme.

Currently, Malta has a very serious housing shortage with rental prices having shot up to unprecedented levels. From a simple search of the cheapest rentals in Malta from one of the most popular sites, the cheapest rentals start at €50 per day. With a typical legal job available in the market right now, you’d spend most of your salary renting if you are renting by yourself.

Not to mention the fact that the MPRP is compromising national security, it’s one of the many ways we are currently exacerbating a serious housing shortage.

 

 

 

 

 

Comments

  1. wish avatar
    wish

    A wise person would have seen this when first the sale of passports was mentioned.

    The PL has let down the Maltese big time and the idiots keep clapping and now more than anyone else is getting what they voted for and we are all paying for it.

    Once upon a time, those who did not have property were not entitled to vote… now we know why. We bring everything on ourselves with our short sightedness.

    Reply
  2. Kimura avatar
    Kimura

    Unfortunately and by default the property bubble will eventually burst. Those worse hit will be those who during these 2 decades have taken out mortgages on overvalued and overpriced properties. Their repayment plus interest will remain steady but they will experience a devaluation of their property as the supply will exceed demand. We have already learnt that demand for rental of office space is declining. Once this demand for office space peters out due to various factors e.g increased uptake of teleworking and nomads and over development, owners of surplus office space will easily transform these office blocks into high to medium end apartments. Local Transport infrastructure has been mismanaged and we are heading for a situation of periodic gridlocks which will intensify the need for teleworking. Intense periods of economic booms are always followed by corresponding periods of slowdowns and stagnation. Then we can expect an exodus of foreign workers who have been the prime cause of inflating rental and property prices in Malta. Tourisim wise things are not looking good either as countries like Croatia are already offering stiff competition not only for tourists but even for employees in the tourisim sector.

    Reply
  3. Rita Cachia avatar
    Rita Cachia

    What a mess….

    Reply

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