The Nationalist held a press conference yesterday, announcing its serious concern for the rise in property prices and among several proposals propose the construction of new affordable housing. The Nationalist Party also proposed a raft of subsidies and tax incentives very similar to what the Labour Party is currently implementing,
Latest NSO Statistics show that Maltese property prices were up to 5% higher in the last quarter of 2024 compared to the quarter of the previous year.
In its statement, the Nationalist Party said that it is impossible for a single person to afford a property of €171,000 with a median salary of €21,000 per year. 95% of Malta’s properties cost more than €171,000.
The PN’s statements on Malta’s ongoing housing crisis are rather late, but at least it’s a good start to address the problem. The Labour Party is deluding itself that there is no crisis and is issuing subsidies for first-time buyers, which clearly, are being counter-productive as property prices keep rising. Most likely, further subsidising the housing market will further increase housing prices. The Nationalist Party doesn’t want to be challenged on its financial and economic policies, and its spokesperson for public finances, Graham Bencini even refused an interview with us.
Albert Spiteri used to be chairman of the housing authority under previous PN administrations and he should have some level of expertise on the subject. Increasing the property stock of affordable housing is the only way forward to bring down housing prices and this should be done in an intelligent and smart way, including by planning the construction of smart and intelligent high-rises that offer multiple affordable apartment units.
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