I was delighted to listen to a property agent speaking so frankly about the property market in Malta as he literally implied that there is no good property stock available for sale. He was making his point in an advertisement and said that despite his company having the best property database on the island, the property stock available didn’t meet the demand.
He’s perfectly right about this. And any real-estate developer would confirm this unless you factor the latest high-end properties. The property stock available for the middle-class and the first-time buyer is not only getting more limited, it is also getting gradually and considerably worse. And as the youth are overpriced out of their own towns and villages, the new places they are flocking to like Hamrun and Gozo are also becoming gradually overpriced.
This advert can also be considered as an encouragement for panic buying which is perfectly expected considering the ever growing limitations of the local property market. There’s hardly any future outlook about the local property market which is socially positive. What’s even more alarming is that both major political parties don’t have the will and the interest to address the situation.
For the latest article about property prices you can read this piece.
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Historian and Publisher
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