Like many maltese adolescents I sometimes find myself preoccupied with what the future for first time property buyers holds. Increased demand with an ever growing population and foreign workforce, limited land, abysmal bank interest rates, and an increased cost of living with minimal change in one’s average income have all contributed in some way to a drastic increase in property prices. With the Planning authority sanctioning record permits in the last few years and in turn a relaxation of regulations, there has been a continued growth in the real estate sector with respect to the economy. Prices have also been minimally effected, if at all, during the COVID pandemic. The MIIP scheme of 2013 which is aimed for high property investors, has also contributed to first time home owners being priced out of the market. Thus one must ask if this is even sustainable.
So how will this affect the youth of Malta? What realistic options do they have? At what age can they accumulate enough savings to buy property? Will the market be stable in the near future? Will renting be more of the norm? What sort of living conditions can one expect? How can the government tackle this problem?