Housing should not be a tool for speculation – David Pisani

Zminijietna

 

“This is the New World Order – rage against the machine”

Maltese Islands are very small in size and amount to some 313 square kilometers. Malta have a few natural resources.Building land is scares ,although Malta is experiencing a vast developement of new apartments, maisonettes and Villas.

Infact in 2003 MEPA issued permits for 13,000 new housing units. Mega-projects have been constructed, and others are on the way.  The list includes Portomaso,MIDI, Crowne Plaza and other development in areas previously occupied by Mistra Village, Ta'Cassia, Pender Place, the Palms, Galaxy Hotel and others".

“In 2002 MEPA issued permits for 13,000 New Housing Units,
big mega Projects have been constructed & and other are on the way,
but what about property prices ?“

Incomes in Malta are still low in comparison with wages for similar occupations in Europe. To own a home/shelter is becoming more expensive. Infact it is about 9 times the annual salary of a middle class wage in Malta.A sector of the population mainly youths is mostly affected by this phenomenon.Such rises in prices have an impact on the social life of young people who intend to buy their first residence. It can result in more people falling under the poverty line.Maltese youths constitute an integral part of Maltese Society .They are an important source in the development of the country. It is therefore important that the government is able to cater for their basic needs such as health, education and the necessity for a shelter.

Housing is an essential element in social life.It provides shelter ,which is one of the most important basic need. It is also a site of socialization and often indicates one social status.This implies that the need for shelter is one of the most basic human needs in any country, and like most developed countries, Malta too should consider housing as being an essential development factor.

 “Housing is a social neeed, it should not be a tool for speculation”

- The need for a house/ shelter thus constitutes one of humanity's basic need.
- housing must be seen as a social need, not as a means for speculation and unsustainable development.
- The government should develop a national policy on housing which reflects the exigencies of the country
- The policy should include programmes aimed at helping youths to acquire decent accommodation without undesired financial burdens.
- Widen further subsidiary schemes in collaboration with the Housing
Authority.
- Special attention should be given to young people and the obstacles and assistance they encounter when they seek to purchase their own home.
- Tax on vacant property may be introduced so as to discourage speculation and encourage the use of such properties. Such taxation can help increase pressure on the ever-increasing property prices.
- The state may also introduce fixed interest rates with a reasonable
Social conscience behind them. The state may also look into the unreasonable charges being made by Banks on people who buy property for residential purposes. Banks should be forced to change such practices".
- the State may consider regulating the prices of property.  Given the
Small size of Malta and the hefty increase in prices, it is questionable whether free-for-all market practices make sense in such a sector".

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