Quality leap
by Malcolm J. Naudi
First time property buyers and all those Maltese who are in the market for a decent home are giving out the message that they want a property that has made a quality leap in terms of basic comforts and energy efficiency, according to Parliamentary Secretary for Consumers, Fair Competition, Local Councils and Public Dialogue Chris Said.
As the top Government minister responsible for local councils, Dr Said is eminently well placed to have an overview of all that occurs at the local level, especially through his many site visits to the localities and in his meetings with people who represent those localities. “I can observe a shift on the part of buyers and on the part of developers. Naturally, this is a matter of supply and demand,” he said.
Buyers want properties that are well thought out, with energy efficiency factors built in. With such a choice of properties on the market, even first-time buyers are becoming discerning and, he observed, the market is responding: “I know a developer who built a block of flats 10 years ago that is not up to standard. This is now being demolished to make way for apartments of a certain standard since nobody will want to buy below-standard apartments.”
The average Maltese will shun apartments where too many badly designed units have been packed in, he went on. They may not be in the market for villas or luxury apartments but they are seeking comfortable homes that consume the least amount of energy and have the right aspect and general layout.
In view of recent high-profile urban developments, Dr Said believes there is still demand for the “normal” apartment, maisonette or house as we know it. Developments like Tigné Point, Portomaso and Fort Chambray in Gozo are targeted at a certain segment of the population and to foreigners.
This, he believes, is a strong point for the Maltese Islands – for such a small country to be able to offer such high-level properties which encourage foreign investment and give the economy a different aspect. This continues the trend set over the past 40 years when foreigners were encouraged to come to buy property and retire here, with a positive multiplier effect on the economy.
This type of property investment was not only beneficial to the developer but to all the other subcontractors involved. “Projects like Tigné, Fort Chambray, those that are in the pipeline or on the market continue to develop the Malta offer that has been so successful in recent years,” Dr Said said.
The local property market had seen demand for good properties of a certain standard remaining stable, along with the prices they command, he went on. Properties that are not of such high quality had seen a “drastic” fall in demand and prices have also fallen, as opposed to the “boom” years of 2005-2007.
