53,000 vacant properties in Malta

[Gladiator]

http://www.timesofmalta.com/core/article.php?id=5094
Why No Property Tax has been Imposed yet?

These units will come down in price and thus help first time buyers.
53,000 properties lie vacant

Mark Micallef
http://www.timesofmalta.com/images/20071021_loc_21.jpgDespite the alarming number of vacant properties, construction goes on. Photo: Matthew Mirabelli.

If there were any need to show that the property market is facing an alarming oversupply, the 2005 census figures released on Friday are living proof.
The census shows that the number of vacant dwellings now amount to about 53,000, an astonishing increase of 17,000 since 1995.
In percentage terms, this means that 26 per cent of dwellings are vacant. Moreover, only 10,028 of these properties are holiday homes.
The picture painted by the survey defies the law of supply and demand, confirming that prices shot up in the past decade, despite the oversupply.
Moreover, it lays bare Malta's bizarre comparison with other European countries.
With a landmass almost eight times as large as Malta's and about 100,000 more residents, Luxembourg has some 20,000 fewer dwellings.
While there are 53,136 vacant properties in Malta, Luxembourg has only 4,000. Ireland, with a total stock of 1.4 million dwellings has only around 7,000 vacant dwellings or 0.5 per cent of the total stock.
Some European countries actually fare worse than Malta. Greece, for instance, topped the charts in 2001 with 35 per cent, while Portugal had 29 per cent in 2003 but none of them has a ratio of property-to-landmass which comes close to Malta's.
Between 1851 - since records have been kept - and 2005, the number of dwellings rose 5.8 times, from 32,968 to 192,314.
Yet, in the last 38 years alone, the number has doubled. Since 1995, the numbers shot up to 37,112 dwellings, of which 17,413 remained vacant.
The census found that most of the properties are in a good state of repair or need only some maintenance. But, only some 28,000 dwellings or about 14.5 per cent of the total stock is rented... and with good reason, it seems.
Rent paid averages Lm300 per year or Lm25 per month. Most landlords, in fact, received less than Lm200 per year for their rented property.
As expected, those in the 60+ categories feature more prominently in the rental market, while between 72 and 80 per cent of those aged between 20 and 49 own their homes.
Similarly, the socio-economic groups which feature mostly in the rental market are individuals who have separated from their married partner or have had their marriage annulled.

[Sepp44]

A totally ridiculous scenario.Makes no sense whatsoever.Not surprising really given the amount of property that Maltese MP's hold in their 'declared' portfolios.

[Gladiator]

A totally ridiculous scenario.Makes no sense whatsoever.Not surprising really given the amount of property that Maltese MP's hold in their 'declared' portfolios.



Perhaps the Maltese will soon become a second Hungary, Sepp44? We are already selling the family jewellery according to Mr. J. Vassallo.

[Sepp44]

Perhaps the Maltese will soon become a second Hungary, Sepp44? We are already selling the family jewellery according to Mr. J. Vassallo.
Hungary does not have such a ridiculous over supply of vacant property.Even if there was a massive surplus,ordinary Hungarians could not afford them.Better to be a Roma gypsy and have international institutions defend your 'rights'.Compared to Malta,property in Hungary is relatively cheap.Foreigners ,especially Germans are driving up property prices.They seek 'holiday homes'.Construction of new property is relatively minimal compared to Malta and it's continuous 'building boom'.A building boom for whom?
English tourists to Malta are perturbed by the rising amount of blacks in this once 'black free' country.
Social welfare systems that favour illegal immigrants are not in place in Hungary as those in Germany,Britain,Italy etc.
Schwabische Turkei and the Banat regions of Hungary is full of German settlements dating back 300 plus years.These villages are unique as is their identity and culture.It is European.It's architecture is European,baroque,resplendent in its beauty and in the cases of the village houses,simple,orderly and practical.No room for ethnic Africans.Places in times gone by where simple rural life bumbled along.This is still evident today only the crumbling houses are now thankfully in most cases receiving face lifts and restoration back to their former simple glory.Descendants of the previous German ancestors purchasing back what their ancestors had stolen from them by the communists after the end of WW2.Much needed injections of foreign capital into local communities where skilled craftsmen like the carpenters remake traditional windows,doors,furniture etc for the incoming Germans.No modern monstrosities with underlying garages for 10 cars.No 'bunkers' made of limestone lying dormant for ten years or more turning green in the rain.
The downside to this of course is where do modern Hungarians go?Prices creep up slowly.By no means does the Hungarian govt seek to openly attract foreigners,especially Germans to snap up village properties.It is the descendants themselves seeking their roots and cultural heritage that keeps these villages alive and kicking.
Would I buy a house in Malta?Simply, NO!It's not worth it.Construction methods get worse in that modern 'bricks' replace limestone.Aluminium replaces wood.Concrete replaces trees and green areas.Hunters blast away at the wildlife.Blacks of dubious character from Africa roam the island.Have they a vested interest in preserving the once unique way of life in Malta?Once again,the answer is simply, no they don't!
A Catholic church that has an increasing portfolio of property thanks to the fideli who think that by willing away their property to the church,their place in heaven will be secured.A church portfolio worth millions.Charitable havens for illegal immigrants or tax dodges.How much would the curia have to pay were there to be a property tax introduced in Malta?:(A miserable scenario indeed.

[Gladiator]

A Catholic church that has an increasing portfolio of property thanks to the fideli who think that by willing away their property to the church,their place in heaven will be secured.A church portfolio worth millions.Charitable havens for illegal immigrants or tax dodges.How much would the curia have to pay were there to be a property tax introduced in Malta?:(A miserable scenario indeed.

I don't know if the RC has to pay back or the descendants can claim back what was taken maliciously by the Church, according a Dom Mintoff law implemented in 1970's is still in effect?

[Sepp44]

http://www.timesofmalta.com/core/article.php?id=5094
Why No Property Tax has been Imposed yet?



If there were any need to show that the property market is facing an alarming oversupply, the 2005 census figures released on Friday are living proof.
The census shows that the number of vacant dwellings now amount to about 53,000, an astonishing increase of 17,000 since 1995.
In percentage terms, this means that 26 per cent of dwellings are vacant.

I forgot!The above figures do not take into consideration what has been built since 2005.The mind boggles.:eek:

[Sepp44]

I don't know if the RC has to pay back or the descendants can claim back what was taken maliciously by the Church, according a Dom Mintoff law implemented in 1970's is still in effect?


I think I know what you mean Glad but if a property were left in a will to the curia then there is nothing any one can do about it.A will is a legal binding document.

[4000 votes]

I always said that a field with soil is worth more money. Sell me a field any time.

[Marco Polo]

The picture painted by the survey defies the law of supply and demand,

in other words: crash!

[Sepp44]

I always said that a field with soil is worth more money. Sell me a field any time.

In a manner of speaking,yes it is but it all depends where the field is located.However ,agricultural land,wherever it is situated should never ever be given over in order to build houses,commercial units or golf courses. The golf course application of Angelo Xuereb in Rabat and his pr consulting company Proximus aka Daphne Caruana Galizia should never have seen the light of day never mind squabbling over the issue for many years.

[Sepp44]

in other words: crash!

I often wonder how Maltese economics flies in the face of contradictory precedent.In the wake of the demolition of the twin towers in Noo Yawk and the brisk trading of airline shares,most airlines worldwide dropped their seat prices in order to attract customers who were apprehensive about travelling by air.What did Air Malta and it's main share holder at the time,the Maltese govt do?They increased their seat prices and no one batted an eyelid.TWAT!(THE WAR ON TERROR)is indeed an excellent money spinner.

[Gladiator]

in other words: crash!

That is exactly what the article is all about MP. Looks someone or some insiders must know that the building Boom cannot go on forever. These are the signs that a Crush is on the horizion.:eek:
Having said that, I bet that it will become more evident when the MLP takes power and they do something stupid with the micro economics of Malta.:eek:

[Marco Polo]

I often wonder how Maltese economics flies in the face of contradictory precedent.In the wake of the demolition of the twin towers in Noo Yawk and the brisk trading of airline shares,most airlines worldwide dropped their seat prices in order to attract customers who were apprehensive about travelling by air.What did Air Malta and it's main share holder at the time,the Maltese govt do?They increased their seat prices and no one batted an eyelid.TWAT!(THE WAR ON TERROR)is indeed an excellent money spinner.

and thus what happened to air malta??

hahahahhaha