Joint Office should sell land at nominal price - GRTU

The Malta Chamber for Small and Medium Enterprises, GRTU, has suggested that the Joint Office should pass on land administered by it to the private sector at a nominal price in a bid to lower property prices.

It pointed out in a statement that it was the land that was expensive, rather than the cost of construction.

"If the land administered by the Joint Office were passed on to the private sector at a nominal price according to established conditions, there would be enough property at reasonable prices for Maltese people."

The GRTU said that following the recent development zone changes, more land that falls under the Joint Office's responsibility is up for development and this should be used in an intelligent way to stabilise property prices.

However, the government should not try to control the free market, but could use the property owned by it and the Joint Office intelligently.

It said Church has vast experience when it comes to property and it forms an integral part of the Joint Office, which is one of the country's biggest land owners. Earlier this month the Diocesan Commission for Justice and Peace expressed concern about the spiralling cost of property and the "endemic and uncontrollable speculative practices" in the property market.

Commission chairman Godfrey Leone Ganado had called on political and social players to address the issue if they truly believe in social inclusion and a sustainable standard of living.

The GRTU said it was not enough to complain about the situation but it was important to propose measures that need to be taken, something which it said it was doing.

As an important stakeholder in the property sector, it had expected to be consulted before the commission talked publicly about the cost of property.

The GRTU pointed out that the absolute majority of its members and Maltese businessmen were property owners.

The chamber stressed that it wanted a debate about what should take place so that people did not suffer due to high property prices while property owners did not suffer a loss of investment.