Copenhagen embassy closure 'devastating' for property market
The Federation of Estate Agents has expressed concern about the decision to close Malta's embassy in Copenhagen - Malta's only diplomatic presence in Scandinavia.
The FEA fears that the decision will have a negative impact on prospective property buyers in Malta, especially since the Scandinavian region is one of the most affluent in the EU.
According to the FEA, these prospective buyers will now have to travel to the nearest embassy in Warsaw, Poland, to apply for residents' permits and be interviewed.
The FEA urged the government to reconsider its decision, claiming that the effect on the local property market could be 'devastating'.
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Joseph Galea
Aug 25th 2008, 09:15
This must be a joke! "Devastating" for property market? Devastating for whom - estate agents presumably? Estate agencies are one of the primary causes for the sharp escalation in property prices. If the property market is 'devastated' and prices come down from the absurd, greedy prices that are being requested today, then so much the better. What the estate agents lose in terms of commissions because of lower prices they will surely gain on the increased number of sales to locals who might then begin to afford to buy.
N Lawrence
Aug 24th 2008, 18:55
Tough luck on the estate agents!
Personally speaking- I can't see why residents of Scandinavian countries, which pride themselves on their cleanliness, would want to purchase an over -priced, over-rated property on this dirty little rock!
Mark Grima
Aug 24th 2008, 13:08
if someone lives in let say Sweden and needs to go to the Copenhagen Maltese's embasy would still need to take a flight, so going to Warsaw or Copenhagen wouldn't make much difference, just few more minutes of flying!
Joe Grima
Aug 24th 2008, 12:09
Property sales are a business like any other. If Scandinavia is important for the property market, then the Federation of Estate Agents should open its own office in Copenhagen and not have the Maltese taxpayer pay for its marketing through the Embassy. I am not saying that the Government was right or wrong to close down its Embassy in Copenghagen . I am not that familiar with the pros and cons of it. However, since to- date, only the Fed of Estate Agents seems to be affected by the closure , my suggestion that the Fed opens its own marketing offices in the area holds.
B Borg
Aug 24th 2008, 11:17
Affluent people should have no problem to pay for a low-cost flight (or otherwise travel to) Warsaw. Moreover, accommodation in Warsaw is very cheap.
Can FEA explain what they mean by "devastating"? Does it mean property prices will come tumbling down just because an embassy is closed? Do FEA expect anyone to believe this statement? I, for one, wish that their lie were true so as that young people would at last be able to afford to buy their first property.