Property and construction boom is over

The global credit crunch and the debt crisis in the UK in my opinion will have repercussions for the Maltese tourist industry and therefore it is vital for Malta to diversify its industry. Malta has done a good job attracting visitors from other destinations other than the UK but now it must look at different markets for tourism if it is going to survive.

Malta also needs to boost its credentials within the Arab world. It has a highly skilled, educated workforce and should be vigorously tapping into North African markets, promoting trade and business in North Africa and the wider Middle East. Malta has a distinct advantage with its Semitic language and good Arab relations.

It's also time to recognise that the property and construction boom of the last decade is over and there now needs to be severe correction in commercial and residential real estate in Malta. Unless this happens banks might be in trouble and there might even be a severe recession in construction and development. How can Malta have a sustainable property industry with house prices that are seven, eight and nine times the average person's yearly income? High real estate prices are good for nobody and this is the reason that the UK is in such a mess. Also, the Maltese are pricing their children out of the market or, worse still, selling them a lifetime of debt slavery to line the pockets of a few extremely wealthy developers.

A deeply Christian country like Malta should understand that greed is not good!