Property prices 'stabilise' - survey

Carmel Cilia

Dec 8th 2011, 08:31

A look around Mellieha would be more convincing than these surveys which I dare say are just there to pump confidence in a failing industry. Wherever you look over here its notices with properties for sale. In my humble opinion there are two obvious reasons behind this viz- 1. the supply far exceeds the local demand and 2. the over inflated prices. Plus this, one should also include the government induced costs ; not least the evaluation by government architects who inspect sold buildings and in most instances always exceed the bargained price.

Jay Oatmon

Dec 8th 2011, 07:29

Does anyone beleive that prices have stabilised - this is just spin to mask the truth.

The reality is the prices paid not the asking prices, and the reality is the thousands of empty units all over Malta, not unverified statistics from the Central Bank.

The incompetence/corruption at MEPA and greed of the developers in the past was all part of the 'get rich quick situation' which has now resulted in the unsold property glut.

Looking at the photograph for this article - it seems to me that having electrical cables above your head on a balcony must be an illegal hazard - and done to save money?

Charles Muscat

Dec 8th 2011, 02:56

This is good news for everyone. Why bother buying a property if it doesn't go up?
I never heard any property owners complaining of higher prices.

R Muscat

Dec 8th 2011, 00:21

In general prices for apartments in most locations has gradually gone down since around September 2008. A 3 bedroomed apartment which sold for Lm 60,000 in 2008 nowadays sells for about Lm 52,000. The only places which in my opionion have more or less retained their value since 2008 are properties in prime locations such as sea front properties and other isolated areas like Swieqi / Targa Gap / Madliena and High Ridge. The real problem is that many apartments are being planned and 'designed' too compact and too small. Have a look at the size of the bedrooms in most apartments and the reduced size of the kitchen-living-dining area. These compact apartments are not suitable for a couple let alone for a family of 3 or 4. These properties will be very hard to sell because most buyers now understand the many restrictions these properties offer. I really hope that developers will refrain from trying to fit 3-crammed apartments per floor instead of 2 decently sized ones, because these types of flats will simply not sell !!

Asta Peterson

Dec 7th 2011, 23:48

One word of advice to all estate agents and anyone working in the tourist industry is to start looking else where as things are not going to be all that rosey for a couple of years, we got our famous lovely friends the Germans and the Boring French to thank for this, two of a kind trying to rule the world and making all the rules, including Malta.

Dirty Harry

Dec 7th 2011, 23:42

We are actually new to this country, we decided to try and buy a small place on Gozo with our hard earned cash, but although we love the island, i can asure you i will never ever invest or buy a place on Gozo or Malta for that matter, not only now because of tough times, but also the new tax laws that are being introduced in Britian concerning buying a second home outside Britain, i was informed as from lately that although Malta is supposedly to be favourite as a tax haven for ex-pats, unfortunitly this is no longer the case as our wonderful*(lol) taxman back home has introduced up to 35% tax on property owned by expats abroad, however there is also a question of a hasstle trying to sell incase any of us retired people wish to return back home, with all the bureaucracy and red tape that goes with it is not worth the trouble, plus paying somewhat hidden taxes that we never even dreamt about, luckily enough we met other expats around our age (oldies)that suggested that the best thing we can do is to rent/long let, at a good price as now renting on Gozo and Malta are two to a penny, there is a vast choice to choose from for a simple reason nobody is buying or even renting in that matter especially us Brits. most of us are staying put where £1 (pound) is actually worth £1. and no exchange conversion rates into euros. So we opted out to rent for a 12 month period during that time if we decide to kick it on the head and return back all mwe have to do isto give 1 month;s notice and bob's your uncle off we go back to the UK, we will leave it for the owner to worry with all the headaches and stress that goes with it, but as far as buying i think the best bet would be for the younger Maltese generation to buy as this is their home and their families are here, for us its not exactly what we call our home, our home is back in England where most of us belong., just my humble opinion you understand, because if it weren't for the nice blue sea and the weather, we find that Gozo especially, and Malta are still lagging behind in alot things, including the ordinary daily shopping bills and such things as in:- choices of food and bargains are not on the same scale as back home, sometimes we even detect a slight resentment from the locals seeing us spending money where as they find it hard to make ends meet, well i guess this is a problem not only for the islands but also back home, except clothes/food prices/ and electrical goods are a damn sight cheaper then Malta, some even less then half price. but as for buying a small property my verdict:- please don't call us we'll call you.

Steve Sant

Dec 7th 2011, 23:22

Why do we insist on making the same mistake over and over again, I thought the Central Bank made scientific calculations by using proper information. Not by those seen on newspapers, which are more often than not inflated purposely or faked (maybe taken off the market or Sold) just for publicity. Another known fact is that 90% of these adverts are there for branding, and by Estate agents, so their scientific or mathematical and economic significance is wrong. There your article means zilch. The truth is the property prices are still being over-rated and will continue to be overpriced. When backs start calling in loans, thats where the real prices start coming into practice, go to a bank and dictate your price, you're immediately told that they will be sending their own architect for valuation, and the price more often than not reduced on average by about 45%. Your article is next to no significance.

JJ Debono

Dec 7th 2011, 20:31

I don't know so much about property prices stabilises, one should come to Gozo and see for themselves the many empty properties some shell finished resembling a war zone, they seem to have more properties for sale then people. I think some property owners who are desperate to sell should do same as th British do, ONE FREE APARTMENT WITH EVERY GALLON OF PETROL to get them shifted.

Charles Cremona

Dec 7th 2011, 19:20

Property prices are only going one way and that is down despite what estate agents say , have a look around you and see, nothing is selling.

Gustav Svensson

Dec 7th 2011, 18:29

In other countries this type of statistics are based on actual prices instread of asking prices. It would also be interesting to know how many transactions that has taken place this year compared to previous...Malta ta.

Darren Muscat

Dec 7th 2011, 17:12

A bit of bad news to those experts who insisted that property prices will start to fall until everyone can buy a property with no need for a loan. Better luck next time!

Charles Zammit

Dec 7th 2011, 16:30

How can electricity cables be allowed in such dangerous areas of habitable places ? The mind boggles !!