In a July 17 editorial titled Vacant Properties: A Right On The Land, it was suggested that “BICC studies need to examine a number of possible solutions to the crises of over housing”.

This is exactly what the Building Industry Consultative Council intends to do.

While it is correct to state that there are 72,150 vacant properties in Malta, one has to determine why they are vacant. There could be various reasons. A percentage of these properties may be vacant because of issues of title (particularly in case of inherited properties), properties may have been built as an investment for future family needs (for the eventual use by the children of the developer) or properties may not be up to the required standards. Some properties may have also been built for speculative purposes and their owners are waiting for an improvement in the market conditions before they are put for sale.

As a forum of the building industry, BICC is mostly concerned with that segment of vacant property which has been left vacant either because it is not up to the required standards or is overpriced.

In the latter case BICC will be launching an initiative to work out a scientific Property Price Index. This will give property owners a better idea of the real market value at any particular time and so might persuade some to request more reasonable prices.

With regard to property which is not up to the required standards, BICC will be launching various initiatives. This issue can be viewed in a wider context of urban regeneration and BICC will submit recommendations to Mepa specifically to address it.

BICC will also seek to better understand the problems which render certain properties substandard and promote solutions.

Such initiatives would probably entail our tradesmen learning new skills, especially if such properties are not only retrofitted to ensure they provide a level of comfort in line with today’s living standards but also that they perform well in terms of energy efficiency. The skills of such persons will be given due recognition by the issue of skill cards which will be duly registered.

Such work would require the use of materials which are best suited to our conditions and would entail research for the best products to use.

All of this would need to be carried out in full conformity with EU standards and regulations. Materials and products have to have the appropriate CE marking while ensuring that work practices conform with the applicable eurocodes.

It is our firm belief that in this manner we will address some of the problems created by vacant property. Doing nothing is not an option. Malta cannot afford to have €5 billion worth of unproductive investment. The problem of vacant property is a national problem which needs a coordinated national effort.

It is our belief that BICC is the most suitable entity to carry out such a task.