The Townsquare appeal decision is a heartening one. That’s because it underlines the necessity of adhering to policies and fulfilling requirements.

If a proposed development will have a considerable impact on residents and a locality, it is only just and proper that there is strict adherence to regulations and observance of requirements. There is common sense and courage in the recognition of the fact that developers are never too big to stick to the rules. Which is ultimately the essence of the whole legal system – equality in the eyes of the law.

 Nearly a year ago the Valletta Suq development was nearing completion. Residents who live close to the building were concerned about the total takeover of the commercial element of the area. They predicted that there would be more noise at night as more outdoor catering areas were set up. Among the most callous responses to their concerns was the invitation to move over to the Addolorata Cemetery as a more tranquil spot. 

Why is every other property in the country being transferred or leased for thousands of euros per square metre while this is not?

Today the residents’ concerns were proved right. What was originally meant to be an outdoor exhibition space outside the Suq has been utilised as yet another outdoor catering area.

This is not due to any lack of action on the part of the authorities. The original permit specifically limits the use to an outside exhibition space. Unfortunately, it is the disrespectful attitude of operators whose business model is based on being given an inch and taking a mile. 

 If Valletta is to retain its unique cultural and community element, a semblance of balance between commercialisation and the rights of residents must be retained.

This is what you can buy for €50. You can buy 55 packets of World Cup Panini stickers. I’m not sure if it would be enough to complete the whole sticker album. Alternatively, you could get three starters, three pizzas and six soft drinks from a pizza chain.

Fifty euros would not be enough to cover the purchase of a three-month harbour ferry ticket, as it costs €100. However, for the same price – a mere €50, you could bag yourself some prime real estate at the water’s edge in a prime location.

That was the rate for which land at St George’s Bay was transferred to the dB group for the proposed City Centre project. According to the sworn testimony of the representative of the company which evaluated the deal, €50 per square metre of hotel space in a prime location was a realistic one.

I can’t get my head around this or figure out why this is a realistic rate or a suitable rate of return for the transfer of prime real estate by the sea.

Comparisons are odious but no one can help making them. An underground garage space measuring a measly six metres square is going for a sum in the €20,000 range. It has absolutely no views to speak of – except for the car spray scraped off on the supporting concrete column.  There’s no privacy at all, since there are no walls between adjacent car spaces.

And the biggest bummer of it all is that you can’t build a multi-storey high-rise on it. Which means that whoever buys that garage space is paying €3,666 per square metre for it.

Is that a realistic price? I don’t know about that, but it is the going price. I’ve scoured the ‘For Sale’ adverts in the newspapers and looked over several real estate agency websites. And there isn’t a single property or site anywhere in Malta or Gozo which is advertised as being for sale at €50 per square metre. Not one. And still the properties are being sold.

So why is every other property in the country being transferred or leased for thousands of euros per square metre while this is not?

drcbonello@gmail.com