The Communist Party of Malta appeals to the Government to address the issue of the rise in property prices. Statistics issued recently by the Central Bank of Malta show that prices of property have risen by 2.8% in first quarter of 2015. Furthermore, the national concern on the amount of properties left vacant for speculative purposes should also be addressed.
The Party states that “such increase in property prices is making it more difficult for low income earners to acquire a decent accommodation. To rent a property in Malta is also becoming more expensive”.
“The Government should not withdraw from its social responsibility. The effect of the free market economy in the property sector is resulting in more virgin land taken up for development, and an unaffordable market property arrangement system has taken hold”.
“A property renting system based on an affordable and sustainable model is non-existing in Malta. In the Scandinavian Countries, 95% of all the property in their country is rented at an affordable price”.
Thus, the Communist Party of Malta suggest to the Government to introduce laws for a progressive taxation on vacant property (third property onwards). The government should also start introducing policies to regulate the property sector, or else increase wages and subsidies to help especially those on low income.