Issue link: https://maltatoday.uberflip.com/i/1497813
12 NEWS maltatoday | SUNDAY • 23 APRIL 2023 COURT NOTICE The Registrar, Civil Courts and Tribunals notifies that the First Hall of the Civil Court ordered the sale by Judicial Auction of the following property to be held in room numbered 78, nearby the Courts Archives, Level -1, Courts of Justice, Republic Street, Valletta. Date Time Judicial Sale No Property 02 nd May, 2023 10.30am 17/20 - AZ Bank of Valletta p.l.c. (C 2833) Vs Geomike Limited (C 8820) Restaurant on groundfloor level, with an underground level with parts under the groundfloor level and the front garden named Cote d'Azur Restaurant in Triq tal- Buttar, corner with Triq Sant Antnin Marsascala, excluding its airspace and underlying third party residential apartments built on plots numbered 211, 212 and 213, forming parts on the land known as "Il- Barumbara" sive "Il-Maghluq", bounded on the North by Saint Anthony Street, on the East by a new unnamed road and on the west by property of Barumbara Limited or its successors in title, or other correct boundaries, with all its rights and appurtenances, as better described in the contract of acquisition of 10.09.1992 in the acts of Notary Dr Joseph Tabone and is valued at €1,800,000. 02 nd May, 2023 11.00am 58/15- AZ Bank of Valletta p.l.c. (C 2833) Vs Grech Maria Dolores (ID 66543M) et The garage/store on ground floor level, without official number, named "Mars", in Triq il-Bajjada, previously known as Triq Gdida in Triq Isouard, Marsa, which garage/store with the exception of the facade is bounded from all the boundaries with third party property, subject to annual and perpetual ground rent of €46.73, which ground rent is due on the forming land where the garage is built on, including the rent pre 1995 for the remaining years till year 2028, with all its rights and appurtenances, valued at €154,800. 02 nd May, 2023 11.00am 57/22– AZ APS Bank p.l.c (C 2192) Vs Ambassador Clothing Limited (C 22440) The tenement 237, Mifson, 455, in Triq Fleur de Lys, Birkirkara, which consists of a street level shop, not in use, with a measurement of approximately 33.80sqm, underlying third party property which seems abandoned and which has the stairs entrance next to one side of the shop and continue lying over the bathroom of the same concerned shop. On the other side there's a commercial property which also has a common wall with the said property and is subject to annual and perpetual ground rent of the amount of €2.10 yearly, otherwise free and unencumbered, with all its rights, and is valued at €210,000. 09 th May, 2023 10.30am 23/18 – EM Dr Edward DeBono noe Vs Borg Jean Pierre sive Jean (ID 473467M) A) Cave measuring approximately 29.41m2, accessible from a common pathway leading in Triq San Gakbu and bounded to the west southwest by the common pathway, to the northwest by property herein described - indicated as property A in the architect report and the attached photos, exempt from any ground rents and any other burdens B) Portion of agriculture land, currently being worked by John Gauci, known as "Tal-Laring", measuring approximately 774.28m², accessible from a main gate situated in Triq San Gakbu, bounded on the south and in part also on the west by property of Carmelo Scicluna or his successors in title, in part on the west with a common path, and on the east by property herein described - indicated as property B. This land along with other lands, enjoys reservoirs and water springs and it is exempt from any burdens as well as ground rents which the said property is subject to and is situated in Outside Development Zone, free and unencumbered, with all its rights and appurtenances. C) Portion of agriculture land as subjected to a right of pathway and of water canals, which currently is being worked by John Gauci, measuring approximately 958.99m², together with a water reservoir approximately length of 9.87m accessible from a main gate situated in Triq San Gakbu, bounded on the west by property of belongs to third party property and is valued at €151,500. Garage, without its airspace, on semi basement level, internally marked with number 15, in Triq San Tumas, Ħamrun, and accessible from a common drive in together with the other garages owners in this complex. The common parts abuts in Triq San Tumas subject to annual and temporary ground rent of €1.17 for the remaining period of approximately 88 years, the rest free and unencumbered with all its right and appurtenances. The garage is bounded from all compass points pertaining to the sellers property or their successors in title, valued at €19,000. Further details can be obtained from the website: https://ecourts.gov.mt/onlineservices/JudicialSales The bidders taking part in the auction must present their identity card Gaetana Aquilina For the Registrar of Civil Courts and Tribunals belongs to third party property and is valued at €151,500. Garage, without its airspace, on semi basement level, internally marked with number 15, in Triq San Tumas, Ħamrun, and accessible from a common drive in together with the other garages owners in this complex. The common parts abuts in Triq San Tumas subject to annual and temporary ground rent of €1.17 for the remaining period of approximately 88 years, the rest free and unencumbered with all its right and appurtenances. The garage is bounded from all compass points pertaining to the sellers property or their successors in title, valued at €19,000. Further details can be obtained from the website: https://ecourts.gov.mt/onlineservices/JudicialSales The bidders taking part in the auction must present their identity card Gaetana Aquilina For the Registrar of Civil Courts and Tribunals COURT NOTICE The Registrar of Civil Courts and Tribunals informs that the Civil Court, First Hall ordered the following sales by auction: Date Time Judicial Sale No Place Items 10 th May, 2023 10.30am 2/23 – AZ Enemalta p.l.c (C 65836) Vs Streamcast Limited (C 82727) Data Centre, 1 Chamber known as A station located under the Marsa Power Station in Triq Belt il-Ħażna, Marsa Aluminium window, doors, various servers cabinets, Net cabinet, ePDU rack strips, UPS A & plinth, USB B & plinth, UPS A & UPS B battery cabinet & plinths, 1250A Main Switchboard & Busbar Chamber, 250A Distribution Board & Autochangerover, Overheadbusbars A&B, Extinguishant Cylinders, Fire Alarm panel, BMS Control & Panel, Air Handling Units, Network Switches, Solid State Drives and other various items. Further details can be obtained from the website: https://ecourts.gov.mt/onlineservices/JudicialSales The bidders taking part in the auction must present their identity card Gaetana Aquilina For the Registrar Civil Courts and Tribunals NICOLE MEILAK SINGLE persons in Malta earn- ing a median income of €21,000 a year are unable to borrow enough money to buy an average-priced housing unit on the property mar- ket, a new study shows. The study, published last week by Grant Thornton and Dhalia, raises concerns about housing affordability in the Maltese mar- ket, which keeps registering rising prices in a construction-fuelled landscape. With the average price for a finished housing unit standing at €259,000, single-person house- holds simply do not have the bor- rowing capacity to buy their own property, which always requires a 10% deposit for banking finance. A single person on a median income looking to buy an aver- age-sized property in Malta can only borrow around €160,000 from a bank to fund their pur- chase. This is almost €100,000 be- low the average price of a housing unit in Malta. Two-adult households have more luck in getting a foot in the property market. With a median income of €40,000, a two-adult household can borrow around €304,000, exceeding the market price for an average housing unit by around €40,000. But the report flags that there is a significant number of two-adult households that earn salaries below the median income level. If the two people earn a mini- mum wage, they can only borrow around €145,000, rendering the average housing unit unafforda- ble. Property prices differ signifi- cantly across the different regions, with the cheapest prices in lo- calities like Marsa, Ħamrun and Gozo. In these areas, house prices can go as low as €165,000, making it affordable for two-adult house- holds earning a median income. Yet even here, a one-adult house- hold with a median income can- not afford properties priced in the lower quartile of the distribution, neither can a two-adult household earning the minimum wage. While the two-adult household on median income can afford the average property in Malta, ris- ing interest rates could throw a wrench in the works. In response to high inflation, the European Central Bank has raised interest rates by 350 basis points to over 3%. Meanwhile, HSBC Malta has already increased the interest rate on home loans by 40 basis points. At such an increase, a two-adult household on median income would at maximum be able to af- ford around €287,000 in a home loan, marking a €17,000 decrease in affordability. If banks increase the interest rate on lending by 120 basis points, a two-adult household on median income would be priced out of the property market. Apart from affordability, the Grant Thornton and Dhalia study found that housing prices are still going up, but are doing so at a slower pace. But this does not mean that prices will go down any time soon. Despite the slow growth rate, prices still remain higher than what they were in 2019. Housing prices were going up at an average rate of 15% per year up until the pandemic. Since 2020, prices have still grown, but at slower rates. Rental prices grew by 8.7% in the second half of 2022, and remained more or less the same during the first three months of 2023. This marked a full and sustained re- covery from the decline in rental prices during the COVID-19 pan- demic. A separate study published in October 2022 painted a similar picture of housing affordability. Households on an average in- come could only afford properties priced at €201,000, while the aver- age price is €259,000. An affordability index (HAI) featured in the report shows that apartments became significantly less affordable between 2015 and 2019 but more affordable in the short period between 2020 and 2021, which coincided with the COVID pandemic. nmeilak@mediatoday.com.mt Single persons cannot afford average Malta home