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5 NEWS 13.7.2023 Gozo has cheapest rents VIVIAN, a leading local pharmaceuti- cal importer and distributor, announces the appointment of Zampa Debattista, a growing firm of accountants, auditors, and tax advisors, as its new financial advisors, a strategic move for Vivian as it aligns its vision for sustained growth and commitment to upholding strong governance principles. Denise Borg Manche`, Managing Di- rector of Vivian stated "we are proud to announce this new appointment of Zampa Debattista. eir reputation for excellence and commitment to strong governance perfectly aligns with our core values. By leveraging their exper- tise, we are confident in our ability to enhance our financial strategies, pro- mote sustainable growth, and maintain our industry leadership." "is partnership represents a shared commitment to excellence, financial integrity, and a forward-thinking ap- proach to business. As leaders in the pharmaceutical industry, Vivian rec- ognizes the critical role of a trusted fi- nancial partner in navigating complex financial landscapes, ensuring com- pliance, and driving strategic deci- sion-making." "Zampa Debattista brings a wealth of expertise and experience to the table, making them an ideal partner for our financial needs. With their proven track record in providing comprehensive financial services and their deep un- derstanding of regulatory frameworks, Zampa Debattista will play a vital role in optimizing Vivian's financial operations and ensuring continued success," added Denise Borg Manche`. Mark Wirth, Partner at Zampa De- battista added "we are honoured to have been chosen as Vivian's financial advisors. Our team is committed to providing tailored financial solutions that align with Vivian's strategic vision. Together, we will work to optimize their financial performance, ensure compli- ance with regulatory standards, and support their growth objectives." "is appointment underscores the importance of forging strategic alli- ances to drive business growth and uphold the highest standards of gov- ernance. By leveraging the combined expertise and shared values of both organizations, this collaboration sets the stage for continued success and a bright future," concluded Ms Borg Manche`. Vivian appoints Zampa Debattista as financial advisors FROM PAGE 1 Gozo remains the cheapest region for those paying rent, with an average rent of €562 and €674 per month for a two-bedroom and three-bedroom apartment. Out of all localities, Munxar is the least costly, as an average rent of €495 per month for a two-bedroom apartment is the cheapest entry in the list. In the Northern region, where the average rent for a two-bedroom apartment is €696, Naxxar is the most ex- pensive locality for tenants, as average prices rise to €904 and €1,068 for two-bedroom and three-bedroom apart- ments. In this region, Mosta is the second most costly locality for those paying rent, which is followed by Mell- ieħa and Saint Paul's Bay. In the south of Malta, Fgura's two-bedroom apartments are the cheapest option, with an average of €554 rent, which is followed by Paola (€581) and Żabbar (€646). Meanwhile, Marsascala (€716)is the most expensive re- gion when it comes to renting two-bedroom apartments, followed by Żurrieq (€666) and Birżebbuġa (€597). Irregularities surrounding shared spaces e report also took note of two "irregularities" exam- ined in the rental market, where firstly, the number of shared space contracts was notably low. "is is puzzling given the anecdotal evidence of widespread co-sharing arrangements by foreign workers that rely on this sector for accommodation," flags the report. e Private Resi- dential Leases Act's present rule for shared spaces, which is defined as a contract with a period of six months that cannot be renewed, may be the cause, according to the report. In order to take advantage of the more lenient regulatory requirements, the report adds, some land- lords may decide to file contracts as long lets even when they are renting out shared spaces. e second anomaly concerns the disproportionately high proportion of long-term lease agreements,, with rentals that are less than €500. Particularly when com- pared to promoted listings by estate agents, the rents for these contracts are substantially lower than the going market rates and are instead more in line with the rentals paid for shared spaces. In fact, almost 90% of rents for shared spaces were below €500 in 2022. is is tied to the first anomaly, the report says, in that some landlords have resorted to registering shared premises as long-term leases in order to get around the restrictive conditions. It was noted that these actions may artificially alter the rent distribution of long-term leases, creating the impression that rents are lower than they actually are. Average monthly rent price 2022 (€) Two-bedroom Three-bedroom

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