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maltatoday | SUNDAY • 4 AUGUST 2024 4 INTERVIEW Jake Azzopardi: 'Property supply in the market still reflects the realities of 20 years ago' JAKE Azzopardi leads the Founda- tion for Affordable Housing, which released a study analysing the crucial role of the family in the purchasing of property. The study shows how families provide finance, informal loans, in- ter-generational skills and industry contacts to counter the rising costs of property. It also helps policymakers understand what creates affordable housing in such circumstances. The foundation, a result of a col- laboration between the government and the Maltese Catholic archdio- cese, is seeking to ensure there is a steady supply of affordable housing for people with different economic backgrounds, and Azzopardi says un- derstanding the family institution in Malta is crucial for the sector's long- term sustainability. "To have a comprehensive discus- sion on the sector, and how it feeds off these different players, it is crucial to analyse the different players, and that is why we are analysing the fami- ly," he tells me. Malta retains a high rate of young people who only move out of their parents' home at an older age when compared to those in Northern Eu- ropean states, something Azzopardi says is not "necessarily good or bad". Azzopardi says the study shows that such a reality could allow them to continue advancing in their studies, while also saving more money, there- fore opening the door to improving their socio-economic state. "In the present circumstances, it is one of the ways with which young people are able to cope with the sit- uation they have in front of them," Azzopardi says. The study also highlights the trend of increasing dependency on home loans to purchase properties. Azz- opardi says it follows similar trends on crediting for larger purchases, and rather than speaking about de- pendency, the conversation should be steered towards accessibility. "Loaning allows you to plan your spending, and so is a positive in that regard. What we have to ensure, and that is our focus, is that people with different incomes have the oppor- tunity to access a loan and enter the property market," he says. Foundation for Affordable Housing CEO Jake Azzopardi sits down with Karl Azzopardi to discuss a study published this week which sought to understand the role of the family in the purchase of property. He also speaks about the different realities which emerge from the sector