Issue link: https://maltatoday.uberflip.com/i/809226
maltatoday, SUNDAY, 9 APRIL 2017 15 weeks. Every one of them has traffic problems. I hate to say it, but their problems are much worse than ours. e difference is that, in other countries, you don't find a van blocking the road because he's delivering two bottles of water to a shop. You don't have cranes with a bunch of idiots directing traffic. ey don't allow five cranes in the same road on the same day, etc. etc. You won't find any of that, but they still have serious traffic problems. So if they were like us, they'd probably be 20 times worse. To me, that shows we have the wrong people taking decisions. It's a serious problem. I honestly believe half our infrastructural problems are in our own brains: we created them ourselves. Because if there was someone who actually knew what he was doing, and started planning from now, we could ease a lot of pain... That leaves the other half of our infrastructural problems: the half that is real... With that half, I am in full agreement that something has to be done. Just take a walk from Portomaso here all the way to Ta' Xbiex. Leave out Portomaso itself, because it's a private entity and well- maintained... but all the rest: we don't have one piece of paved tiling that isn't cracked or chipped. We don't have one railing that doesn't have rust. We have wires sticking out of absolutely everywhere. It's a complete disgrace. You might think these are just cosmetic issues. But if you ask me, we should start with the cosmetic issues, then tackle the big infrastructural challenges as we go along. On top of infrastructural concerns, there is also the argument that we are not utilising the existing housing stock to its full potential. This is particularly relevant to the rental market: a large number of apartments currently stand vacant, and – the argument goes – by enticing them to be utilised, the supply would increase and stabilise price inflation. Does he agree? e claim that we have 70,000 empty apartments... sorry but it's bullshit. We don't have 70,000 empty properties. We don't have any empty apartments at all. If it's a priced property, it sells... But those vacant properties are not 'priced'; they're not even on the market... at's my point. ey're not on the market, and do you know why? Because there'll be a relative in Australia who doesn't want to sell. Or there are problems with the MEPA permits; or ownership issues. And then, there are also 'summer residences' which are rented out but not declared. I mean, come on, the obvious is there. So for someone who's against the property market to come out and say 'there are 70,000 empty apartments'... to me, it's a case of throwing mud. e facts are different, and anyone who looks will see this. Not that I disagree about doing something about those unregistered rental properties, mind you. As far as I'm concerned, people who don't register their rental income should be thrown in jail. Why? Because the tax rate is only 15%. Finally, after 15 years of real estate agents telling both governments that it should be done... we were very elated and happy that, two years, ago, the government brought in a 15% straight tax rate. Before, you ended up paying 50% of your earning to government, between 35% tax, licence fees, agency fees, condominium fees, etc. e system was just not fair. But now it is. So yes, there should be severe consequences if this is not adhered to. But in a nutshell, the property market is looking very stable and the signs are prices will keep increasing for years to come, as the demand is definitely way ahead of supply. Malta boasts a lot of advantages which people look for such as our weather; that we speak English, our tax benefits, our way of life, etc. Sometimes we all seem to forget we live in a great country! Interview Malta's property market is currently booming... but can prices rise indefinitely, without the bubble one day bursting? Remax CEO and leading real estate KEVIN BUTTIGIEG argues that what threatens the industry the most are misconceptions and false impressions They are extremely cautious, but also extremely unreliable and very bureaucratic; and in some cases very unethical, and in my opinion sometimes even unprofessional BANKS ble bursting yet...