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'Unsustainable' property speculation should be taxed - AD
AD calls for taxation on third properties and speculation.
AD chairperson Michael Briguglio has said Malta should stop being over-dependent on unsustainable real-estate and on sectors that are based on speculation, in a reaction to the downgrading of Malta's credit rating to A2 by Moody's.
"AD notes with concern the downgrading of Malta's economic outlook by Moody's. To date Malta proved to be relatively resilient to the global economic crisis, but utmost importance should be given to the opinion of Moody's and other global financial and economic institutions," Briguglio said.
"As a small island state in a global economy, Malta is highly influenced by external economic factors which are beyond our control. But we support measures that improve fiscal discipline and which properly manage budgetary deficits and public debt.
"Government's expenditure programmes should be sustainable whilst aiming to improve environmental, social and economic targets, thus resulting in increased work opportunities, including for vulnerable groups, and more purchasing power," Briguglio said.
He added that AD supported taxing property speculation from third vacant properties onwards. "Increased investment in green jobs an discouragement of wasteful energy use are also important for a sustainable economy," Briguglio said.
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When you have thousands of flats/apartments being constructed annually, what do you expect. Malta is a free country, and over developement will continue until something is done by the government. When the price comes down on real estate, people who bought their houses or piece of property 5 years ago, are now stuck as their property is worth much less thatn they bought it for and if they want to sell it, unless it is in a good area or with a view, they will not be able to sell it unless they bring their price down to levels where it is more competitive for them to sell than others. Also, you can add the lack of foreigners buying properties in Malta today. Afterall, we are lliving in an economic recession in most EU countries, except the Germans. But it is my understanding, that Germans do not prefer Malta as a retirement place like the British. So basically, you are stuck.
