PN wants action on soaring property prices

The Nationalist Party (PN) has expressed concern over the sharp increase in property prices in Malta, warning that the 5.2% rise reported for 2024 is pushing homeownership further out of reach for many, particularly first-time buyers.

According to recent figures from the National Statistics Office, property prices in Malta have risen by 65% over the last nine years, outpacing both the EU and Eurozone averages.

During a press conference, PN MPs Ivan Bartolo, Albert Buttigieg, and Bernice Bonello said young people and low-income earners are finding it difficult to purchase homes.

With the average property price now exceeding €171,000—well beyond the reach of a single individual earning an average salary of €21,000—the dream of homeownership is becoming increasingly unattainable for many Maltese citizens, they said.

The PN's statement also mentioned the escalating cost of rent, which, in some cases, has surpassed the average monthly wage, exacerbating financial strain for those unable to buy. The party blamed the government's unplanned economic model, which has resulted in unchecked population growth and a housing market skewed in favor of property owners and foreign investors.

As localities across Malta see traditional homes demolished to make way for expensive apartment blocks, the Nationalist Party warned that this trend is eroding the unique character of communities and increasing the divide between property owners and renters.

The PN stressed that young people are increasingly delaying major life milestones, such as marriage and starting a family, due to financial pressures. Some are even opting to remain with their parents longer or relying on parental support to manage mortgage repayments.

In response to the affordability crisis, the Nationalist Party has proposed several measures to support first-time buyers. These include grants and tax reductions for home purchases, more favorable loan terms, and the development of affordable housing zones. The party also called for greater regulation of the rental market to ensure fair prices and to curb inflated rents.

“The current situation demands urgent and concrete solutions,” said the PN spokespersons. “Our vision is to give more people the opportunity to own a home and live with greater financial security and independence.”

With rising property costs and stagnant wages creating an increasing barrier to homeownership, the Nationalist Party aims to make housing more accessible through a comprehensive package of proposals aimed at alleviating the financial burden on the next generation of homeowners.