Govt in Malta urged to allow more foreign property investment as prices continue to fall

[Nicholas Wallwork]

Foreign property investors should be allowed to own more than one property and other tax incentives are needed to shore up the real estate market in Malta, it is claimed.*


The GRTU, the island's Association of General Retailers and Traders said it is concerned about a collapse of the property market as bad planning has led to an oversupply of ordinary apartments, even in prestigious areas.<span style="font-size: small;"><span style="color: #000000;"><span style="font-family: Times New Roman;">*Indeed, the latest figures from the island's National Statistics Office show that property prices continued to drop in the first three months of this year. They showed an average decline 2.83% compared with the same period in 2008. Apartment prices have suffered the most, dropping 5.26%.

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