€36,000 More For A Three Bedroom House If Government Doesn’t Act Fast, MEP Candidate Warns
PN MEP candidate Peter Agius has called on the government to come up with proactive solutions to an impending problem – an EP climate change directive which could make buying a three bedroom apartment €36,000 more expensive.
With property already extremely expensive, an extra €36,000 for an apartment could price thousands out of the housing market.
Agius’ team contacted an architectural studio for an estimate of the price range awaiting new buyers abiding by proposed EP Directive regulations.
This projection included the cost of double-glazed windows, smart lighting systems, solar panels, a heat pump and floor to ceiling insulation – all of which will be mandatory as per the EP Directive.
In a statement issued to the press, Agius said, “it is already hard to buy property for young people in Malta. Let us make sure that the new European initiatives do not make this impossible.”
“I call on Government to devise a national set of incentives to usher in the era of zero emissions building in a way which is both complimentary to industry ambitions but also carrying the big part of the extra costs to be borne by first-time buyers.”
Agius’ call for the government to take action comes in light of a European Parliament vote which will take place this week on the revised Energy Performance of Buildings Directive.
The main objectives of the EPBD are to “substantially reduce greenhouse gas emissions and energy consumption in the EU building sector by 2030, and make it climate neutral by 2050.”
If successful, this Directive will build upon regulations mandating that new buildings acquire Energy Performance Certificates.
The revised version will stipulate that those projects must also commit to binding emissions reduction targets – so that all new buildings will be zero-emission by 2028.
The MEP hopeful was clear to explain that his stance is not one based on climate-change skepticism, or a belief that zero-emissions regulations are unnecessary, but instead on economic concerns which might worsen a generational wealth gap.
Traditional Maltese balconies are gorgeous - shame about the insulation, though...
The action proposed by Agius does not seek to change this Directive.
Instead, the MEP candidate called for Malta’s government to take pro-active measures to help buyers build zero-emissions homes, rather than making it impossible to do so.
“Zero emissions buildings, yes! But let’s not put the cost of climate change on first-time buyers!”
If the EP votes in favour of this Directive, new binding rules will force local builders to “revolutionise the traditional building ways in Malta,” according to Agius.
Given the state of some construction practices in Malta – a revolution in the construction industry could be refreshing.
Regardless, without serious government efforts to help Maltese buyers bear the brunt of new expenses, unmitigated EP changes could destroy home-owning aspirations held by large swathes of the population.
The unfortunate reality of upwardly trending rates of homelessness, anything which could make it more difficult to own a home should be approached with extreme caution.
“As a country, it is in our interest to be part of the fight against climate change. Initial capital investments in property improvements will be offset in due time, however we must be vigilant not to pass the full cost of climate change on to upcoming generations,” concluded Agius.
Are you worried that government inaction could keep you from owning your home?
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