Prime Minister Joseph Muscat has urged construction companies to show more respect to the public as he said people are frustrated of the greed displayed by some in the industry.
“I recently spoke at a conference [by the Malta Developers Association] and told them that people are frustrated at the greed,” Muscat told a political activity today. “It cannot be that people only think about themselves and we need a vision based on mutual respect. I don’t believe that people are envious and spiteful (għajjurin), I believe we all just want a fair deal.”
“As a government, we can stick our heads in the sand and say the numbers are in favour so we should keep things as they are. However, as we’re creating this new Malta, we must understand that it is bringing about new challenges and problems, including on issues like immigration, and we must lead from the front.”
After the MDA published a report stating the property market has started slowing down, Muscat played down concerns of an impending crisis. He argued that there are three “firewalls” preventing a market distortion the construction industry – experienced investors who only invest in property when they have reason to believe its value will go up, cautious banks which only grant loans to projects they believe will succeed and the government’s ability to react to irregularities, abuses and loopholes in the industry.
“The construction industry is sustainable,” the Prime Minister said. “It’s not true that the economy is growing thanks to construction, but rather the construction industry is growing as a result of our economic growth.”