Property Prices Forcing Youths Into Exaggerated Levels Of Debt, Shadow Finance Minister Warns
Shadow finance minister Jerome Caruana Cilia has called out the state of the Maltese property market, warning it has become way too expensive and is forcing many youths into “exaggerated” levels of debt.
“Property prices have exploded in recent years and a number of Maltese people, particularly youths, who want to build a family are being forced into exaggerated levels of debt,” Caruana Cilia said in Parliament earlier this week.
“Other people cannot afford to buy anything because of prices that don’t make sense and which are having a major impact on the quality of life of people in Malta.”
Noting that the situation has only been exacerbated by the current inflation crisis, Caruana Cilia recounted how a young man he met in Qormi told him that he and his fiancée are both working part-time jobs to afford their wedding costs.
“Even though they’ve gone for a simple wedding, everything has become so expensive that both of them must work two jobs to keep up. He asked me what kind of quality of life this is.”
Caruana Cilia backed calls by social partners for the government to present a “mini-budget” with immediate measures to counter inflation, similar to what it had done to help businesses and workers following the 2020 COVID-19 quasi-lockdown.
“This could help ease the burden that inflation, particularly of essential products, is having on families, youths and businesses,” he said.
Yesterday, Valletta mayor Alfred Zammit urged the authorities to impose some kind of controls to regulate property prices in the capital city, warning it has become too expensive.
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