Watch: Real Estate CEO Proposes Free Land For Developers To Build High-Rise Affordable Housing
Steve Mercieca, the CEO of one of Malta’s largest real estate firms, has come up with a bold idea to address the rising problem of housing affordability in Malta.
Speaking to Lovin Malta, Mercieca – the CEO of QuickLets and Zanzi Homes – urged the government to lease out land to developers on long-term contracts for free on condition that they build high-rise towers, half of which will be rentable at an affordable rate.
He said these projects shouldn’t be built agricultural or untouched land but rather in areas such as Ħal Far.
Mercieca said the government should adopt a similar model to affordable housing as it had with the hospitality industry several decades ago, when it leased land to hoteliers on cheap rates to grow Malta’s tourism industry.
“The only way is up, and we cannot keep building flat. The other option is land reclamation, which I don’t know much about but the thought of taking parts of the seabed sounds ludicrous to me.”
Mercieca warned that unless “drastic” changes take place, Malta will witness a spike in homelessness, similar to other European cities.
“I studied European cities during the pandemic, and we have not yet seen the problems that are to come in Malta,” he said. “However, if we keep on going like this without drastic changes very soon, then in a few years time we will start seeing what we can see in London – more people on the streets and people living under bridges. It’s a scary prospect but we’re still in time to stop it.”
“This is something we can learn from cities that have been overpopulated for 500 or 1000 years. I hope we don’t end up seeing people sleeping under the Regional Road bridge but we’re going to need a proper plan.”
Mercieca warned that although Malta can make it harder for third-country nationals to move here by introducing new bureaucratic hurdles, there is nothing it can do to stop new EU nationals from coming.
“Malta might not be for everyone but I can assure you that a lot of people love this island and promote this island. A lot of people have come to this island and they’re not going anywhere.”
Do you agree with Mercieca’s proposal?
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