Complete nightmare-new class of tourists, deregulating land zones, unlimited building permits and all the pollution, congestion and mayhem that comes with such a boost is simply not sustainable on what was once a beautiful island. Not to mention, the lack of affordable housing is driving away younger generations.
You didn't mention one of the factor (which could be quite significant): there is no property tax in Malta. You pay only on purchase of the property but not during the ownership. This creates an issue for the market: there is no benefits for the owner to rent out the property faster, he/she can sit and wait for the higher demand instead. Instead the government can introduce the property tax with the incentives for those who use the property as a primary residence, and with higher rates for those who investing in rental property, or for those who doesn't keep the property in decent conditions.
I imagine introducing a property tax will then make property prices plateau or possibly get cheaper since those investing in rental property would want to rent the property faster in order to avoid paying this rental property tax for longer, correct? Also levels the playing field by making those who do invest and rent out such properties potentially want to invest less since it isn't as profitable anymore, limiting purchasing property simply for speculation which in turn increases the supply of properties for sale for actual people who intend to use such property as their primary residence. Sounds like a win for the general population, but not for the rich 1% who have made enough fortunes over the years abusing this system and skyrocketing prices for the rest of us...
Complete nightmare-new class of tourists, deregulating land zones, unlimited building permits and all the pollution, congestion and mayhem that comes with such a boost is simply not sustainable on what was once a beautiful island. Not to mention, the lack of affordable housing is driving away younger generations.
Excellent videos and very well produced. From an Irish man in Malta. Subscribed. All the best for 2022.
You didn't mention one of the factor (which could be quite significant): there is no property tax in Malta. You pay only on purchase of the property but not during the ownership. This creates an issue for the market: there is no benefits for the owner to rent out the property faster, he/she can sit and wait for the higher demand instead. Instead the government can introduce the property tax with the incentives for those who use the property as a primary residence, and with higher rates for those who investing in rental property, or for those who doesn't keep the property in decent conditions.
I imagine introducing a property tax will then make property prices plateau or possibly get cheaper since those investing in rental property would want to rent the property faster in order to avoid paying this rental property tax for longer, correct? Also levels the playing field by making those who do invest and rent out such properties potentially want to invest less since it isn't as profitable anymore, limiting purchasing property simply for speculation which in turn increases the supply of properties for sale for actual people who intend to use such property as their primary residence. Sounds like a win for the general population, but not for the rich 1% who have made enough fortunes over the years abusing this system and skyrocketing prices for the rest of us...
keep it no property taxes fam
Would love to know where are you getting the data from... cheers
Hi, the sources for our data are listed at the end of the video.
If you keep reasonably up to date with what is going on around us, you can feel every fact which they say, in your bones.