“Covering up his development policies by telling constituents that their houses have appreciated because of redevelopment in Swieqi, Minister George Pullicino has rendered himself akin to a real estate agent,” said Alternattiva Demokratika chairperson Harry Vassallo.

Speaking yesterday in front of the Pender Gardens construction site, Dr Vassallo said Minister Pullicino decided to make constituents believe that the dust and noise they had to endure while their neighbours were pulling down their houses and building maisonettes would finally pay off. However, he warned, they would not get their chance to cash in on development as the first apartments to be sold will be those in the high rises currently under construction.

The AD chairperson said it was unacceptable that the government would encourage further development while vacant units accounted for 28 per cent of all units. At present, it would need an extra 100,000 people grouped into families of two in order to fill up the vacant units, he claimed.

Dr Vassallo said the conglomeration of high rise buildings currently under construction will undermine house owners’ hope of selling or redeveloping their property at a good profit. He backed his claims by referring to five-star hotels which have been pulled down in order to build apartments.

To this end, he said, AD was proposing to reinvigorate the rent system so as to discourage further development and make better use of the 53,000 vacant units, 60 per cent of which needed little or no maintenance.

AD, said Dr Vassallo, would make sure that rent reform would be at the top of the next government’s agenda, by making sure that landlords would be paid reasonable rents. Social cases would in turn be subsidised via a fund financed by landowners of vacant properties. They would be asked to contribute 0.5 per cent of their property’s declared value and in turn will only be taxed at 15 per cent once they rent their property, said Dr Vassallo.

Such measures, said Dr Vassallo, would rid young couples of their 40-year loans as well as protect the interests of average homeowners.

Political parties had better inform voters about the bubble before it bursts in their face, he warned.