Last Friday I had the pleasure to inaugurate what is another first for Malta. I am referring to the HSBC Malta Property Expo, which was the first property expo of its kind in Malta.

In all there were 75 exhibitors which, apart from property developers and estate agents, consisted of banks, insurance companies, interior designers and other property related products and services.

All of this was complemented by 10 seminars on various topics such as property management, letting, marketing, investment and generic debates on the property market.

It was very satisfying to hear comments from exhibitors saying that the organisation has reached and even surpassed the high levels they are used to in other similar fairs abroad. I am confident that this topnotch organisation will induce a very positive visitor experience. The target audience of such expos expects a high level of sophistication and I am more than convinced that they did find it at the MFCC in Ta’ Qali.

Today, thanks to our hard working nature, a high proportion of Maltese own their own home and maybe also a summer residence or other properties which they rent out for profit. The Maltese are very keen in investing in property. Although the market may slow down from time to time, it still keeps appreciating in the long term and has long been giving excellent returns.

At this particularly difficult time it is still succeeding. This, in part, is also thanks to this government. Over the last 20 years the government has set up a reliable regulatory infrastructure that has spared us the economic crisis that has hampered or brought other economies to their knees.

The government’s decision to enter the eurozone complemented by other precautionary economic decisions, together with the economic savvy of our banks, has prevented us from facing the economic disasters we see elsewhere.

This is not to say that the global crisis will not affect us at all. It has and it will. But we are and we will be nowhere near the disastrous situations we are seeing elsewhere.

Property in Malta is a magnet for foreigners. Indeed, our country is a magnet for foreigners. Hundreds of those who visit us dream of setting up home here. Many do so.

The attractions are many. The climate, the history, the safe environment, the lifestyle, health care and education all play big part in attracting foreigners to live in Malta and Gozo. All these elements give us a good leverage when competing with other destinations for property sales.

I understand that the operators in the property industry expect the government to lay out the red carpet for them to attract foreigners to invest in property in Malta. But the government also has the moral and social obligation to look after the interests of first time buyers and young people who should “by right” be able to afford some form of quality housing.

I believe that somewhere in between there is a balance between the interests of the property industry and the property owners and the interest of certain sectors of society like young people and those that are coming into the market with little or nothing.

Another balance that has to be struck is between development and sustainability. Sustainable development is the new buzzword but, in reality, it is much more than a buzzword.

The government strongly believes in the concept of sustainability and we want to integrate environmental concepts into our social life, the economy and all the sectors. The concept of sustainable development basically entails that the actions we take today and the immediate future will not compromise the collective wellbeing of future generations.

Sustainable development includes the concept of energy efficiency. In the last budget, the government announced a number of measures that encourage the efficient use of energy and the introduction of energy efficiency concepts in our residencies. These measures were launched this month.

The government has budgeted e2 million to subsidise solar water heaters with families receiving up to e460. We have allocated e500,000 to refund 50 per cent of the costs of photovoltaic cells (up to a maximum of e3,000). We have also launched a e300,000 scheme that refunds up to 33 per cent of the costs of double glazing insulation.

These actions are supported by other initiatives such as the Switch Campaign, the Restoration of Facades Scheme, two pilot sustainable development projects and the Local Council Green Challenge Award Scheme.

The government is and will do its part to achieve the balance between the interests of the developers and that of all sectors of buyers, and that between development and sustainability. I am sure that the property industry understands the importance of these concepts and will join us in our endeavours to achieve these goals.

Chris Said is

parliamentary secretary

in the Office of

the Prime Minister