A report published earlier this week by Grant Thornton and Dhalia states that a property which in 2013 cost around €150,000 is now being sold at an average price of €337,500. This represents an increase of 125%, more than double, over a span of 12 years, the Nationalist Party said Thursday.

This situation must also be considered in light of the fact that wages in Malta have risen at a significantly slower rate than property prices. Over the same 12-year period, while property prices rose by 125%, the minimum wage increased by just over 35%, the PN said.

As a result, young couples, families or individuals looking to buy their first home, and many others are finding themselves excluded from a property market that fewer and fewer people can afford to enter.

Speaking at a press conference, Shadow Minister for Social and Affordable Housing Ivan Bartolo, Shadow Minister for the Family Albert Buttigieg, and Shadow Minister for Youth Bernice Bonello stressed that this is a direct failure of the Labour Government's policies.

The situation is also critical in the rental market. For many who cannot afford to buy, renting has become the only option, but even here, prices have increased sharply. The result is that hundreds of families are living under continuous financial stress and in inadequate conditions, the PN speakers said.

The PN said it believes that everyone has the right to a decent and affordable home and has put forward a range of measures to make this a reality:

• Grants and assistance schemes for those buying their first home;
• Reduced property purchase taxes for buyers under a certain age;
• More favourable loan schemes for first-time buyers;
• Plans to create more affordable properties in zones specifically allocated for first-time buyers;
• A €25,000 grant for young people purchasing their first home;
• Collaboration with banks to offer more favourable and flexible loans to first-time buyers;
• The removal or drastic reduction of tax on the first €200,000 of a property's value for first-time buyers;
• Identification of public land for the development of affordable housing zones targeted at first-time buyers;

These measures are also intended to support our young people, who today, due to unaffordable prices, have no choice but to live with their parents for many more years, the PN said.