Many of those on an average income are struggling to find affordable places to live. Ramona Depares finds that, while some are ready to sacrifice their financial independence, others may just decide to pack up and leave.
Amid calls for new incentive models or the extension of development zones, Malta continues to see a sharp spike in property prices, with first-time buyers of medium income and no access to ready capital finding it harder to get on to the property ladder.
And many are lamenting that average salaries in Malta do not reflect the changing market realities, with the traditional bank loan system that is typically granted to young buyers failing to cope with the increased investment required.
Karla* and Matthew* are one such couple whose combined annual income of €55,000 is not cutting it. Still in their early 30s, the two started consciously saving up for a deposit on their first property about a year ago – to date, they have not managed to find a suitable place that is within their budget range of €160,000.
“One year on, we are getting disheartened. We were not expecting to find somewhere suitable overnight, but after months of searching we have not found even one…
