Despite many expecting the housing market to implode as a result of the COVID-19 pandemic, millions are panic buying properties as real estate prices continue to surge globally.
Within the 37 wealthy member countries of the Organisation for Economic Cooperation and Development, prices have risen by close to 7% between Q4 of 2019 and Q4 of 2020. This is the fastest growth in decades due to many reassessing what they want from their homes as a result of being locked inside.
While many real estate professionals expected the market to collapse, the pandemic’s effect on rising house prices came due to government bans on repossessions and the provision of trillions in support to workers and business, as well as interest rates cuts and temporary tax reductions, cushioning the market from recession.
The International Head of Growth at English estate agency Fine & Country Daniel Harrington has noted that ‘wealthy executives’ have traded their central homes for larger, less-central properties, leaving them enough capital to invest in downtown apartments and holiday homes and thus increasing domestic demand in places such as the French Riviera.
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Photo Source: Timur Saglambilek
And with reason – as many were afraid to voice their opinion in regards to these deep yet controversial topics. However, there seems to be a shift occurring. With all the good and the bad of governmental politics and social changes, the very fact that these topics have become something worth discussing is already a huge step for the Maltese.
In 2021 alone, cannabis reform and abortion decriminalisation have been put forth either as White Papers or as bills waiting for discussion. The ushering of these topics into conversation was not the beginning as same-sex marriage has been made legal ever since 1st September 2017 and blasphemy law amended a year prior.
The discussion table has been taken out of its cob-web ridden storeroom and, despite requiring some cleaning, is now available for further talk. This bodes very well for Malta as we make everything that was neglected or feared come to light for proper and hopefully healthy conversation.