MONEY ISSUE 91

BUSINESS

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T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N ISSUE 91

COVER STORY

STEVE & MICHAEL MERCIECA 20

BEYOND THE BOOM

On trust, technology, governance and the future of Malta's property market

WHO GOVERNS MALTA'S BUILT FUTURE?

EVICTED BY RISK, BURIED BY BILLS

SIGNED, SEALED… REGRETTED

12 Vanessa Macdonald investigates the planning decisions shaping Malta's next decade

16 Lea Hogg examines the hidden financial and human cost of construction-related evacuations

24 The office-leasing mistakes costing businesses thousands— and how to avoid them

With you for the journey.

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WELCOME

Beyond growth — For years, Malta has

will depend less on how much we build and more

measured success in numbers. More residents.

on how intelligently we build it.

More developments. More cranes on the skyline.

More businesses. More investment. More

The same principle applies beyond property.

transactions.

Businesses increasingly face demands for transparency, accountability, sustainability and

Growth has undoubtedly delivered opportunity.

genuine long-term value creation. Consumers

It has created jobs, attracted international

are more informed. Investors are more

investment and transformed entire sectors

discerning. Expectations are higher.

of our economy. Yet as I worked through the features in this edition of MONEY, one recurring

That is not a challenge to fear. It is a sign of

thought kept surfacing: what happens when

maturity. As Malta continues to evolve, perhaps

growth itself is no longer enough?

the most important question is no longer how quickly we can grow, but whether our

Across these pages, our contributors explore

institutions, businesses and communities are

very different subjects, yet many arrive at

evolving at the same pace.

remarkably similar conclusions. Vanessa Macdonald examines a planning system that has

The next chapter will not be defined solely by

approved enough residential units over the past

growth. It will be defined by what we choose to

decade to accommodate far more people than

do with it.

recent population growth would suggest. Lea Hogg investigates the often-overlooked human and financial consequences of precautionary evacuations caused by nearby construction.

Elsewhere, industry professionals discuss commercial leasing, sustainability, governance and the future of Malta's built environment.

The common thread is responsibility.

Growth without planning creates pressure.

Growth without standards creates risk. Growth without governance creates fragility. And growth without a long-term vision eventually reaches its limits.

That theme also sits at the heart of this edition's cover story. Steve and Michael Mercieca of Zanzi argue that the next decade of real estate will reward adaptability, trust, discipline and professionalism more than sheer scale. Whether one agrees entirely or not, it is difficult to argue with the broader premise: Malta's future success

E D I T O R Anthony P. Bernard

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Be Communications Ltd. retains all intellectual property rights in the content published in this magazine, including but not limited to copyrights, trademarks, and patents. Any unauthorised use, reproduction, or commercial exploitation of this content violates applicable laws and may result in legal action. Opinions expressed in this magazine are those of the respective contributors and do not necessarily reflect the editor's or publisher's views. While every effort is made to ensure accuracy, Be Communications Ltd. assumes no responsibility for errors or omissions in the magazine's content, advertisements, or related materials and disclaims liability for the accuracy, legality, or originality of content provided by clients.

06

ISSUE 91

MONEY

PERSONAL GREEN LOANS

Lower Rates Greener Living CONTACT US

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DEFENDER OCTA

CONTENTS

12

24

36

Who governs Malta's built future?

Signed, sealed... regretted Commercial real estate advisor Etienne Licari

Malta has approved enough new homes over the

and real estate valuer Justin Mizzi draw on

past decade to house far more people than recent

years of experience to reveal the costly mistakes

population growth would suggest. Vanessa

businesses make when renting office space in

Macdonald explores what this building boom

Malta – and how to avoid them.

reveals about the country's priorities, planning system and vision for the future.

16

30

The architecture of forgetting As cranes continue to reshape Malta's skyline, the debate around development often focuses on

Evicted by risk, buried by bills

economics, planning policies and property values.

But what if the deeper question is not what we are building, but who we are becoming? Manuel

As Malta strengthens construction regulations, a quieter question remains unresolved:

The business of belonging

Delia explores how architecture, urban planning and collective memory shape the society we create for future generations.

who supports families when precautionary evacuations force them out of their homes? Lea

In conversation with psychosocial coach Claire

Hogg speaks with Dr Vincent Micallef about

Bugelli, Dayna Camilleri explores how Malta's

the financial, legal and social gaps that emerge

changing urban landscape is reshaping our

between displacement and recovery.

experience of community, identity and belonging.

20

40

COVER STORY

Why Malta's real estate market must rediscover purpose Malta has become exceptionally good at building property. The challenge now is learning how

Beyond the boom

to build communities. As debates around affordability, liveability and long-term planning

As Malta's property market matures, Zanzi's Steve and Michael Mercieca discuss

intensify, JP Fabri explores why housing should

technology, trust, governance and why the next decade will favour disciplined operators over

be viewed not simply as an economic asset, but as

growth-at-all-costs ambition.

the foundation of a thriving society.

10

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MONEY

CONTENTS

46

52

Malta is too small to think small

63 Creating space Amid the noise, deadlines and distractions of

While Malta celebrates impressive GDP growth,

modern life, Laura Maciulskaite explores how

many local businesses are experiencing a very

decluttering, mindfulness and conscious living

different reality. Simon Azzopardi argues that

can enhance wellbeing and create lasting balance.

Malta has become two economies moving in opposite directions.

The authenticity premium As land becomes scarcer and development costs continue to rise, Malta's most valuable real estate opportunities may already exist within its existing building stock. Architect Steven Risiott explores why authenticity is becoming a powerful economic asset.

58 50

64 The summer edit Ten carefully curated pieces blending comfort, craftsmanship and effortless seasonal style.

Is Malta really losing homeowners?

66

Recent Eurostat data suggests Malta has experienced one of Europe's steepest declines in homeownership. Yet, as MONEY discovered, the headline tells only part of the story. Behind the numbers lies a complex mix of migration, affordability, demographics and changing housing realities.

Building beyond concrete

Restored — and rebuilding

As Malta's real estate market shifts from volume

MONEY

to value, Stephen Mallia explores how high-

After 20 months of support tickets, regulatory

performance construction materials are becoming

escalation and legal intervention, BE. has

a strategic advantage for developers, investors

regained control of its digital assets — but

and architects alike.

recovery doesn't end with restoration.

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

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PL ANNING

WHO GOVERNS MALTA'S BUILT FUTURE? Malta has approved enough new homes over the past decade to house far more people than recent population growth would suggest. Vanessa Macdonald explores what this building boom reveals about the country's priorities, planning system and vision for the future.

H

ere is a sobering statistic: almost

few points of its manifesto to it, calling for

88,000 dwelling units were approved

a two-year moratorium on all permits for

by the Planning Authority over the

high-rise buildings of 10 or more floors and

10 years from 2015 to 2024. Stop and think

an overall national planning strategy before

about that for a moment: we have added just

approving developments.

under 140,000 people to the population, but approved 88,000 units – which at the same

And it is not only political parties that are

household size would be enough for 211,000

concerned: so are activist groups. Early in

people…

the campaign, 10 NGOs, part of the Ġustizzja għal Artna campaign, were taken aback by

The thought that we have enough approved

reports that Prime Minister Robert Abela said

units for an additional 70,000-odd people

the Government and NGOs had moved toward

should fill us with dread. Are we planning to

greater convergence on various points of

add another 70,000 to our population? How

planning reform.

on earth would we cope if we are already "The NGOs wish to clarify that there has been

complaining about overdevelopment?

no convergence at all with the Government And there is more to be gleaned from the

about the proposed planning reform. The few

Planning Authority site: over a quarter of those

revisions that were proposed left a dangerous

units – 21,255 – were on greenfield sites, either

and unsalvageable reform which should not be

undeveloped land or airspace.

presented again."

How do the political parties view this

What about the two main parties? The Labour

construction? Momentum dedicated quite a

Party pledged to block developments during

12

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PL ANNING

the appeal phase of applications, but as part of

One of the realities the Association must

"While no system can realistically guarantee

its planning reform. The PN had also agreed to

face is regaining public trust, especially after

that incidents will never occur, what is

freeze construction during the appeal phase,

partial or full collapses. He acknowledged the

essential is that every possible safeguard

but both parties pledged to review the local

importance of trust, saying it was "absolutely

is implemented to minimise risks and

plans for Malta and Gozo.

fundamental for the long-term sustainability

continuously raise standards. The MDA firmly

of the sector". The MDA, he pointed out, had

believes that improving standards requires

What does the future hold for Malta's built

consistently been at the forefront of pushing

a collaborative effort between regulators,

environment? This question touches on

for improvements in standards, regulation and

industry participants and professionals alike.

various aspects, including how many units the

accountability within the industry, including

With that said, the MDA remains committed

islands can sustain. Where would these units

the introduction of contractor licensing,

to continuing to advocate for practical

be? Will there be demand for them once they

the implementation of skills cards, stronger

reforms, proper enforcement and a culture of

are built? And how safe are they, given the

regulation, better site practices and increased

responsibility throughout the sector."

frantic pace at which they are being built, with

professionalism.

The issue is, what happens when standards

each developer trying to get theirs done and to market before the market is saturated?

The future will depend on various factors,

"These are measures which the Association

are not met? Although the MDA's statutes

pushed for well before they became

and Code of Ethics provide for disciplinary

mainstream public discussion points," he said.

mechanisms applicable to all members,

including the Malta Development Association and its members, as well as the activist group Moviment Graffitti (and other NGOs).

To start with, 'Malta Development Association' is not a typo: it was originally called the Malta Developers' Association in 2011. However, its CEO Leon Chetcuti explained that the name change reflected "the natural growth and expansion of the organisation over the years".

"What initially started as an association primarily representing developers gradually expanded its structure and representation

Improving standards requires a collaborative effort between regulators, industry participants and professionals alike.

— Leon Chetcuti, Malta Development Association

through the introduction of various specialised sections, which today amount to eleven distinct sections encompassing

to date, no formal request for disciplinary

stakeholders across the entire development

proceedings has been made before the

and construction ecosystem — from the early

Association under those provisions.

planning and design stages, to construction,

And what about public opinion? Who can

finishing, suppliers and ancillary services,"

raise issues at every stage of planning?

he explained, adding that this was important

One of the ever-present voices is Andre

because the realities of the industry required a

Callus of Moviment Graffitti, who argues that

broader and more holistic approach.

"current rates of construction are totally unsustainable".

"The Association recognised that meaningful and sustainable progress can only be achieved

"Urban spaces are becoming intolerably

when all stakeholders forming part of the

congested and aesthetically hideous, farmers

sector are represented and consulted," he

and their agricultural land are increasingly

added.

falling victim to speculative pressure," he said.

"As a result, the Association's positions and

He blames the situation on what he describes

proposals are today formulated not solely

as "a deep-rooted problem sustained by a

from the perspective of developers, but in a

multilayered system".

manner that takes into account the interests, responsibilities and realities of the industry

"From the Planning Authority and the Building

as a whole. This allows the Association to put

and Construction Authority, to authorities

forward concrete and balanced proposals

supposedly tasked with protecting our

which genuinely benefit the sector and the

cultural and natural environment, such as the

country."

Environment and Resources Authority and →

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PL ANNING

the Superintendence of Cultural Heritage,

restaurants, bars, hotels, offices and countless

anyone aware of what is happening in the

there is constant and unrelenting bad

other activities," he lamented.

planning sector.

genuine evaluation, but according to who

He lauded the work being done to challenge

"It is important to note that court victories

in the business and political world is pulling

construction, but breathed a sigh of relief that

often hinge on the Local Plans. In many

the strings. This is plain for all to see, and

plans to introduce two planning bills last year

instances, the Planning Authority seeks to

one can witness the despair of residents'

were thwarted. These would have rendered

appease developers by granting them more

groups, environmental NGOs and heritage

planning rules and regulations largely

than permitted under the Local Plans, only

organisations when dealing with authorities

redundant by establishing the supremacy

for the courts to rule such decisions illegal.

that refuse to listen to reason, because

of the Planning Authority and the Planning

Through the now-defunct bills, they sought

everything has already been decided behind

Minister.

to weaken the status of the Local Plans by

faith. Decisions are not taken based on

placing Planning Authority decisions and

the scenes," he said.

"Luckily, we stopped them in their tracks

regulations above them in the legal hierarchy.

He did not spare the main political parties

through organised public resistance, and

either (including the Opposition), saying

the bills were automatically dropped, before

"Having failed in this malicious exercise, they

that: "Authorities are dysfunctional when

even being discussed in Parliament, following

may now seek to change the Local Plans

it comes to serving the common good, yet

its dissolution," he said. However, the threat

themselves to open up even more areas for

highly functional when it comes to sustaining

remains: he said that talk of changing the

construction and intensify development in

the profits of big business and preserving

Local Plans sends shivers down the spine of

areas already burdened by it."

Current rates of construction are totally unsustainable. Urban spaces are becoming intolerably congested and aesthetically hideous.

— Andre Callus, Moviment Graffitti

So where does Malta stand, between the MDA and the activist groups fighting "with every shred of energy and passion we possess"?

There is a way to avoid extremes: In April, the Ġustizzja għal Artna campaign, created by 10 organisations in response to the planning bills, put forward four simple, common-sense proposals for the real planning reform that Malta needs.

One of these was the suspension of works during planning appeals, which the

the architecture of power. They are neither

Government had promised in 2023 but which

independent nor transparent, and they follow

has not yet materialised.

the wishes of other powerful individuals, Other reforms address enforcement and the

whether elected or otherwise."

re-inclusion in ODZ of lands that have not yet "This, in turn, is symptomatic of the incestuous

been legally committed and were affected by

relationship between politics and powerful

the 2006 rationalisation exercise, and which

business interests, particularly developers.

retain agricultural, natural, social or historical

These finance political parties and individual

value.

candidates, while also occupying pivotal positions within influential social networks,"

Callus knows that the road ahead will not be

he said, saying that political expediency and

straightforward: "We are under no illusion

profit became the overriding consideration, as

that a political class so compromised by its

opposed to the common good.

intimate relationship with developers, and so dependent on an unsustainable model of

He also blamed the economic model, which he

endless economic growth, will readily accept

said was obsessed with growth rather than

our proposals, however basic and self-evident

fair wealth distribution or a decent quality of

they may be."

life, with the construction industry a central Is there any glimmer of hope that the quality

feature.

and quantity of our built environment can "The unhindered economic activity on which

improve? For this, we must look to the new

our country has become dependent … requires

batch of architects and civil engineers.

buildings for the growing workforce, for

Marc Bonello, the Faculty Dean & Head of

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PL ANNING

Department of the Department of Civil &

the risk of accidents and/or failures. Such

to carry out frequent and regular targeted

Structural Engineering at the University's

measures often begin in the design office,

and random tests on construction materials,

Faculty for the Built Environment, believes

even before construction, to ensure that the

such as poured in-situ concrete, concrete

that whatever the type of design, but

structural and constructional engineering

blockwork wall units, steel bar reinforcement,

especially in the design of buildings, "the

design complies with EU and international

block and stone mortar, etc., to ensure that

designers need to be grounded in a sound

design safety standards. Other measures

the type and quality of the construction

educational background and training in their

include appropriate quality assurance and

materials used on site conform to the

profession".

control measures on-site on construction

minimum mandatory standards prescribed in

materials and processes during the

the technical specifications of the Contract

construction stage," he said.

of Works. In this manner, ensuring quality of

"Over the past decades, the role of Perit

construction goes a long way to minimise the

(Architect & Civil Engineer) in Malta has

possibility of accidents and/or failures."

evolved from the traditional notion of the

Things have improved over the years, at

village architect into the modern architect

least on paper. Quality assurance and control

with multi-disciplinary design skills. This type

measures on-site have nowadays become

However, he also believes that the work

of competence can only be obtained through

a contractual requirement for almost every

does not stop once the building is up: "More

a strong joint architectural and engineering

construction project.

importantly, a proper regular preventive maintenance programme of the finished

design tertiary-level programme, such as those offered by the University of Malta," Prof.

However, the devil – as they say – is in the

building will ensure that the building will

Bonello said.

detail. Prof. Bonello said: "The intention is

survive its design life, and this also includes

Another way to improve our built environment would be to make it more sustainable, which, he stressed, had to be taken into consideration from the outset.

"In recent years, sustainability has been used so much in every sphere of life that it risks becoming a cliché. Sustainability measures are often seen as add-ons to a final design to make the project more user-friendly or environmentally friendly.

The intention is to carry out frequent and regular targeted and random tests on construction materials to ensure that minimum standards are met.

— Prof. Marc Bonello

"However, sustainability must be considered in design as a transversal strategy, cutting

occasional monitoring (say, every 10 years) of

across several often conflicting design

the quality and strength of in-situ concrete

objectives simultaneously with the need

as well as inspections on structural steelwork

to achieve a final compromise, which will

connections and exposed critical areas of the

ultimately constitute the final design project.

building.

In this respect, technology – particularly Artificial Intelligence (AI) – allows the designer

Beyond numbers and manifestos, beyond

to deal far more efficiently with the demanding

education and activism, what can guide us

task of achieving this final compromise by

to be the best that we can be? Bear in mind

balancing the required design objectives," he

that Jonathan Attard is the new Minister

explained.

for the Planning Authority, the Building and Construction Authority and Infrastructure

So much for sustainability, but what about

Malta, among other things. Will he succeed

accidents and failures? His answer was

in juggling the inherent conflict of interest

thoughtful and pragmatic: "In any industry,

between these entities? We can but hope.

particularly the construction industry, it is virtually impossible to prevent accidents and/ or failures. It is inherent to this activity, which, like any other human activity, carries a certain

Vanessa had every intention

risk of failure.

of retiring but so far has been caught up by

"On the other hand, it is within our reach

exciting freelance projects

and duty to take all the necessary feasible

and voluntary work.

measures, which are intended to minimise

MONEY

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DISPL ACEMENT

EVICTED B BURIED As Malta strengthens construction regulations, a quieter question remains unresolved: who supports families when precautionary evacuations force them out of their homes? Lea Hogg speaks with Dr Vincent Micallef about the financial, legal and social gaps that emerge between displacement and recovery.

I

n Malta's tightly packed urban

Evacuations are often measured in hours,

landscape, construction risk is a lived

while inspections and engineering reports

reality. On 14 May 2026, ten families in

are measured in days. Far less attention is

Naxxar were evacuated after structural

paid to the days and weeks that follow, when

instability linked to nearby development

households are left to navigate the practical

works triggered a precautionary response.

and financial consequences of displacement.

A stop-work order followed swiftly, and residents were temporarily relocated as

Rather than exploring catastrophic failure,

engineers moved in to stabilise the site

our discussion with Dr Vincent Micallef

and assess safety for reoccupation.

focused on what happens in the intervening period between evacuation and recovery

Dr Vincent Micallef, a lawyer and governance

and who bears the costs. At the same time,

adviser who heads a Valletta-based legal and

institutions, insurers and legal processes

advisory firm, argues that the real disruption

gradually catch up.

begins after the evacuation.

Immediate cost of displacement Evacuation creates a financial split that is

"There is a particular silence that follows an

rarely visible in policy design. On the one hand,

evacuation order. It is the silence of a family that has been told that the place where they

Vincent Micallef

16

there is the physical cost of relocation: hotel stays, temporary accommodation, transport,

live is no longer safe for them to be in."

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DISPL ACEMENT

BY RISK, D BY BILLS and food. In the recent evacuation in Naxxar,

the consequences of displacement fully.

One evacuated Naxxar family described

developers covered hotel costs directly.

Insurance, in particular, establishes a

waiting in the dark about whether their

regulatory floor rather than a comprehensive

deposit-backed guarantees would ever be

There is also a slower accumulation of

shield. As Micallef observes, that floor is

meaningfully triggered, highlighting how

losses that fall outside standard insurance

increasingly misaligned with Malta's urban

limited the instrument feels on the ground.

categories. Dr Micallef lists them plainly:

property values, noting that "the floor begins

As Dr Micallef puts it, "The guarantee is best

"Replacement school transport. The food

to look like a number selected for short-term

understood as a procedural retention rather

that has to be discarded from the freezer.

expediency rather than for actuarial fit".

than as a fund out of which damages are paid."

The medication that is left in the bathroom

More fundamentally, the system is structured

This limits its value as a source of recovery for

cabinet." Viewed individually, these losses

to respond to physical damage and personal

affected households, which cannot reasonably

appear trivial. Taken together, they reveal

injury, not the secondary effects of being

rely on it to bridge the financial gap created by

a category of disruption that falls largely

removed from one's home. Loss of use,

displacement.

outside the protection offered by conventional

temporary accommodation, and the wider

insurance.

disruption to daily life are either excluded or

The third instrument, long-tail liability under

tightly constrained. At the same time, even

Article 1638 of the Civil Code, imposes a 15-

As Dr Micallef notes, they are precisely the

where coverage exists, claims processes tend

year liability on architects and contractors

kinds of expenses that "no insurance policy is

to move slowly, leaving households exposed

for structural defects and, on paper, is one of

designed to indemnify". The financial burden

for months before any form of resolution

the stronger elements of Malta's framework.

accumulates quietly, not through a single

materialises.

However, it is also the most delayed in its

catastrophic cost, but through dozens of

effect. Liability must first be established,

small, immediate expenditures that arrive just

causation demonstrated, and in many cases,

as a household's sense of stability is removed.

court proceedings concluded before any

Mortgage repayments continue to fall due.

compensation is realised.

Utility contracts remain in force. Direct debits are collected as normal, and credit histories

For displaced families, this creates a clear

remain exposed to missed payments.

mismatch between legal entitlement and lived reality, where formal rights exist long before practical relief becomes available.

Three instruments of protection – and their limits Maltese construction risk, as Dr Vincent

Mortgage obligation without pause

Micallef outlines, rests on three principal

The mortgage dimension reveals one of

instruments: compulsory third-party liability

the most significant gaps in the system,

insurance (with a minimum threshold of

particularly in situations of displacement:

€750,000 under Legal Notice 38 of 2024),

obligation without pause. A home may become

bank guarantees embedded in construction

uninhabitable, but the loan secured against

regulations, and the long-tail liability carried

it remains fully active, with no standard

by architects and contractors under Article

mechanism for suspending repayments in

1638 of the Civil Code.

cases of displacement. Any relief is typically discretionary, offered by banks on a case-by-

Each mechanism serves a distinct

case basis rather than through a structured

function, yet none is designed to address

framework. →

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DISPL ACEMENT

As Dr Micallef notes, the underlying logic

At its core, the issue is one of timing. Legal and

not simply adequacy at a point in time, but

is, in principle, defensible: "The underlying

regulatory systems are primarily designed to

drift. As Micallef puts it, "A frozen minimum is,

assumption is simple: if a building becomes

determine fault and assign responsibility, not

over time, a vanishing minimum." His proposal

uninhabitable, that is a risk the borrower

to provide immediate liquidity for day-to-day

is straightforward: tie the threshold to a

should have insured against."

living costs in the aftermath of displacement.

property price index so that it evolves with

Yet no widely available insurance

A key argument emerging from the analysis

product effectively covers this exposure

is that Malta's construction sector has made

comprehensively or in a structured way. The

clear progress in technical regulation, yet

A second strand of reform concerns what

result is what he describes as a second-

remains comparatively underdeveloped in

he describes as the social infrastructure of

order market failure, where the risk is real

its social framework. Since the 2019 reforms,

construction risk. Here, the argument moves

and material, but not properly priced into

environmental standards and governance

beyond compensation into process and

any functioning market instrument. The

structures have become more defined, with

expectation. The idea of a Social Resilience

consequence is that households absorb

clearer licensing regimes, waste management

Protocol is less about creating new liabilities

the shock directly, with credit exposure

rules and oversight mechanisms.

and more about standardising behaviour

market conditions rather than lagging behind

during displacement.

increasing precisely when income stability is undermined.

There is a particular silence that follows an evacuation order.

It is the silence of a family that has been told that the place where they live is no longer safe.

ESG and the gap between liability and relief

them.

The more uncomfortable gap sits in the "S" of ESG, which remains the least enforceable and

This would mean that affected households are

most discretionary pillar. While environmental

not left to navigate uncertainty on an ad hoc

and governance pillars are increasingly

basis, but instead benefit from a predictable

formalised, the social dimension, particularly

framework: guaranteed accommodation

the way communities are supported during

support, clear points of contact, defined

periods of disruption, remains largely informal

timelines for technical reporting, and

and inconsistently applied.

reimbursement of incidental costs. Crucially, this would not be framed as an additional

As Dr Micallef puts it, "A sector's 'social

legal obligation but as a sector-wide standard.

licence' to operate is not granted by its legal

The emphasis, he argues, is not charity but

compliance. It is granted by its capacity to

predictability.

demonstrate… that the human costs of its activity are absorbed by the enterprise that

The third intervention sits at the intersection

generates them."

of housing finance and risk. At present, mortgage obligations and insurance responses

However, support for displaced households

operate largely in parallel, even when they

continues to depend heavily on individual

address the same underlying event. Micallef's

developers rather than on any standardised,

view is that this separation is increasingly

sector-wide obligation. Some respond swiftly

difficult to justify in cases of certified

and generously; others do only what is strictly

displacement.

required. The absence of a uniform protocol leaves outcomes uneven and unpredictable at

A more coherent approach, he suggests,

times.

would combine insurance riders specifically designed to cover displacement-related costs

Between evacuation and resolution, households enter a procedural gap in which

Architecture of practical reform

with automatic mortgage payment deferrals

no single system is fully operative. Liability

Dr Vincent Micallef does not frame Malta's

triggered when a property is formally deemed

has not yet been formally established,

construction risk framework as a system in

uninhabitable. Neither element requires new

insurance claims remain unprocessed, and

need of total reinvention. The argument, as

primary legislation; both depend instead on

technical assessments are still ongoing. Each

he sets it out, is more restrained and arguably

alignment between banks and insurers.

mechanism advances on its own timetable,

more difficult: that the existing architecture

independent of the immediate needs created

already contains the necessary instruments.

The final element of the framework shifts

by displacement.

Still, they are increasingly misaligned with the

attention upstream, to the point at which

realities they are meant to manage.

risk is first assessed rather than where it is ultimately absorbed. A recurring weakness in

One resident displaced in Naxxar described it more bluntly: "You are told everything is being

At the centre of this recalibration is insurance.

the system, he notes, is the inconsistency in

handled, but nothing actually reaches you."

The current €750,000 minimum for

geological assessment prior to construction,

While arbitration mechanisms exist in certain

compulsory third-party cover, he suggests,

particularly on more complex sites. The

circumstances, their pace remains slow

is steadily losing relevance in a market where

proposal here is to make robust geological

compared with the urgent needs of affected

property values have moved significantly

reporting a condition of financing, effectively

households.

ahead of regulatory thresholds. The issue is

requiring lenders to enforce higher standards

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DISPL ACEMENT

before releasing capital. In doing so, risk management is moved closer to the origin of

Closing the Gap

the problem, rather than left to resolve itself

Practical reforms proposed by Dr Vincent Micallef

after damage has occurred. » Taken together, these proposals reflect a

insurance regularly to ensure the minimum cover keeps pace with Malta's rising

broader view of how accountability evolves.

A quieter but significant development, he

property prices. »

observes, is the gradual strengthening of

Introduce a Social Resilience Protocol: Establish a standard framework for supporting displaced households, including accommodation, communication and

professional licensing standards for masons and contractors.

Index insurance thresholds to property values: Review compulsory third-party

reimbursement procedures. »

Create displacement-specific insurance products: Develop policies that cover the indirect costs of evacuation, including temporary accommodation, transport, and essential household expenses.

As these baseline requirements rise, they begin to influence not only practice but also

»

assessments and legal expectations. As

»

Improve coordination between banks and insurers: Ensure affected residents receive practical support without having to navigate multiple disconnected systems.

Micallef notes, "A documented standard of competence becomes the baseline against

Allow automatic mortgage payment deferrals: Trigger temporary repayment relief when a property is officially declared uninhabitable.

the pricing of risk itself, feeding into insurance

»

Strengthen geological assessments before construction begins: Require robust site investigations as part of the financing and approval process for higher-risk

which the courts measure prudent practice."

developments.

What is emerging is less a neat feedback loop

»

already underway but largely outside formal acknowledgement.

Shift risk management upstream: Focus more attention on prevention and mitigation before excavation starts, rather than relying solely on post-incident remedies.

than a slow and uneven redistribution of risk, »

Continue raising professional standards: Enhance licensing, competency requirements and oversight for contractors and construction professionals.

Human layer beyond regulation and finance Beyond regulation and finance, the analysis repeatedly returns to a more elemental point:

of insurance coverage and formal regulatory

emerges, less visible than structural failure,

displacement carries a human cost that policy

design, yet they are central to how such events

but persistent in its effects. It is here that the

instruments struggle to fully capture. The

are experienced. Over time, they also shape

system's strengths and limitations sit side by

frameworks governing construction risk in

something less tangible but equally significant:

side.

Malta are largely designed around liability,

public confidence in the construction sector

compensation and technical resolution. Yet

and the institutions that manage its risks.

As Dr Vincent Micallef concludes, the question is no longer whether the architecture exists,

the lived reality of evacuation sits outside those categories, unfolding in ways that are

Alignment in Malta's construction risk

but whether it is properly scaled to the risks

slower, messier and more difficult to formalise.

The Naxxar incident did not expose a collapse

it now governs: "That architecture has been

of Malta's construction framework. Emergency

substantially rebuilt since 2019. Whether it is

Families are left to navigate uncertainty for

response was swift, regulatory action was

yet sufficient is a question that readers are

extended periods, often returning to sites that

immediate, and developers engaged with

particularly well placed to answer."

remain partially unsafe or unresolved, and

affected households in the aftermath. On the

to manage repeated updates without clear

surface, the system functioned as designed.

The gap, in other words, is not dramatic in the sense of collapse. It is structural in the sense

timelines for resolution. The result is not a single moment of disruption, but a prolonged

Yet the more revealing issue is not outright

of design. And in construction risk, as this

state of instability in which normal life routines

failure, but the uncomfortable reality that

case illustrates, structural gaps matter most

are repeatedly interrupted and never fully re-

perfectly functioning systems can still

precisely when nothing has fully failed, but

established.

produce collectively dysfunctional outcomes.

everything has already been altered.

Insurance frameworks are calibrated to The impact is unevenly distributed.

respond to damage, not the lived reality

Older residents, in particular, experience

of displacement. Mortgage structures

displacement not as a logistical inconvenience

assume continuity of repayment rather than

Lea is a Malta-based journalist and

but as a significant disruption to daily

interruption of habitation. Legal liability

author, known for her TV programme

life, mobility and wellbeing. What may be

mechanisms are designed to establish fault

which focuses on current

temporary friction for some households

and reach a resolution, not to provide timely

affairs, cultural news

becomes, for others, a sustained period of

interim relief.

and in-depth interviews

dependency and stress.

on geopolitics and In that gap between design intent and lived

These effects sit largely outside the scope

experience, a different kind of vulnerability

MONEY

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

global issues.

19

COVER STORY

BEYOND

THE BOOM

As Malta's property market matures, Zanzi's Steve and Michael Mercieca discuss technology, trust, governance and why the next decade will favour disciplined operators over growth-at-all-costs ambition.

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COVER STORY

F

or much of the past decade, Malta's real

that thrive won't necessarily be the biggest;

estate sector has been defined by rapid

they'll be the most adaptable.

growth, rising demand, and an industry

racing to keep pace with the opportunity.

What do you believe people still misunderstand about where Malta's real

Yet as the market evolves, the conversation is

estate sector is heading?

beginning to shift.

Many people still see real estate as simply Today's buyers are better informed, investors

buying, selling, or renting property. That's an

are more discerning, and businesses are facing

outdated view. What we're actually seeing is

increasing pressure to balance ambition with

the evolution of an entire ecosystem. Data,

accountability. Growth remains important, but

technology, financing, property management,

questions around sustainability, governance,

customer experience, investment advisory,

technology and long-term value are becoming

and sustainability — all of these are becoming

harder to ignore.

increasingly important.

For Steve Mercieca, CEO of Zanzi, the future

The future of real estate in Malta won't be

belongs to companies that can combine

about transactions alone. It will be about

innovation with trust, leveraging technology

providing solutions throughout a client's

while maintaining strong relationships and

property journey.

exceptional customer experiences. For Michael Mercieca, Co-Founder and Finance Director,

Has the industry become too focused on

enduring success comes down to discipline,

volume at the expense of long-term value?

robust structures and resisting the temptation to pursue growth at any cost.

At times, yes. Rapid growth naturally creates an obsession with numbers. More listings.

Together, they represent two complementary

More deals. More agents. More offices.

perspectives on where Malta's property market may be heading next. In this

But volume alone isn't a strategy. The

interview, they discuss the evolution of the

businesses that will still be here in twenty

sector, the growing role of technology and

years are the ones building strong brands,

artificial intelligence, investor expectations,

investing in people, protecting their

governance, sustainable growth and what

reputation, and delivering consistent value to

it will take for businesses to thrive in an

clients.

increasingly sophisticated real estate landscape.

Growth is important. Sustainable growth is what matters.

Steve Mercieca

Is Malta entering a more mature and

Co-Founder & CEO

sophisticated phase of real estate, or do you still feel the market largely operates with a

Malta's property market has experienced

short-term mindset?

years of aggressive growth. Do you think the next decade will reward a different kind of

We're entering a more mature phase, but we're

operator?

not fully there yet.

Without a doubt. The last decade rewarded

The market is becoming more educated.

those who could move fast, build networks,

Buyers are more informed. Developers are

and capture market share. The next decade

more conscious of design, quality, and long-

will reward those who can build trust, leverage

term positioning.

technology, and create exceptional customer experiences at scale.

That said, there are still parts of the industry that focus heavily on short-term wins.

Real estate is becoming more professional and

MONEY

more competitive. Being a good salesperson

The next chapter belongs to businesses

will still matter, but being a great business

thinking five, ten, or twenty years ahead rather

operator will matter even more. The companies

than five, ten, or twenty months. →

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

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COVER STORY

Are buyers becoming more demanding —

As CEO, how do you maintain growth while

If we can build a company that consistently

or simply more sceptical?

protecting culture, reputation and long-term

develops and retains great people, creates

trust?

exceptional customer experiences, embraces innovation, and leaves the industry better

Both.

That's one of the hardest balancing acts in

than we found it, then I would consider that

Today's buyer has access to more information

business. Growth is exciting. But if growth

success.

than ever before. They can compare

comes at the expense of culture or reputation,

properties, research market trends, and

you've built something fragile.

expectations are higher.

The goal isn't simply to be the biggest. The goal is to be the most respected.

validate claims within minutes. As a result, At QuickLets and Zanzi Homes, we've always believed that people come first. Technology But I don't see that as a problem. I see it as

matters. Processes matter. Performance

Michael Mercieca

healthy.

matters. But culture is what holds everything

Co-Founder & Finance Director

together.

Fast growth can sometimes hide structural

When consumers become more demanding, industries are forced to improve. The

We focus heavily on values, leadership

weaknesses. How important is financial

businesses that embrace transparency and

development, accountability, and creating

discipline during expansion?

The companies that thrive won't necessarily be the biggest; they'll be the most adaptable.

—Steve Mercieca

Definitely agreed, and of course, financial discipline is important during the growth stage. With respect to fast growth, fast is always preferable, to the extent that it is sustainable, but from a financial and resource perspective. It is not wise to pursue growth at all costs, as this could lead to overtrading and strain company structures. Our goal is to grow responsibly and sustainably. Furthermore, I would say that different companies are at different stages and in different ecosystems.

For example, a startup with a 12-month cash runway starting from zero needs to grow much faster than an established business in a proven industry.

In practical terms, how do you define

an environment where people can grow both

sustainable growth for a company like Zanzi?

professionally and personally.

For us, it means simply not overstretching ourselves in terms of resources, both financial

professionalism will benefit the most.

What role do you realistically see technology

Trust takes years to build and seconds to lose.

and human. We always strive not to commit to

Every decision we make has to respect that

new projects which would strain our financial

reality.

or human resource structure.

Looking ahead, what kind of company do you

What does moving into a more institutional

ultimately want Zanzi to become?

and investor-facing structure change

and AI playing in the future of real estate?

A massive role. AI won't replace great estate

internally for a company like Zanzi?

agents, any more than the internet did twenty years ago.

I want Zanzi to become far more than a real estate company.

Well, one has to consider a new set of stakeholders, and the business is run

What AI will do is remove inefficiencies. It will help us price properties more accurately,

I want it to become a technology-driven

differently, with a much more robust structure.

qualify leads faster, personalise marketing,

property ecosystem that empowers people to

We started as a very small business, effectively

improve customer service, analyse market

make better property decisions throughout

as a one-person operation. Today, we have

trends, and automate repetitive tasks that

their lives.

much more formal reporting, board-level oversight and governance controls than we did

currently consume valuable time.

I want us to be recognised not only for

when we were a small business.

The future agent won't compete against AI.

market leadership, but for innovation, culture,

They'll compete against another agent who is

and the impact we have on the people who

Do you think Malta's real estate sector

using AI better.

work with us.

is entering a phase in which credibility,

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COVER STORY

governance, and transparency will become

and prices will only ever rise, and to underprice

competitive advantages in themselves?

risks such as interest-rate movements, refinancing, or external shocks like Covid 19 or

Quick-fire round

Yes, I think we are. As more real estate groups

geopolitical events. The discipline is to keep

in Malta turn to public markets and bond

stress-testing the business for conditions we

What excites you most about Malta's

financing to fund their growth, credibility

haven't seen in a while, rather than assuming

real estate sector over the next decade?

becomes a factor investors actively consider

the good times are permanent.

in their valuations. The companies with

SM The opportunity to make the

genuine governance, robust structures,

In a market that moves as quickly as Malta's,

industry smarter, more professional,

and transparent reporting earn trust more

how do you balance ambition with long-term

and more customer-focused.

easily, which translates into better access

stability?

to capital and often a lower cost of capital.

MM I would say the potential to grow

So governance and transparency stop being

For us, the two aren't in conflict - ambition

purely a compliance exercise and start

is what drives the business forward, but it

becoming a real competitive advantage.

only works if it's matched to what we can

What concerns you most about the

sustainably resource. We're an ambitious

direction the industry could take if it

company, but we pace our growth to our

fails to evolve?

That said, everything comes at a cost, so there

and do better.

SM Complacency. Standing still is far

Ambition gets you the growth.

Discipline lets you keep it.

— Michael Mercieca

riskier than change.

MM Mainly, there will be a lack of resources and standards required to carry out certain works.

What do you think buyers and investors will value far more in 10 years than they do today?

SM Trust, transparency, and expert guidance.

has to be a balance. Stronger governance means more people around the table, more

MM Demand for quality.

reporting and more oversight, all of which take time and resources. The skill is in building

Beyond growth figures and expansion,

a structure that's robust enough to earn

what does success ultimately look like

investor confidence without becoming so

for Zanzi?

heavy that it slows the business down. Get that balance right, and I do believe it becomes

financial and human capacity, and we don't

SM Building a company that's

a genuine differentiator, not just a box-ticking

commit to projects that would strain either.

respected for its people, culture,

exercise.

A fast-moving market creates plenty of

innovation, and impact.

opportunities, and the discipline lies in Are investors today looking for growth

knowing which to pursue and which to let

MM Continuing to consolidate and be

stories — or stability?

pass. Moving quickly is an advantage, but only

financially stable.

when the structure underneath can carry the I would say Maltese investors are

weight.

and stable returns.

If you had to describe the next chapter of Malta's real estate sector in one

predominantly interested in the bond market Looking ahead, what do you believe will

sentence, what would it be?

separate companies that endure from those What risks do you think the sector still

that peak too early?

underestimates?

SM A shift from chasing transactions to creating long-term value.

Discipline. The ones that peak early tend to Like any industry, there are risks, and the one

chase growth at all costs and assume the

MM I would again say that higher

I'd flag as underestimated is complacency —

good times never end. The ones that last grow

quality is needed to keep up with market

getting too comfortable with a property

more deliberately and sustain their financing.

demands in this respect.

market that has trended upward for years.

Ambition gets you the growth, discipline lets

That can lead companies to assume demand

you keep it.

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T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

23

LEASING

SIGNED, SEALED...

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LEASING

REGRETTED Commercial real estate advisor Etienne Licari and real estate valuer Justin Mizzi draw on years of experience to reveal the costly mistakes businesses make when renting office space in Malta – and how to avoid them.

R

enting an office in Malta

between brand and vision,

misleading. A "cheaper" headline

looks straightforward:

between C-suite, HR, operations,

rent can look attractive; however,

pick an area, scan listings,

branding, and the people who

it does not show you the full

compare rents, sign. In practice,

will actually use the space – and

picture. Leases often include

an office lease is a multi-year

a conversation with external

common area maintenance (CAM)

commercial commitment that

professionals before, not after,

charges or require significant

shapes how a business operates

the first viewing. It should set out

works, such as new partitions,

every day – and the wrong call

current and projected headcount,

security and safety systems,

can quietly drain cash flow, limit

workstation and meeting room

furniture, cabling, and HVAC, to

growth, and trap a company in

needs, storage, parking, the

make the space usable. A more

space that no longer fits.

target location, the budget, and

expensive office may already be

the required flexibility.

finished, furnished and properly serviced. It is vital to compare the

Drawing on years of experience advising occupiers, investors and

"Treat the office decision as

total cost of occupation over the

business owners across Malta's

a structured process, not a

lease term.

commercial property market,

transaction. If the brief is weak,

we continue to see the same

the shortlist will be weak, and so

Cash-flow matters too. A high

mistakes recur. Here are the ten

will the lease."

deposit, or the way rent is paid (monthly, quarterly, or annually

that cost businesses the most.

2. Comparing offices on rent per

in advance or arrears), changes

1. Starting without a clear brief

square metre alone

how much working capital a

and a structured process

Headline rent is the most visible

tenant must commit upfront – and

Most office mistakes are not made

number, and often the most

landlords view weak or irregular →

on the day a lease is signed; they are made weeks earlier, when the search begins without a proper brief. Companies start by asking what is available rather than what they actually need, and the resulting shortlist is shaped by the market rather than by the business.

A useful brief is the product of real internal consensus –

MONEY

Treat the office decision as a structured process, not a transaction. If the brief is weak, the shortlist will be weak, and so will the lease.

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

25

LEASING

cash flows as unattractive, which affects both the terms offered and access to the best stock.

The right question is not "Which office is cheapest?" but "Which office gives the best commercial outcome for the total cost?"

3. Underestimating fit-out time

The right question is not 'Which office is cheapest?' but 'Which office gives the best commercial outcome for the total cost?

Fit-out is the most

attractive if a major construction project is about to begin nearby.

Permit checks and a short conversation with neighbouring occupiers reveal risks that no viewing will.

7. Committing for too long, or too short A long traditional lease offers stability, control and the lowest cost per square metre over time,

underestimated part of an office move. Partitioning, lighting,

squeezed in, and the business

An office that is attractive, well-

but it punishes companies whose

air-conditioning, cabling,

is forced back into the market

priced and well-located can still

circumstances change.

furniture, meeting rooms and

before the lease expires.

fail daily if access creates friction – a particular trap for businesses

Flexible workspace – serviced,

– and procurement lead times,

The fix is a proper space – and

relocating from overseas, who

managed and co-working –

especially for imported items,

growth – assessment, not a

underestimate how Maltese traffic

solves that for start-ups, small

add weeks or months to the

desk count. Ask how many

transforms short distances.

teams, project teams, overseas

programme.

people will actually use the

compliance items all add cost

companies entering Malta, and

office daily, whether every

6. Choosing location for prestige

businesses still finalising plans.

Before signing, clarify the

role needs a permanent desk,

rather than fit

But staying in a flexible space for

handover state of the office

whether growth expectations

A prestigious address can

too long can end up costing more

– whether it is fully finished,

are firm or speculative, and

matter, but it should not override

than a conventional lease.

shell and core, or somewhere

whether expansion space can be

operational logic. Sliema, St

in between – what services are

negotiated into the lease.

Julian's, Gżira, Ta' Xbiex and

Co-working suits very small

Valletta make sense when client

teams or individual professionals

already in place, what works are needed and who is responsible

A smaller, well-planned office

and team access, image and

who value collaboration without

for them. Then agree, in writing,

often outperforms a larger,

amenities are central. Other areas

a private office. Managed offices

who owns what at lease end:

inefficient one – but only when the

such as Marsa, Żebbuġ, Qormi,

sit between co-working and

fixed improvements (partitions,

planning is honest.

Mrieħel, Birkirkara, Santa Venera,

a traditional lease – tailored,

San Ġwann and Mosta often

branded space without the operational burden.

joinery), fitted items (kitchens, AC units) and movable furniture

5. Treating parking as a

work better when team access,

are treated differently, and

secondary issue

improved value, floorplate size

reinstatement obligations can be

In Malta, parking shapes staff

and island-wide accessibility

The right model depends on

costly.

satisfaction, punctuality, client

matter more.

timing, cash flow, team size, and the certainty of certain plans. The

access and whether a location Finally, remember that finishes,

is practical at all. It deserves

The best location depends on

decision should be deliberate, not

services and furniture do not

attention early, not after the office

where employees live, how often

automatic.

last forever. Even good-quality

has been chosen.

clients visit, whether visibility

products typically have a useful

matters, parking needs, transport

8. Searching without specialist

access and budget.

market advice

life of 15 to 25 years. Budgeting

Given Malta's compact

only for the initial fit-out

geography, even relatively short

understates the true cost of

relocations can significantly

It is also worth checking what is

They cannot show how negotiable

occupation.

affect commuting times, parking

planned for the area around the

a rent is, how a landlord behaves

availability and staff satisfaction.

building. A well-positioned office

in practice, what lease terms are

can become considerably less

realistic in the current market, or

4. Getting the size wrong Too much space is expensive:

Look at private and public parking

every extra square metre adds

together. Private bays – within

rent, service charges, utilities, fit-

the building or rented nearby –

out and maintenance costs, and

offer certainty at a cost. Public

in strong Maltese locations that

parking, on-street or in car parks,

premium compounds quickly.

supplements that capacity but is rarely guaranteed, and is shifting

Too little space is disruptive:

as residential parking schemes

meeting rooms are overused,

and new developments alter what

storage disappears, desks are

is realistically available.

26

Listings do not tell the full story.

Time is the cheapest negotiating tool a tenant has.

Spend it before the lease expires, not after.

ISSUE 91

MONEY

LEASING

The sweet spot is the latest point at which a tenant still has choice and leverage, with enough runway for due diligence and fit-out.

"Time is the cheapest negotiating tool a tenant has. Spend it before the lease expires, not after."

A better way to rent an office in Malta An office is not just an expense.

It is a long-term financial commitment that not only shapes a business's attractiveness and brand but also its day-today operations. Chosen well, it supports stability, efficiency and growth. Chosen poorly, it becomes an expensive constraint that is difficult to undo.

The best office decisions are the what stock is about to come onto

regulatory aspects, and the

year lease. The cost of skipping it

result of a clear brief, realistic

the market off-market.

lawyer, who helps ensure the

rarely is.

expectations, thorough research,

lease properly reflects and

professional due diligence and

Experienced commercial advisors

protects the interests of the

10. Starting the search too late

unhurried negotiation – in that

can help occupiers understand

parties involved.

Timing is the silent killer. Wait too

order.

long, and the search runs under

market norms, compare total occupancy costs, identify

Due diligence should cover the

pressure: options shrink, leverage

In a market where businesses

practical risks, and negotiate

condition of the building and its

disappears, due diligence and

compete for talent, efficiency

more effectively – particularly

services, an inventory of what

negotiations are rushed.

and long-term resilience, office

valuable for foreign companies,

is included, a life-cycle view of

growing teams, businesses

major elements, permits and

Start too early, and landlords

strategic attention as any other

operating under tight deadlines,

planning compliance, accurate

will not engage – a landlord with

major investment.

and tenants evaluating multiple

measurement of lettable area,

available space does not earn rent

locations.

EPCs and running costs, health

on empty months. He will rarely

and safety, CRPD accessibility,

hold a property for a tenant who

The cost of advice is modest. The

common area maintenance

wants to occupy six months later,

Etienne is a Commercial

cost of taking the wrong space –

(CAM) charges and how they are

particularly on a shorter lease.

Real Estate Advisor at

or paying more than necessary for

calculated, and verification of

Most either decline the deal or

AGILE Commercial Real

the right one – rarely is.

the landlord's title and authority

insist that rent starts within a

Estate, advising occupiers

to let.

month or two of signing.

and investors on office

Even when the property looks

Lease terms – duration, renewals,

The right window depends on size

a Partner and Real Estate

right and the commercial terms

breaks, rent reviews, deposits,

and fit-out. A small team moving

Valuer at QP, specialising

feel acceptable, signing without

guarantees, restrictions,

into a ready-to-occupy office can

in commercial property

proper due diligence is one of the

maintenance, permitted use,

run the whole process – search,

valuation and investment

most expensive mistakes a tenant

assignment, reinstatement

negotiation and agreement – in

advisory.

can make.

and notice – each carry real

one to three months. A business

commercial consequences and

taking 500+ m² with a custom fit-

deserve close legal scrutiny.

out often needs up to 6 months,

decisions deserve the same

9. Skipping proper due diligence

Two professionals are central:

leasing in Malta. Justin is

as finishes, services, and furniture

the architect (often supported by engineers), who protects

The cost of doing this properly is

design and procurement cannot

the tenant on the physical and

modest in the context of a multi-

be rushed.

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BUILDING BETTER “Luxury living in Malta has evolved beyond simply owning a premium property.”

As a third-generation member of the Fenech family, Zak Fenech is helping steer Tumas Group into a new era, balancing a proud legacy with evolving expectations around sustainability, lifestyle, and long-term value.

As a third-generation member

continues today as we look for

developments that offer all of

of the Fenech family, what

ways to raise standards across

these elements, and our focus

has it been like stepping into a

everything we deliver. We are

is on delivering best-in-class

leadership role within a business

constantly looking for ways to

projects across every segment

that has helped shape Malta's

improve every aspect of what

we enter.

property landscape for more

we deliver, from design and

than five decades?

construction quality to amenities,

The Quad Central reflects this

sustainability, and the overall

evolution by creating a workspace

living experience.

environment defined by quality,

T

here is a strong sense of

flexibility, sustainability, and the

responsibility that comes We believe excellence comes from

amenities that modern businesses

getting the small things right.

increasingly expect.

than five decades. Growing up

Ultimately, our goal is to provide

With SABI and KORA, we

in the business gave me an early

the very best product possible

have created unique lifestyle

with being part of a family

business that has contributed to Malta's development for more

Zak Fenech

appreciation for the commitment,

Today's buyers are increasingly

– one that not only meets the

destinations that redefine the

vision, and hard work that have

looking beyond square metres

expectations of today's buyers

leisure experience. Together, they

helped shape Tumas Group into

and sea views. How is Tumas

but anticipates the needs of

offer a carefully curated mix of

what it is today. The Group has

Group adapting its approach

tomorrow, while continuing to

dining, entertainment, relaxation,

established itself as a pioneer

to meet growing expectations

set benchmarks for quality and

and hospitality, catering to both

and a leader in the industry,

around sustainability,

innovation in the industry.

families and adults seeking a

with a portfolio of landmark

community, wellness, and

developments and a reputation

quality of life?

premium beach club experience.

The Group's portfolio spans a wide range of developments,

Laguna Portomaso remains one

Today's buyers are looking for

from Laguna Portomaso and The

of the most iconic examples

much more than just a property

Quad Central to newer concepts

of luxury residential living in

At the same time, it is a

– they are looking for a lifestyle,

such as SABI and KORA. What

Malta. It was the first of its kind

tremendous honour to represent

a sense of community, wellbeing,

do these projects reveal about

locally, introducing a concept

the Group within this sector

sustainability, and long-term

how the definition of luxury

found in only a handful of

and to contribute to the next

value. At Tumas Group, we

living in Malta is evolving?

destinations worldwide. Direct

chapter of its growth. I see my

have always believed in going

role not only as preserving the

beyond expectations and

These projects reveal that

creates a distinctive Caribbean-

values, vision, and standards

creating developments that offer

luxury living in Malta has evolved

style atmosphere and lifestyle

that have made the company

that extra touch – something

beyond simply owning a premium

experience that goes far beyond

successful, but also as helping

distinctive that sets them apart,

property. Today, people are

traditional luxury real estate.

drive innovation and ensuring we

and that lasts.

looking for quality, experiences,

for excellence, so there are certainly big shoes to fill.

access to a private lagoon

convenience, a sense of

Across all these projects, the

that positively impact the

Innovation has always been part

belonging, and a lifestyle. We are

common theme is innovation and

communities we serve.

of our DNA, and that mindset

seeing increasing demand for

a commitment to shaping the

continue to deliver developments

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future of how people live, work,

operational efficiency, and the

our commitment to creating

people's quality of life rather than

and relax in Malta.

long-term value that sustainable

developments that not only

simply meeting market demand.

developments can offer.

meet the highest international standards but also respond

Looking ahead, what would you

Malta's first LEED Platinum

That said, there is still room for

to the changing needs and

like Tumas Group's next chapter

certified building in 2024. Do

further education and awareness

expectations of today's

to stand for, and what do you

you believe sustainability is

within the market, particularly

occupiers and investors.

believe sustainable, future-ready

becoming a genuine driver

around the tangible benefits

of value in the local property

that sustainability delivers,

As developers, we have

market, or is there still work to

from lower operating costs and

a responsibility not only to

be done in changing perceptions?

improved wellbeing to stronger

follow these trends but to help

The values that have defined

long-term asset performance.

lead them.

Tumas Group for decades –

a clear shift in expectations, with

The Quad Central reflects

Having worked closely with

and a commitment to excellence

sustainable building practices no

this shift. By achieving LEED

buyers over the years, what

– should continue to guide us as

longer viewed as an added benefit,

Platinum Certification in 2024,

changes have you observed

we move forward. Our ambition is

in the profile, priorities, and

to continue setting benchmarks

expectations of the Maltese

and raising standards through

property purchaser compared to

projects that create lasting value.

The Quad Central became

development should look like in Malta over the next ten years?

leadership, innovation, quality,

Over recent years, we have seen

a decade ago?

When it comes to development, Over the past decade, Maltese

I believe a stronger focus on

property buyers have become

sustainability, thoughtful

significantly more informed,

planning, and long-term vision

selective, and value-driven in

must drive Malta's property

their decision-making. While

market forward. Future-ready

location remains important,

developments should make

today's purchasers are placing

the most efficient use of space,

far greater emphasis on quality,

resources, and infrastructure

functionality, sustainability,

while creating environments

and the overall lifestyle a

that genuinely enhance people's

development can offer.

quality of life. The emphasis should not be on building more,

There is a growing appreciation

but on building better.

for thoughtful design, energy efficiency, well-planned

This means designing projects

communal spaces, and amenities

that are environmentally

that enhance day-to-day living.

responsible, energy-efficient,

Buyers are increasingly looking

and well-integrated into their

beyond the property itself and

surroundings, while also providing

considering factors such as

the amenities, connectivity,

convenience, connectivity,

and sense of community that

wellbeing, and long-term

modern residents and businesses

investment potential.

expect. As developers, we have a responsibility to create spaces

Clients are conducting more

that benefit future generations

research, asking more detailed

and contribute positively to the

questions, and seeking

country's development.

reassurance that developments are built to last and aligned with

Malta's next decade presents a

modern needs.

great opportunity to embrace this approach, and I want to see

but as an important requirement

Tumas Group became the first

for businesses, organisations,

building in Malta to receive this

This evolution is positive for

Tumas Group continue leading

investors, and individuals

recognition, demonstrating its

the industry. It encourages

the way by delivering innovative,

purchasing property. People

commitment to sustainability.

developers to innovate, raise

sustainable, and high-quality

are becoming more conscious

Achieving the highest level

standards, and focus on creating

developments that shape the

of environmental impact,

of LEED certification reflects

spaces that genuinely improve

future of our islands.

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PL ACEMAKING

THE BUSINESS OF BELONGING In conversation with psychosocial coach Claire Bugelli, Dayna Camilleri explores how Malta's changing urban landscape is reshaping our experience of community, identity and belonging.

F

or generations, belonging in Malta was

mutual obligation, and genuine knowledge of

woven into the rhythms of village life –

one another across time. The village model

the pjazza, the band club, and familiar

that shaped Maltese life for generations

faces encountered daily. But as the country

delivered exactly that. You didn't have to seek

becomes more urbanised, more transient,

connection out; it was simply the texture of

and increasingly shaped by remote working,

daily life. You knew people across generations.

the spaces we inhabit are changing faster

You had a role. You were part of something

than our social instincts can adapt to. Beyond

larger than yourself.

affordability and density lies another challenge for the built environment: creating places

When that texture dissolves, it isn't replaced

where people feel connected, supported and

by the freedom that modernity tends to

rooted. Claire Bugelli reflects on why designing

promise. It's replaced by what I'd describe

for human connection may be one of the most

as social thinness, a background emptiness that is genuinely difficult to name, and even

important conversations in property today.

harder to address, because it has no single

Claire Bugelli Malta has transitioned rapidly from a

obvious cause. And here's what makes the

traditional, village-centric culture to a

urbanised version particularly painful: when

dense, fast-paced, and heavily remote-

community. It never has, and I think it's

you're surrounded by movement, by other

working environment. From a psychosocial

important we name that clearly, because so

people's visible busyness, by the constant hum

perspective, how is this shift impacting the

much of Malta's urban development proceeds

of activity, and you still feel fundamentally

way people experience loneliness and social

on the assumption that it does.

disconnected — you begin to experience

fragmentation here? Why is it that we can

that disconnection as something aberrant.

feel profoundly isolated even when living in a

What proximity creates, without deliberate

Something wrong with you, specifically. That

highly dense, urbanised area like the Sliema

social design, is people living near each other,

shame is what separates loneliness in a crowd

and St Julian's hub or central Malta?

and that is an entirely different thing from

from loneliness in solitude. In my coaching

people belonging to each other. We are wired,

practice, I see this regularly—objectively busy

Let's start with something that might sound

as human beings, for what I would call thick

lives. Full calendars. And a quiet, persistent

counterintuitive: density doesn't create

relationships. Bonds built on shared history,

hollowness that people often can't quite name.

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What's specific to Malta is the speed of this

happens to a person's sense of identity and

across time, a role within a community that

transition. Two generations. Extraordinarily

grounding when those organic, traditional

didn't need to be negotiated or earned each

compressed. The social infrastructure,

safety nets disappear?

day anew. That kind of stable belonging acts as a genuine buffer against anxiety and

the shared meanings, the rituals, the

uncertainty throughout the lifespan.

intergenerational bonds, haven't had time to

The loss of the pjazza is about far more than

adapt, and we haven't yet built the language,

nostalgia, and I want to be precise about

let alone the physical spaces, to hold what's

that because it's sometimes dismissed as

When a young Maltese person leaves their

been lost.

sentimentality. Those traditions, the feast,

hometown, priced out of the village they grew

the band club, the Sunday passeggjata, the

up in, or drawn to opportunity elsewhere,

Historically, Maltese community life

committee you joined because your father

something significant is severed. And what

was anchored by the village pjazza, the

had before you, were doing serious emotional

I find particularly worth noting is that we

local band club, and multi-generational

and social work. They gave people a place in

rarely allow ourselves to grieve it. We grieve

neighbourhoods. Today, many young Maltese

a story larger than their own biography. They

for people. We have rituals for that. We don't

no longer live where they grew up. What

created continuity, a sense of being known

typically grieve for places or communities.

Connection is not a lifestyle preference. It is a fundamental human need, as essential to wellbeing as shelter itself.

Yet, the evidence is consistent: feeling rooted in a physical and social landscape is one of the more reliable predictors of resilience and wellbeing we have.

Identity is not a purely internal affair. It is built in relationship, with place, with community, with the repeated small rituals of showing up and being recognised. Strip that away and many people find themselves not liberated, as they might have expected, but quietly adrift.

Functioning. Coping. But missing something they may not even have words for yet.

Real estate marketing in Europe increasingly emphasises "community" and "lifestyle" (e.g., mixed-use developments with shared rooftops, coworking spaces, and integrated cafés). Do you view this trend as a superficial marketing gimmick, or does it reflect a genuine, deep-seated psychological craving for modern tribe-building? Is there a place for it in Malta? →

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Both, and sitting with that complexity is

roots can be difficult. How can mixed-

creates the very isolation it's trying to avoid,

more useful than choosing one answer. The

use property design form meaningful

operating largely below conscious awareness.

cynical reading is obvious. Community has

psychological connections rather than just

Both parties do it simultaneously, and the

been aestheticised, sold as a lifestyle add-on

surface-level, polite interactions in a lift?

result is a polite, mutually isolating distance that neither person intended.

to justify higher price points. Some of what passes for community in new developments

This is the question I find most fascinating,

is not much more than a rooftop terrace and a

because the barrier in transient communities

What design can do is lower the activation

well-shot brochure photograph.

is rarely hostility. It's something far subtler.

energy required for the connection to happen

I call it preemptive withdrawal. When people

naturally. Not engineer intimacy, that's

But I would push back hard on stopping

don't expect to stay, when the internal

impossible, but create conditions where

there, because the fact that the market has

narrative is "I'll be gone in eight months", they

spontaneous, low-stakes encounters become

identified belonging as something people will

unconsciously stop investing in relational

easier than avoidance. Sociologists call these

pay for does not make the underlying need

groundwork before it has any chance to

third places: spaces that are neither home

any less real. If anything, it confirms what

develop. It's a self-protective mechanism that

nor work, where people can simply be present

The communities that genuinely work share one quality above all others.

They make it easy to show up as you are. social science has demonstrated for decades: connection is not a lifestyle preference. It is a fundamental human need, as basic as shelter.

Abraham Maslow placed love and belonging at the third tier of human need above safety, foundational to everything we call a good life.

That hasn't changed because we now live in apartments with fibre broadband.

For Malta specifically, the conversation matters because the island is genuinely well-positioned to do this properly. It's small enough that a real micro-community is still possible. The social fabric, while under strain, hasn't fully unravelled. The risk is that Malta imports the European aesthetic of community, the staged rooftop, the café nobody actually lingers in, without doing the harder thinking about what belonging requires to take root.

With Malta's population becoming more international and transient (digital nomads, expats, short-term renters), building deep

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alongside one another without an agenda. A ground-floor café open to residents and the wider neighbourhood. A shared garden. A communal kitchen with a proper table. The key design principle, missed far more often than it should be, is that these spaces must be built for lingering. A lobby is not a third place.

A well-lit café with comfortable seating and no pressure to move on is. Light programming helps too, a shared meal once a month, a noticeboard with space for genuine resident initiative. The goal is simply to make the first conversation feel easy. The community tends to follow.

With the rise of remote and hybrid working in Malta, the home has become the workplace. From a psychosocial perspective, when your living space doubles as your office, how does that blur the lines between rest and stress? Does this shift increase developers' psychological need to include shared spaces so people can escape the isolation of working A communal workspace within a residential

The communities that genuinely work,

development is not a lifestyle amenity in this

whether Danish co-housing models or the

Yes, and I say that without hesitation, having

context. It is a genuine intervention. The ability

longstanding Maltese neighbourhoods that

seen the consequences of getting this wrong

to leave one's apartment to work, even just

still retain their texture, share one quality

with real people.

moving one floor below, restores something

above all others. They make it easy to show

surprisingly vital: the micro-ritual of departure

up as you are. Not for an event. Not because

Home carries a deeply important function in

and return. That daily act of transition, which

something has been organised. Just because

our emotional lives. It is the place where we

remote working quietly eliminates, does real

the space makes ordinary, unscheduled

are permitted to stop performing — where

restorative work. It redraws the boundary

human presence feel natural and welcome.

the professional self can be set down, and

between effort and rest. For many people, it

the person underneath can simply rest. That

is the practical difference between managing

The rooftop, which hosts a catered launch

function depends on a sense of home that

well and not managing at all.

event, serves as the venue for the brochure.

alone in their apartments all day?

The courtyard where a retired teacher and

is meaningfully separate from the domain of work and effort. When work colonises that

If developers and architects want to

a young freelancer are sitting quietly on a

space, the separation breaks down in ways

build spaces that genuinely combat

Wednesday afternoon, without occasion,

that are often invisible until they become

modern loneliness and cultivate a sense of

without agenda, without anyone having

genuinely acute. The desk in the corner of

belonging, what is the single most important

planned it, serves as a belonging. Build for

the bedroom doesn't stop being a desk at six

psychosocial factor they need to consider?

Wednesday afternoon, and you will have built something genuinely rare.

o'clock.

Vulnerability design, not just visibility. That The emotional associations with that space,

is the single most important principle I would

pressure, performance, and the feeling of

want developers and architects to carry with

being permanently on don't dissolve because

them.

the laptop is closed.

Dayna is a senior speech and language therapist, and the founder of Malta

Most communal spaces are built for the

Speech Therapy. She is a former editor

What accumulates is a low-grade, chronic

polished, purposeful version of ourselves,

at the Malta Business Weekly and a

stress with no single clear cause. In sessions,

the person who is going somewhere, doing

prolific writer whose work spans health,

I hear it in strikingly consistent language: "I'm

something, performing their life competently.

neurodiversity and travel. Her pieces are known for their clarity,

not burnt out exactly. I just never feel fully off."

That gap between finishing work and actually

What rarely gets designed for is the quieter,

curiosity and practical

resting is what the working-from-home

more fundamental need: to be present without

insight, making her a

trap looks like from the inside, and it is more

performance, to share space without agenda,

familiar voice to readers

widespread in Malta right now than we tend to

to belong on an ordinary day without occasion

across Malta and beyond.

acknowledge openly.

or effort required.

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TWO-MICHELIN-STARRED RESTAURANT

SETS SAIL

With ION at Sea, Simon Rogan is taking Malta's only two-Michelin-starred dining experience beyond the restaurant walls, combining exceptional cuisine, luxury hospitality and the beauty of the Mediterranean.

ION Harbour has established itself as Malta's

engage with the environment in a much more

is naturally more limited than in a traditional

only two-Michelin-starred restaurant. What

immersive way.

restaurant setting, requiring a great deal of

inspired the creation of ION at Sea, and how

creativity and precision. So, our team has very

did the idea of bringing a Michelin-starred

Translating the precision and standards of a

kindly volunteered for quite a few test runs to

dining experience aboard a Riva yacht first

two-Michelin-starred kitchen onto a moving

make sure it's all perfect.

come about?

vessel is no small feat. What were some of the

W

e are always looking for ways to

biggest creative and operational challenges

For those considering booking the

involved in making the concept a reality?

experience, can you walk us through a typical journey aboard ION at Sea? What can

challenge ourselves and build on Charlie, ION at Sea's head chef, and Arsen,

guests expect from the moment they step on

suggested using Iniala's yacht for our guests,

the restaurant manager, have been working

board until the final course is served?

we saw the potential to create something

intensively on the menu and service style,

truly special. It felt like a natural extension of

as serving on board a yacht definitely isn't

If you opt for the Dinner Cruise, guests will

what we already do at ION Harbour, bringing

straightforward. We've had to adapt the dishes

be welcomed aboard the yacht at dusk and

guests closer to the landscapes that inspire

to ensure they're suitable for plating and for

invited to settle in with a drink as the sun sets

our menus. ION at Sea allows guests to

enjoying when there's gentle motion. Space

over the Grand Harbour. As the yacht cruises

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our current offering, so when Mark

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gently through the harbour, guests will enjoy

from a carefully selected group of artisans

a multi-course tasting menu accompanied

who care deeply about their craft. The menu

by panoramic views of Valletta and the Three

is a tribute to these people and their amazing

Cities.

work.

For those seeking a more leisurely experience,

At a time when luxury travellers are

the Ultimate Cruise includes an excursion

increasingly seeking unique and memorable

along Malta's southern coastline, with

experiences, what do you believe makes

opportunities to swim in secluded coves and

ION at Sea stand apart from other high-end dining and hospitality offerings around the world?

ION at Sea offers something impossible to replicate because no two experiences are Chef Simon Rogan

ever the same. Each journey is shaped by the natural environment, changing with the tides, the colours of the sunset and the wildlife

Throughout both experiences, guests can

encountered along the way.

choose from carefully curated wine pairings or explore a selection of exclusive vintages. The

Beyond creating an extraordinary experience

intimate setting also fosters more personal

for guests, what does ION at Sea say about

interaction with our team, enabling guests to learn about the inspiration behind each dish, the provenance of the ingredients, and the techniques used in their preparation.

The menu is rooted in the produce, landscapes and waters of the Maltese Islands.

How has Malta influenced the dishes being served, and what role does local provenance play in the overall experience?

Provenance is everything. Our menus at all discover some of the island's most beautiful

our restaurants around the world reflect the

and lesser-known alcoves, before dropping

landscapes in which they are situated. At ION,

anchor for dinner.

we have been lucky to find incredible produce

Malta's growing reputation as a destination for world-class gastronomy, luxury travel and innovation in hospitality?

Malta's hospitality is only getting better, which shows there is an appetite not only from locals but also from an ever-growing number of international travellers. We hope ION at Sea will contribute to that momentum, highlighting the creativity, ambition and talent that continue to shape the future of hospitality in Malta. ← Scan to reserve your evening.

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URBANISM

THE ARCHITECTURE OF

FORGETTING 36

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As cranes continue to reshape Malta's skyline, the debate around development often focuses on economics, planning policies and property values. But what if the deeper question is not what we are building, but who we are becoming? Manuel Delia explores how architecture, urban planning and collective memory shape the society we create for future generations.

W

hen the Knights of St John ruled

can still find the stone bollards marked with

Rhodes, they reserved a fortified

the letter "C" that once marked the limits

quarter of the city, known as the

beyond which ordinary Maltese could not build

collachio, for themselves. It was physically

their homes.

separated from the native population. When

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they moved to Malta and settled in Birgu, they

Cities teach people how to live together, or

recreated the arrangement. Even today, one

how not to. →

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URBANISM

Perhaps the memory we inherited of Valletta

increasingly indistinguishable from one

Development increasingly reflects not the idea

is kinder than the reality ever was. Stark

another.

of a shared society but its fragmentation.

marked the new city the Knights built after the

I am also old enough to remember my

The inequalities that persist in Malta today

Great Siege. The palaces of the Order towered

childhood home. It no longer exists. In its place

are not new. The Malta of the Knights and

over a poor colonial population. But later

stand several cramped dwellings, stacked

the British Empire was deeply unequal. But

generations chose to remember Valletta not as

within the footprint where one family once

independent Malta narrowed many of those

a divided fortress but as a shared civic space:

lived.

gaps. The children of labourers entered

inequalities between rulers and the ruled still

Prosperity without solidarity risks producing a society that is materially successful yet civically exhausted. dense, cosmopolitan, contradictory, alive.

There is certainly nostalgia in that memory. It

A city of merchants, dockworkers, sailors,

would be dishonest to deny it. But nostalgia

priests, aristocrats, migrants, and labourers,

alone cannot explain the unease many Maltese

compressed into the same urban fabric and, by

feel when they struggle to recognise the

geography, condemned to coexist.

country they inhabit. Nor can it erase the fact that many of us, myself included, benefited

Memory works that way. We do not remember

materially from Malta's transformation.

the past as it was. We remember it as a story

Property values rose—opportunities multiplied.

about ourselves.

Prosperity expanded. Valletta itself, once deserted after dark, has become crowded

That is why the way we build matters

with visitors, restaurants, bars, hotels, and

so profoundly. Buildings are not merely

economic activity unimaginable a generation

professions once reserved for elites. Public

structures of stone and concrete. They are

ago.

education expanded opportunity. Economic growth, industrialisation, and the welfare state

physical expressions of a society's beliefs about hierarchy, belonging, visibility, dignity,

Yet even there, the feeling is ambiguous.

compressed social divisions that had once

and power. Urban planning is not neutral. Cities

Revival easily slips into exhaustion. Tourism

seemed immovable.

organise proximity. They determine who sees

into spectacle. Vitality into excess. One can

whom, who avoids whom, who belongs where,

walk through Valletta today and feel both

and who disappears from view.

admiration and discomfort.

Modern Malta is building new collachios.

That contradiction matters because this is not

We are widening them again.

And the divisions are increasingly being etched into the landscape around us.

an argument against development, modernity, They are not marked by stone bollards

or economic growth. Malta desperately

Luxury developments rise beside overcrowded

stamped with the letter "C". Instead, they are

needed renewal. Post-war Malta was poor,

neighbourhoods, where the labour force

marked by price, speculation, infrastructure,

stagnant, overcrowded, and dependent. The

that sustains the economy vanishes from

invisibility, and, increasingly, fear.

country that emerged from the devastation

view at the end of the working day. Malta

of 1943 rebuilt itself through collective

increasingly depends on migrant labour across

I am old enough to remember Sliema's

sacrifice and astonishing determination.

construction, transport, care work, delivery

façade before the transformation became

Entire neighbourhoods rose from the rubble.

services, tourism, and hospitality. Yet our

irreversible. At Exiles, long, aligned rows of

Infrastructure was modernised. Families

urban life often treats these workers as if

colonial buildings once faced the sea in quiet

who had lived in deprivation for generations

they should remain permanently invisible:

uniformity.

experienced security and mobility for the first

downstairs, backstage, hidden from the

time.

imagined continuity of "traditional" Maltese life.

Whatever their architectural merits or limitations, they unmistakably belonged

But reconstruction was, however imperfectly,

to the Malta of that time. They embodied a

guided by a sense of common destiny. The war

This invisibility is not accidental. It is built into

recognisable scale of life. Today, much of that

had imposed solidarity because survival itself

the organisation of space.

frontage has disappeared beneath apartment

depended on it.

There are growing parts of Malta where wealth

blocks, speculative developments, and the architectural language of international

Our current prosperity often seems to have

circulates through guarded entrances, private

capital, making Mediterranean waterfronts

the opposite effect.

car parks, rooftop pools, and investment

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Grotesquely overpriced franchise restaurants

culture weakens long before democratic

spread through developments whose

institutions formally collapse.

architecture could belong almost anywhere, and therefore, in a deeper sense, nowhere.

Perhaps that is the deeper architecture of forgetting, now taking shape around us.

A Maltese mosque is easier to imagine than a Maltese glass tower.

Not merely the forgetting of old façades or demolished townhouses, but the forgetting

The irony is not merely architectural; it is

of solidarity itself. The forgetting that a city is

moral.

not simply a collection of profitable surfaces but a moral arrangement among people who

We often treat cultural identity as threatened

must somehow continue to live together.

primarily by the visible presence of foreigners, while remaining strangely indifferent to the

There is still time to remember otherwise.

far more radical transformation imposed by

properties that often remain dark for much

speculative urbanism and globalised capital.

Malta has rebuilt itself before, under far

We fear symbols of difference while embracing

harsher conditions than these. The ruins of

forms of development that steadily erase the

war once compelled the country to imagine

social, historical, and physical continuity that

a common future beyond private enrichment

once enabled people to recognise themselves

alone. We are wealthier today than any

in the places they inhabited.

previous generation of Maltese could have imagined. Yet prosperity without solidarity

of the year. And there are other parts where overcrowding, neglect, and precarity

This matters because democracy depends

risks producing a society that is materially

concentrate those whose labour keeps the first

not only on institutions and elections

successful yet civically exhausted.

world functioning.

but also on habits of coexistence. On

These are new collachios.

learning to encounter strangers without

The question is not whether Malta should

fear. On recognising that people, unlike

continue developing. It will.

ourselves, nevertheless belong to the same We increasingly speak of "good areas" and "bad

civic community. Cities once forced that

areas", of places that feel safe and those that

recognition upon us. Mediterranean urban

do not, of neighbourhoods where foreigners

life compressed social classes, generations,

are too visible and others where wealth has

occupations, and families into uncomfortable

insulated itself almost entirely from ordinary

yet unavoidable proximity.

social contact. The language is becoming more familiar, and perhaps more dangerous, than

Modern development increasingly enables

we admit.

separation instead.

One of the strangest contradictions in Malta's

The wealthy withdraw into insulated

cultural anxieties is particularly clear here.

spaces. The poor become geographically

A Maltese mosque is easier to imagine than a Maltese glass tower.

The prospect of visible places of worship

concentrated. Migrants remain socially

The question is what sort of society we are

for Muslims, Hindus, or other minority

temporary, no matter how permanent

physically constructing as we do.

communities often provokes intense public

their economic role becomes. Entire

discomfort. Many react as though such

neighbourhoods lose continuity as speculative

buildings would signal the collapse of Maltese

turnover replaces rootedness. Homes become

identity itself.

investment vehicles before they become places where life happens.

Manuel is a civil society

Yet at the same time, replicas of Dubai skylines continue to rise across the island with

And when people stop imagining themselves

remarkably little cultural resistance.

as sharing a common civic fate, democratic

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activist and writer.

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WHY MALTA'S REAL ESTATE MARKET

MUST REDISCOVER

PURPOSE

Malta has become exceptionally good at building property. The challenge now is learning how to build communities. As debates around affordability, liveability and long-term planning intensify, JP Fabri explores why housing should be viewed not simply as an economic asset, but as the foundation of a thriving society.

F

or decades, Malta's property market

In a nation where owning a home remains

What is the purpose of housing? Is it merely an

has been one of the country's greatest

deeply embedded in our culture, property has

investment vehicle? Is it simply a contributor

economic success stories. It has

long been viewed as both a financial asset and

to GDP? Or should housing be understood as

a symbol of security.

something far more profound: the foundation

generated wealth, supported investment,

upon which communities are built, families

fuelled economic growth, and provided a pathway to homeownership for thousands of

Yet as Malta looks towards 2050, a more

are raised, wellbeing is nurtured, and future

families.

fundamental question emerges.

generations can flourish?

The challenge facing Malta today is not merely one of housing supply. It is a challenge of vision.

For years, our housing conversation has been dominated by discussions around prices, permits, transactions, densities, and construction. These are important considerations. But they are ultimately means rather than ends. The true purpose of housing is not to create more buildings. It is to create places where people can live meaningful lives.

Malta has become highly effective at building property. The next chapter requires us to become equally effective at building communities.

The future of housing is ultimately about people, communities and quality of life

Recent research provides an important insight into the aspirations of younger generations.

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Despite changing lifestyles and global trends

These are not simply housing questions. They

towards renting, young Maltese continue to

are nation-building questions.

aspire to homeownership strongly. A home remains an important milestone and a symbol

At the same time, Malta's economy continues

of independence and stability. Yet the same

to perform strongly. Employment remains

research reveals growing concerns around

high, unemployment remains among the

affordability, financial preparedness, and access to the housing market.

Many young people believe that owning a home is becoming increasingly difficult.

They continue to aspire to ownership, but confidence is beginning to weaken. They are caught between the dream of homeownership and the reality of rising costs.

This should concern us.

Not because housing is becoming more expensive, but because housing is becoming increasingly intertwined with broader questions about opportunity, belonging,

These are not simply housing questions.

They are nationbuilding questions.

lowest in Europe, and economic growth continues to outperform many of our European counterparts. Yet economic success alone does not automatically translate into stronger communities or greater wellbeing.

Growth must ultimately serve a purpose. This is where Malta can learn from countries that have approached development differently.

Singapore offers one of the most compelling examples. Faced with severe land constraints similar to those in Malta, Singapore chose not to view urban planning as a purely technical exercise. Instead, it framed planning

and social mobility. Young people are asking

around national aspirations. Housing,

whether they can build a future in the

transport, economic development, green

communities where they grew up. They are

spaces, community facilities, heritage, and

asking whether Malta remains a place where

environmental sustainability were brought

they can imagine raising a family, establishing

together under a shared vision of creating a

roots, and participating fully in society.

liveable, inclusive, and resilient society. →

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The question was never simply how many homes to build. The question was what kind of society those homes would help create. That distinction matters.

Housing policy should not begin with buildings.

It should begin with people.

What kind of communities do we want our children to grow up in? How do we design neighbourhoods that encourage healthier lifestyles? How do we reduce loneliness among older generations? How do we create opportunities for interaction, belonging, and civic participation?

These questions become increasingly important as Malta continues to urbanise.

Quality of life increasingly depends on access to green and shared spaces

One of the most encouraging examples already exists locally. Malta's pioneering intergenerational housing initiative in Valletta

Long commutes reduce quality of life. Lack

demonstrates how housing can serve as

of public spaces weakens social interaction.

a platform for community building rather

Traffic congestion affects productivity. Social

than simply as accommodation provision.

fragmentation undermines community

By bringing together older residents and

resilience. Over time, these costs accumulate.

younger adults within a shared environment, the project creates opportunities for mutual

Housing should therefore be viewed as a form

support, social connection, and active

of social infrastructure.

participation.

Residents frequently describe the experience as feeling like a family rather than simply a housing project.

The future of housing is not simply about units.

It is about relationships. It is about recognising that people do not merely need roofs over their heads. They need connection, purpose, security, and belonging. This requires us to rethink how we measure success.

For too long, discussions around real estate have focused almost exclusively on economic indicators. Prices, transactions, construction output, and investment returns dominate public debate. Yet these metrics only tell part of the story. The true value of housing extends far beyond its market price.

Because housing is never just about property— it is about the society we choose to create.

We already recognise the importance of schools, hospitals, transport systems, and public services. Housing deserves the same level of strategic thinking. A home does not exist in isolation. Its value depends on the quality of the surrounding environment, access to services, community networks, green spaces, cultural opportunities, and economic prospects.

The most successful cities increasingly understand this reality.

Around the world, policymakers are moving beyond traditional measures of growth towards broader measures of wellbeing, liveability, and sustainability. Economic development remains important, but it is increasingly seen as a means to improve human outcomes rather than an objective in itself.

A well-designed neighbourhood can improve mental health, strengthen social

Malta should embrace the same mindset.

cohesion, encourage physical activity, reduce loneliness, and increase trust within communities. Conversely, poorly designed

In an increasingly competitive world, quality

environments can create hidden social and

of life is becoming one of the most important

economic costs that rarely appear in official

drivers of economic success. Highly skilled

statistics.

workers choose where to live based not

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only on income but also on safety, culture,

Our smallness should not be viewed as a

environment, community, and wellbeing.

constraint. It should be viewed as a laboratory

Businesses follow talent. Investment follows

for innovation.

talent. Prosperity follows talent.

Imagine a Malta where every major This means that housing policy is no longer

development is assessed not only on its

merely a social issue. It is an economic

economic contribution but also on its social

strategy.

The communities we build today will determine Malta's attractiveness tomorrow. If our urban environments become characterised by congestion, declining affordability, limited public spaces, and a weak sense of community identity, we risk undermining our future competitiveness. If, however, we create vibrant, inclusive, and liveable communities, Malta can position itself as one of Europe's most desirable places to live, work, invest, and raise a family.

Malta has already proven that it can build.

The challenge now is to build wisely.

This requires a shift from project thinking to

value. Imagine neighbourhoods designed around walkability, community spaces, and green infrastructure. Imagine developments that actively encourage intergenerational interaction. Imagine planning processes that genuinely involve citizens in shaping their communities' futures.

Ultimately, the question facing Malta is not whether we should continue to develop.

Growth and development will remain essential.

The real question is whether we can elevate our ambitions beyond construction and towards nation-building.

systems thinking.

Because housing is never just about property, it is about the society we choose to create.

Housing, transport, environment, health, education, culture, and economic development are often discussed separately. Yet people's

It is about whether young people can imagine

lives do not operate in silos. A family choosing

a future for themselves in Malta. It is about whether older generations can age with dignity and connection. It is about whether communities remain resilient in the face of rapid change. It is about whether future generations inherit places that are not only wealthier, but also more liveable, more inclusive, and more human.

Future generations will not judge us by the number of apartments we built. They will judge us by the quality of the communities we created.

Malta has already proven that it can build.

The challenge now is to build wisely. The real opportunity is not simply to create more property. It is to create places where people can flourish. That is the true purpose of housing.

Thriving communities are built around people, not simply property And it is a purpose worth rediscovering. where to live simultaneously considers

this regard. Unlike larger countries, we can test

affordability, schools, commuting times,

innovative approaches at a national scale. We

green spaces, healthcare, employment

can pioneer intergenerational housing models,

JP is a founding partner

opportunities, safety, and community life.

embrace community-centred planning,

at Seed, a multi-

regenerate existing urban areas, and integrate

disciplinary advisory

Good policy recognises these connections.

digital technologies to improve participation

practice.

Malta's size provides a unique advantage in

and decision-making.

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PA R T N E R F E AT U R E

WHERE WE LIVE,

HOW WE LIVE What Malta's National Housing Satisfaction Survey reveals about the connection between our homes, our communities, and our well-being.

Drawing on new findings from Malta's National Housing Satisfaction Survey, Matthew Zerafa and Brian Micallef examine the relationship between residential satisfaction, community environments, and quality of life.

R

esidential satisfaction

of which contribute positively to

characteristics. It combined

particularly since around 40%

and life satisfaction are

overall well-being and happiness.

objective indicators, such as

of respondents reported living

closely interconnected, as

Conversely, dissatisfaction with

tenure, living arrangements,

in apartments. There is also

housing constitutes one of the

housing, including overcrowding,

and features available within

evidence that block sizes have

central domains of everyday life.

poor building quality, lack of

the property, with subjective

been increasing over time.

Residential satisfaction generally

affordability, noise, insecurity, or

ones, such as satisfaction

Respondents were asked to rate

refers to the extent to which

inadequate services, can generate

levels, adequacy of space, and

their level of satisfaction with

individuals feel content with

stress and adversely affect

perceptions of housing cost

three dimensions — the dwelling,

their dwelling, neighbourhood,

mental and emotional health.

burden. This study forms part of

the neighbourhood, and the block

the Housing Authority’s Research

— on a scale from 1 to 5, where 5

and surrounding environment.

In contrast, life satisfaction

To better understand the key

Strategy for 2026–2027, which

represented the highest level of

reflects a broader assessment

factors shaping residential

places evidence-based research

satisfaction and 1 the lowest.

of the overall quality of life and

satisfaction in Malta, the

at the centre of housing policy

well-being.

Housing Authority conducted

development in Malta.

Satisfaction with the dwelling recorded the highest average

a nationally representative The relationship between the

survey involving around 800

We adopted a broad perspective

score at 4.3 out of 5, followed by

two is often explained by the

respondents aged 18 and over

on residential satisfaction,

neighbourhood satisfaction at

understanding that the home is

residing in Malta. Crucially,

recognising that the concept

4.1 and block satisfaction at 3.9.

not merely a physical structure,

both Maltese and non-Maltese

extends beyond the dwelling

Hence, satisfaction tends to be

but also a social, psychological,

nationals were covered in this

itself to encompass the

higher in areas where individuals

and emotional space. Individuals

survey. The survey explored a

surrounding neighbourhood and,

exercise greater direct control,

who are satisfied with their

wide range of themes, including

for those residing in apartments,

while it declines in domains

housing conditions tend to

respondents’ demographic

the common areas within the

that depend more heavily on

experience greater comfort,

profiles, life satisfaction, housing

block. The latter is becoming

collective management or

security, privacy, and stability, all

conditions, and neighbourhood

increasingly significant,

external environmental factors.

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Consistent with the international

predominantly in apartments. At

a problem in their neighbourhood.

housing not in isolation, but as an

literature, we document a positive

the same time, older individuals

These pressures are likely to

integral component of a broader

correlation between residential

are more likely to live in houses.

intensify over time, particularly

urban system.

satisfaction and life satisfaction.

Similarly, younger adults and

given the rise in apartment living

This underscores the importance

migrants were more likely to

alongside persistently high car

From a policy perspective,

of incorporating both housing and

report concerns about the lack of

ownership.

improving housing quality and

neighbourhood satisfaction into

outdoor space, housing quality,

broader measures and indices of

or insufficient living space. In

Other commonly reported

increasingly recognised as a key

well-being.

contrast, elderly respondents

neighbourhood concerns

element in promoting public well-

more frequently reported

included construction-related

being. Urban planning, affordable

The survey further explored the

accessibility challenges and

disturbances, excessive noise

housing policies, improved access

principal problems identified by

having more space than they

pollution, and the lack of green

to services, and community

respondents in their dwellings,

actually require.

and open spaces, each of which

development initiatives can

was mentioned by approximately

therefore contribute not only

blocks, and neighbourhoods.

neighbourhood environments is

Regarding the dwelling itself,

Among respondents residing

four to five out of every ten

to better residential outcomes

the most frequently reported

in apartments, the principal

respondents. These findings are

but also to higher levels of

issue was the lack of a garage

concerns relating to the block

broadly consistent with results

life satisfaction across the

or parking space, reported by

centred on accessibility issues,

from other surveys, including the

population.

around one-third of respondents.

including, in some cases, the

EU-SILC.

This was followed by the absence

absence of lifts, as well as

of outdoor areas, mentioned by

problems associated with

Another noteworthy finding is

approximately one-quarter of

permanent residents. Poor

that, unlike dwelling-related

Matthew Zerafa is the CEO

respondents, and accessibility-

condominium maintenance

concerns, which differed across

of the Housing Authority,

related concerns, such as

and difficulties involving other

demographic groups, perceptions

and Brian Micallef is the

excessive stairs.

tenants, both in long-let and

of neighbourhood problems

Executive Head responsible

short-let properties, were each

were remarkably consistent

for the Digitalisation,

Interestingly, dwelling-related

mentioned by around two in ten

across respondent categories.

Legal, and Communications

concerns varied significantly

respondents.

The relative consistency in

department at the Housing

neighbourhood concerns

Authority.

by age and citizenship status.

Younger adults and migrants

At the neighbourhood level, the

suggests a need for broader,

were considerably more likely to

lack of parking spaces again

system-wide interventions

report parking difficulties than

emerged as the most significant

to improve the quality and

elderly respondents, reflecting

issue raised by respondents.

sustainability of the living

differences in housing typologies:

Approximately 7 out of 10

environment. It also highlights

the former tend to reside

respondents identified parking as

the importance of approaching

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ECONOMY

MALTA IS TOO SMALL TO THINK SMALL While Malta celebrates impressive GDP growth, many local businesses are experiencing a very different reality. Simon Azzopardi argues that Malta has become two economies moving in opposite directions.

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I

f you run a business in Malta and the last few years

€76,000, respectively. But, alarmingly, these are not the

have felt harder – and by that I mean thinner margins,

sectors that are growing. The fastest-growing sectors

tougher competition, and more expensive staff – you are

over the past two years, according to the NSO Registered

not alone. And it is not a phase. It is systemic. The question

Employment report (Nov 2025), are the public sector,

I have is: why? And what can we do about it?

wholesale and retail and construction, generating between €30,000 and €35,000 per worker. Malta's growth is being

On paper, Malta's economy looks exceptional. Malta's GDP

driven by volume, not value. The IMF confirmed this in their

grew by 4% in 2025, the second-highest real growth rate in

February 2026 consultation. Basically, more bodies are

the EU. But that headline is an average of two very different

doing less productive work.

realities. And averages in Malta's heavily concentrated And if nothing changes? The IMF has already told us.

economy are misleading.

Malta's growth model of importing more workers to do Malta effectively has two economies sharing the same

less productive work has already hit its ceiling. If we do

island. Economy A is the export economy: tourism, iGaming,

nothing, the 30,000 microenterprises will suffer the most

financial services, and foreign-owned manufacturing. It

because costs (mostly wages and rent) will eat everything

exports. It attracts international capital. It benefits from a

that is left. Not only will the situation be impossible for

5% effective corporate tax rate. It drives the GDP headline.

small businesses, but talent will follow suit very quickly.

According to Eurostat, Malta's aggregate corporate profit

Air quality, overcrowding, traffic, costs, the schools –

share was 56.4% in 2024, the second-highest in the

considering everything, Lisbon, Madrid and Ljubljana all

European Union. Economy B is the domestic economy:

offer better.

over 30,000 micro-enterprises, approximately 75% of them family-owned, employing fewer than ten people. They

In 2025, Malta was one of only two EU countries to record

import at international prices and sell locally at compressed

negative labour productivity growth, at -0.8%, while the

Malta effectively has two economies sharing the same island.

EU average rose by 1.4%. We are working more hours and producing less value per hour. The result is a productivity crisis. Malta's Vision 2050 talks about shifting to higherAround 75% of Maltese businesses remain family-owned,

value business, and this is probably why.

operating in an increasingly competitive domestic market If any sector should be breaking through from Economy B into Economy A, it is ICT. It has the highest productivity margins. They pay 35% corporate tax. They compete

per worker in the country. Its services are inherently

with tens of thousands of other businesses for the same

exportable. Malta has the language, the EU membership,

300,000 employees and 550,000 consumers. Their world is

and the regulatory frameworks. And yet, ICT and

very different.

professional services have grown by barely 1–2% over the past two years, while low-productivity sectors have surged

The Malta Chamber of SMEs' survey found that while 43% of

ahead. This is a symptom of the structural barriers that

businesses saw turnover increase in 2025, only 26% were

keep Maltese businesses trapped in the domestic market.

more profitable. A full 35% were less profitable than the year before. Most businesses are on a treadmill. And 80% of

Let's look outside our shores for inspiration. Other small

SME owners say they either will not invest or are uncertain

economies have faced the same constraints and made

about investing in 2026. You do not get those numbers

different choices.

from an economy that is working and growing holistically.

Let us look at Estonia: it has 1.4 million people, borders

MONEY

PwC's Spring 2026 Economic Outlook put numbers to the

Russia, a language spoken by almost nobody outside its

problem. The most productive sectors in Malta (in terms of

territory, yet its exports account for over 75% of GDP, and it

value each employee generates) remain ICT, professional

has produced 10 unicorns (companies worth over $1 billion).

services, and finance, generating €162,000, €93,000, and

It charges zero corporate tax on reinvested profits, →

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ECONOMY

incentivising businesses to grow before they extract. Malta does the exact opposite: local businesses pay 35% whether they reinvest or not, while foreign-owned companies on the same island pay 5%, at least for now. Why do we accept this as normal?

The 4% GDP headline is the average of two very different realities.

Fixing this challenge requires coordinated, structural interventions across four fronts.

First, fiscal policy that rewards reinvestment. Estonia's model is instructive: businesses that reinvest profits in growth, product development, or international expansion should face a lower tax burden than those that extract.

Malta currently does the opposite. It goes beyond the 5% versus 35% divide. When selling a property, you pay a final withholding tax of 8% on the transaction. Reinvest profits in your business, and you pay 35%. We are literally incentivising Maltese capital to flow into apartments, which drives up the cost of living – pulling investment away from businesses that could employ people and sell abroad.

Second, co-funded market entry. Singapore, which faces an identical domestic ceiling, runs the Market Readiness Assistance programme: the government co-funds up to 70% of internationalisation costs for SMEs entering new markets, up to S$100,000 per market, alongside M&A financing where the state shares the default risk with banks. Malta's equivalent is the Internationalisation Strategy grant, with a total budget of €500,000 and a cap

of landing the first international client would change the

of €20,000 per business. That is the entire national budget

calculus for hundreds of businesses.

for helping 30,000 micro-enterprises look beyond the island. A serious co-funded programme that shares the risk

Third, M&A infrastructure. Malta has over 30,000 microenterprises, and a handful of small deals take place each year. They are rare, informal, and typically driven by personal connections rather than by any structured market. There is no active micro private equity ecosystem, no dedicated SME acquisition finance, and little advisory infrastructure for business owners who want to merge, acquire, or sell. More fundamentally, there is a cultural barrier: selling a business, or worse still, a family business, is seen as giving up, not as a strategic move. Merging with a competitor feels like failure, not ambition. That mindset has to shift. Two five-person companies can become a tenperson company with proper governance and a managing director who is not also the bookkeeper, creating a business capable of pitching to a client in London or Madrid.

Fourth, opening the boardroom. Approximately 75% of

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treating it as two separate economies at different stages of maturity.

We have the language, the legal framework, the capital infrastructure, and the geographic position to build businesses that sell to the world. Estonia had fewer of these advantages yet still built an export economy.

High-productivity sectors such as ICT and professional services remain among Malta's greatest untapped growth opportunities

Maltese enterprises are family-owned. The family model

Singapore faced the same domestic ceiling and built a

built this economy and deserves respect. But when

system to help its SMEs climb over it.

the board members are all family, and nobody in the room has ever sold outside Malta, ambition is contained

Time is ticking. Malta's SMEs are already paying the costs of

by experience. Structured programmes that place

internationalisation. They import at global prices, compete

experienced international operators alongside family

with internationally funded sectors for labour, and pay rent

business owners to expand what they believe is possible

inflated by a property market that has become the island's

would unlock incredible potential.

default investment vehicle. The structural support required to change it is a model that has been tried and tested. It is

Malta does not have a growth problem. The GDP says so. It

not even expensive. It is simply absent.

has a two-economy problem.

One economy is thriving, internationally connected, and lightly taxed. The other is squeezed, domestically trapped,

Simon runs businesses, sits on boards, and builds tech

and structurally disadvantaged. The 4% headline is the

ecosystems between Malta and the UK.

average of those two realities, and averages in an economy

He is a partner at Cleverbit Software

this concentrated are meaningless.

and InScope-AML, a non-executive director at Izola Bank, and president of

The solution is not to work harder in the same market. It

Silicon Valletta.

is time to stop treating Malta as a single story and start

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PROPERT Y

IS MALTA REALLY LOSING HOMEOWNERS? Recent Eurostat data suggests Malta has experienced one of Europe's steepest declines in homeownership. Yet, as MONEY

which is precisely why the Eurostat figures attracted so much attention.

discovered, the headline tells only part of the story. Behind

The missing context

the numbers lies a complex mix of migration, affordability,

Before sounding the alarm, however, it is worth understanding what the statistics actually

demographics and changing housing realities.

measure. The Eurostat figures are based on residents, not necessarily Maltese citizens or

A

Maltese households. recent Eurostat chart generated plenty

people to enter the market, Malta's falling

of discussion in Malta's property circles

ownership rate may say as much about who

for one simple reason: it placed Malta

has moved into the country as it does about

among the European countries experiencing

who can no longer afford to buy.

That distinction matters.

Over the past decade, Malta has experienced one of the fastest population increases in

the sharpest declines in homeownership over The question is not simply whether Malta

Europe, driven largely by foreign workers

has fewer homeowners. The more important

and international residents. Many of these

According to the data, Malta's homeownership

question is whether Maltese households are

individuals rent rather than buy, either

rate fell by 10.5 percentage points during

losing access to ownership, or whether Malta's

because they are in Malta temporarily, have

the period under review. On the surface, the

rapidly changing demographics are reshaping

not yet established long-term roots, or simply

conclusion appears straightforward. Malta is

the statistics.

prefer the flexibility that renting provides.

the past decade.

becoming a nation of renters.

Yet the reality behind the figures may be

A nation built on ownership

As a result, the ownership rate can fall even if the number of homeowners continues to rise.

considerably more complex. While rising property prices and affordability concerns

Homeownership has long occupied a special

National Statistics Office data highlights

have undoubtedly made it harder for some

place in Maltese society.

this important distinction. While overall homeownership stood at 65.9% of all

While only 65.9% of all households owned their home in 2025, ownership among Maltese households stood at 84.6%.

50

For generations, buying property represented

households in 2025, ownership among Maltese

more than acquiring a roof over one's head.

households remained significantly higher at

It was security, stability and often a family's

84.6%. The gap is striking.

largest financial asset. Property ownership became intertwined with social mobility, wealth creation and intergenerational planning. Unlike some Northern European countries, where renting is common and socially accepted, Malta traditionally viewed ownership as the natural destination. Renting was often seen as a temporary stage before purchasing a permanent home.

That culture helped Malta maintain one of Europe's highest ownership rates for decades,

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It suggests that Malta's falling ownership rate

no longer obtaining mortgage approval. It

Many European countries operate successful

may not necessarily indicate that Maltese

is accumulating the deposit and associated

housing systems with lower ownership rates

families are abandoning ownership. Rather,

costs required to enter the market.

and stronger rental protections. Long-term renting is not necessarily a sign of failure if

it may reflect the reality that Malta today has far more residents who naturally form part of

The result is that ownership is increasingly

tenants enjoy stability, affordability and legal

the rental market. That does not invalidate the

delayed. Many buyers are purchasing later in

certainty.

Eurostat figures. It simply means they require

life than previous generations. Others remain

context.

in the rental market for longer periods while

Malta's challenge may therefore be twofold.

attempting to save. Single-income households

On one hand, policymakers must ensure that

face particular difficulties, especially in

ownership remains realistically attainable

localities where property values have risen

for those who aspire to it. On the other hand,

sharply.

they must continue improving the rental

More residents, more renters

sector for an increasingly diverse, mobile, and

The growth of Malta's rental sector has been dramatic. In just a few years, renting has

This suggests that while Malta may not be

moved from a relatively small segment of the

losing homeowners as rapidly as the headline

housing market to a far larger component of

statistic implies, accessibility to ownership is

The two goals are not mutually exclusive.

the overall picture.

nevertheless becoming more challenging.

In fact, they may become increasingly

international population.

interconnected.

This shift broadly mirrors Malta's changing demographic profile. Foreign workers have

The emerging wealth divide

become an important part of the economy,

Looking beyond the headline

supporting sectors ranging from hospitality

The wider implications extend beyond housing

and construction to financial services,

itself. Homeownership has historically been

The Eurostat graph tells an important story,

healthcare and technology. Many arrive

one of the most effective ways to accumulate

but not necessarily the complete one.

without the intention of purchasing property

wealth in Malta. Rising property values have

immediately, if at all.

helped countless families build financial

Malta's falling ownership rate appears to

security, often creating assets that can be

be driven by two powerful forces operating

passed from one generation to the next.

simultaneously. The first is demographic

The consequence is straightforward. As the number of renters increases faster than the

change, as a rapidly growing population

number of homeowners, overall ownership

Those who enter the market benefit from that

introduces more renters into the market.

rates decline.

growth. Those who remain outside it do not.

The second is affordability pressure, which

This can create the impression that

Over time, this creates the potential for a

homeownership itself is collapsing, when

widening divide between asset owners and

in reality the population is changing. For a

long-term renters. Existing homeowners

The challenge for policymakers is

country that has experienced exceptional

continue to accumulate wealth through

understanding which force matters most.

population growth over a relatively short

property appreciation, while non-owners face

Because if Maltese households continue to

period, this distinction is critical.

the prospect of paying increasing housing

access ownership at historically high levels,

costs without building equity.

the headline is less alarming than it first

is making ownership more difficult for some

Affordability still matters Demographics may account for part of the

aspiring buyers.

appears. If that access is genuinely eroding, For economists and policymakers, this is

however, Malta faces a much deeper challenge

perhaps the most important issue raised by

than declining percentages on a chart.

the ownership debate.

The question is no longer how many homes are

decline, but they do not account for all of

being built.

it. Property affordability remains one of the

The concern is not simply whether people own

most significant challenges facing younger

homes. It is whether future generations will

generations.

have the same opportunities to build wealth

It is whether the next generation can still

that previous generations enjoyed.

realistically aspire to own one.

House prices have increased substantially over the past decade, fuelled by strong economic growth, investor demand, population expansion and Malta's finite land supply. While

Ownership or housing security?

And if the answer to that question becomes increasingly uncertain, then Malta's housing debate must move beyond construction volumes and property prices. It must focus

wages have also risen, particularly in highervalue sectors, they have often struggled to

The discussion also raises a broader question.

on preserving something that has long been

keep pace with housing costs.

Should Malta's objective be to maintain high

central to the country's social fabric: the belief

ownership rates, or to ensure high-quality,

that hard work and financial discipline can still

For many first-time buyers, the challenge is

secure housing regardless of tenure?

lead to owning a home.

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R E A L E S TAT E

THE AUTHENTICITY

PREMIUM As land becomes scarcer and development costs continue to rise, Malta's most valuable real estate opportunities may already exist within its existing building stock. Architect Steven Risiott explores why authenticity is becoming a powerful economic asset.

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F

or decades, Malta's property market has operated on a relatively simple assumption: value is created by building

more: more site area, more units, more floors, more development. The formula has undoubtedly generated wealth and fuelled economic growth. Still, in a country whose entire land mass is comparable to that of an average European city, it is worth asking whether the next chapter of value creation will come from expansion - or from scarcity.

Investors understand scarcity better than most. Scarcity drives the value of land, art, collectable cars and luxury watches. Yet one of Malta's scarcest assets remains surprisingly overlooked: authentic buildings.

AD1768 Boutique Hotel by Vemworks demonstrates how adaptive reuse The Maltese Islands occupy just 316 square

can create enduring value

kilometres. Unlike other economies, we cannot simply expand outwards. Land is finite, and every planning decision made today has

with a substantial stock of underutilised

identity and experience. They pay for places

implications that extend far beyond the next

buildings, does long-term value creation

that feel unique.

market cycle. At the same time, according to

necessarily require continued demolition and

the National Statistics Office's 2021 Census

redevelopment?

In other words, they pay premiums for assets that cannot easily be replicated.

of Population and Housing, 27.5% of Malta's dwelling stock was classified as vacant,

Historically, the economics of Maltese property

This is where Malta's existing building stock

secondary or seasonal accommodation.

have favoured redevelopment. Older buildings

deserves renewed attention. Every traditional

While this figure does not represent only

were often viewed as constraints rather

townhouse, historic palazzo, vernacular

permanently vacant properties, it nevertheless

than opportunities. The financial logic was

farmhouse or remarkable modernist building

raises an important question. In a country

straightforward: acquire a site, maximise its

possesses one characteristic that no new

development potential, increase floor area and

development can offer: genuine authenticity.

unlock value through intensification. For many

These buildings tell stories through their

years, this model worked.

materials, proportions, craftsmanship and relationship with place. Once lost, they cannot

Today, however, market dynamics may be

be recreated, regardless of budget.

shifting. One of the most valuable commodities in modern real estate is not land, density or

As authentic buildings become increasingly

even location. It is authenticity.

scarce, their value inevitably increases.

Property valuations tend to reward

This is particularly relevant within the context

measurable metrics: site area, floor area,

of adaptive reuse. Often misunderstood as a

rental yield and development potential. Yet

purely conservation-led exercise, adaptive

some of the most valuable assets in the

reuse is fundamentally an economic strategy.

La Fábrica by Ricardo Bofill: a beautiful

world derive their worth from qualities that

It seeks to preserve the value already

transformation of a former cement

are considerably harder to quantify. People

embedded within an existing structure

factory into a studio and residence

do not pay premium prices solely for square

while allowing the building to evolve and

metres. They pay for character, craftsmanship,

accommodate contemporary needs. The →

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R E A L E S TAT E

objective is not to freeze buildings in time, but to ensure that they remain useful, relevant and economically viable.

The most successful adaptive reuse projects recognise that intervention should be proportionate. Existing fabric should be respected, authenticity retained, and contemporary additions carefully integrated.

The objective is not imitation but dialogue; a meaningful conversation between the old and the new that enriches both.

One of Malta's scarcest assets remains surprisingly overlooked: authentic buildings.

An important but often overlooked principle in this process is reversibility. Buildings that can adapt to future uses without requiring extensive conversions are inherently more resilient investments. Markets evolve,

operational costs and delivers enduring

technologies change, and user expectations

architectural quality may prove every bit as

shift. Properties capable of accommodating

resilient as a restored heritage property. Such

these changes while retaining their essential

buildings become tomorrow's heritage assets.

character are likely to remain desirable long

They are maintained rather than replaced

after more rigid developments have become

because they continue to perform, inspire, and

obsolete.

justify their existence.

This discussion should not be interpreted as a

The distinction, therefore, is not between old

rejection of contemporary architecture. On the

and new. It is between buildings designed

Malta has witnessed encouraging examples

contrary, the most sustainable building is not

for longevity and buildings designed for

of this approach in recent years, although

necessarily an old one.

obsolescence.

true boutique hospitality remains relatively

The most sustainable building is often the one

The heritage buildings we admire today were

scale or luxury. It should describe authenticity.

that remains useful for the longest.

not designed as heritage assets. They survived

A carefully restored building that balances

because they were well-built, adaptable, and

heritage with contemporary intervention

A contemporary building that responds

valued by successive generations. The best

offers something increasingly sought after in

intelligently to climate, accommodates

contemporary architecture should aspire to

global tourism markets: a genuinely unique

changing patterns of occupation, minimises

the same fate.

experience.

Hospitality offers perhaps the clearest

The same principle applies to residential

example of this principle in action. Some of the

and commercial real estate. A thoughtfully

world's most memorable hotels are not defined

restored property possesses attributes that

by their room count, star rating or amenities.

are becoming increasingly difficult to acquire.

Their value lies in their uniqueness.

If it is unique by definition, no competing

rare. A boutique should not simply describe

development can produce an identical

54

Guests increasingly seek experiences that

asset. In investment terms, scarcity creates

cannot be replicated elsewhere. They are

defensibility.

The entrance hall at

drawn to buildings with stories, places with

AD1768 Boutique Hotel by Vemworks

character and environments that feel rooted in

There is also a broader economic reality that

their context.

deserves greater attention.

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As authentic buildings become increasingly scarce, their value inevitably increases.

The same principle applies to real estate.

Every traditional building that is thoughtfully restored strengthens Malta's uniqueness— every generic development in any city risks diluting it.

Heritage, when approached intelligently, is not an obstacle to economic growth. It is an economic asset. It is part of Malta's competitive advantage.

Malta's greatest real estate opportunity may not lie within the next development zone, planning policy revision or land rationalisation exercise.

It may already exist within the buildings we

already contain structure, materials

routinely overlook.

and craftsmanship. Much of the capital investment has already been made. The

For decades, value has been extracted

question is no longer whether these assets can

through demolition, subdivision and

compete with new development, but whether

intensification. The next generation of value

future market conditions will increasingly

creation may depend on a different skill set

favour their rehabilitation.

entirely: the ability to recognise authenticity, unlock hidden potential, and create assets

This is where government intervention

that remain relevant for the next hundred

The economics of redevelopment have

remains important. Incentive schemes such

years rather than the next sales cycle.

historically relied on a relatively simple

as Irrestawra Darek acknowledge the financial

premise: it is often cheaper and easier to

realities associated with restoration projects

In a market increasingly saturated with similar

start again. Yet this assumption may not hold

and provide an important starting point.

products, uniqueness becomes a premium

indefinitely. Landfill capacity is finite. Resource

However, if adaptive reuse is to become a

commodity.

extraction is increasingly costly in terms of

meaningful component of Malta's long-term

environmental and regulatory impacts. Carbon

development strategy, broader measures

The investors who understand this first may

reporting requirements are becoming more

may be required to encourage investment in

ultimately discover that restoration is not

common. Energy prices remain volatile. Skilled

rehabilitation rather than replacement.

merely a cultural responsibility. It is a business strategy.

labour is increasingly scarce. Excavation, transportation, and waste-disposal costs are

The conversation ultimately extends beyond

unlikely to become cheaper over time.

conservation. It concerns competitiveness.

Collectively, these factors point towards a

For decades, Malta has competed through

Steven is a Maltese architect and co-

future in which demolition and reconstruction

growth and expansion. Yet increasingly, the

founder of A Collective, specialising

become progressively more expensive, while

world's most successful destinations, brands

in sustainable, context-driven design

rehabilitation becomes progressively more

and properties compete through quality,

with a strong focus

attractive.

authenticity and distinctiveness. Nobody

on spatial quality,

travels halfway across the world to experience

heritage preservation,

Viewed through this lens, existing buildings

something that could exist anywhere. They

and contemporary

begin to look less like liabilities and more

travel to places that possess a strong sense of

architectural expression.

like repositories of stored value. They

identity.

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PA R T N E R F E AT U R E

BMW M2 XDRIVE The evolution of an icon

F

or decades, the formula behind BMW M's greatest hits has remained remarkably simple: compact dimensions, a powerful

straight-six engine and rear-wheel drive. The BMW M2 has embodied that philosophy better than any modern M car, earning a reputation as one of the purest driver's machines in the Bavarian marque's line-up.

Now, BMW M GmbH is ushering the M2 into a new era.

The all-new BMW M2 with M xDrive marks the first time the compact high-performance coupé has been offered with BMW's intelligent all-wheel-drive system. For enthusiasts who feared the move would dilute the M2's character, BMW has been quick to reassure them: this remains, first and foremost, a driver's car.

At the heart of the M2 xDrive lies the familiar

also helps the engine meet upcoming EU7

retains a distinctly rear-biased character.

3.0-litre straight-six engine with BMW M

emissions standards without compromising

During normal driving conditions, power is

TwinPower Turbo technology, producing

the instantaneous throttle response and linear

directed exclusively to the rear axle. Only

an impressive 480hp. However, this latest

power delivery for which M cars are renowned.

when additional traction is required are the front wheels engaged via an electronically

iteration also introduces BMW M Ignite

controlled multi-plate clutch.

technology – a patented pre-chamber

The headline act, however, is undoubtedly

combustion process derived directly from

M xDrive. Unlike conventional all-wheel-

motorsport. The innovation not only improves

drive systems designed primarily for

Working alongside the Active M Differential and

efficiency under demanding conditions but

security and predictability, BMW's M xDrive

BMW's Dynamic Stability Control systems, the

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ISSUE 91

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PA R T N E R F E AT U R E

setup delivers greater confidence, improved directional stability and enhanced traction in challenging conditions, whether tackling a wet mountain road or a snow-covered alpine pass.

Crucially, drivers retain the ability to tailor the experience to their own preferences. Through the M Setup menu, the system can be adjusted to suit varying road conditions and driving styles. For those seeking the most authentic

– before reaching an electronically limited top

its place among the brand's modern icons.

speed of 250km/h. Opting for the M Driver's

The arrival of M xDrive doesn't change

Package raises that figure to 285km/h.

what made the M2 special in the first place.

Instead, it expands its capabilities, adding

Visually, the M2 remains every bit the muscular

another layer of confidence and versatility

compact coupé. Standard 19-inch front and

without sacrificing the playful spirit at its

20-inch rear M light-alloy wheels reinforce

core.

its purposeful stance, while the striking BMW Individual Borusan Turkish Blue paint finish

The formula may have evolved, but the

makes its debut on an M2 model.

result is unmistakably M: a compact sports car engineered to deliver driving pleasure in

As BMW M's best-selling performance

any season, on any road, and under virtually

model in 2025, the M2 has already secured

any conditions.

M experience, a dedicated 2WD mode disconnects the front axle entirely when DSC is deactivated, restoring the rear-wheel-drive purity enthusiasts have long celebrated.

Performance figures underline the benefits of the new system. The M2 xDrive accelerates from 0–100km/h in just 3.7 seconds – threetenths quicker than its rear-wheel-drive sibling

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B U I LT E N V I R O N M E N T

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B U I LT E N V I R O N M E N T

BUILDING BEYOND CONCRETE As Malta's real estate market shifts from volume to value, Stephen Mallia explores how high-performance construction materials are becoming a strategic advantage for developers, investors and architects alike.

F

or decades, the metric of

impose severe limitations on both

developers in Malta are

within the Maltese archipelago's

success in the Maltese real

the architect's creative vision

discovering that they can build

geographical and economic

estate sector was brutally

and the developer's long-term

thinner, stronger, and significantly

realities, sustainability is rapidly

financial yield.

more beautiful structures. These

becoming the core pillar of

structures not only command

risk mitigation and long-term profitability.

simple: volume. The market was driven by a relentless pursuit of square metreage, with

This is the precise juncture where

premium market prices but also

developers seeking to maximise

material science intersects with

endure harsh coastal elements for

the footprint of every available

advanced business strategy.

generations.

plot, from the bustling coastlines

Here is where we welcome the

of Sliema and St Julian's to the

Ultra-High Performance Concrete

The "Slender Revolution" is not an

profile is "dematerialisation":

expanding urban perimeters

(UHPC). To dismiss UHPC as

architectural trend, but rather a

achieving superior structural

of Mosta and Naxxar. In this

just another building material

rigorous financial recalibration of

performance while drastically

era, traditional construction

fundamentally misunderstands

what makes a building profitable

reducing the volume of material

methods, relying heavily on

its economic utility. It is not just

in the 21st century.

used. Traditional concrete

standard reinforced concrete

concrete; it is the carbon fibre

and limestone blockwork,

hero in the engineering equivalent

In the contemporary business

an immense logistical supply

were perfectly adequate. They

of construction. It is a highly

lexicon, "sustainability" is

chain. Aggregates, sand, and

adopted traditional construction

engineered, strategic asset that

frequently relegated to the realm

cement must be quarried,

methodologies, rapidly

serves as the ultimate enabler

of corporate buzzwords or treated

processed, and often imported,

transitioning from standard

of the trends defining the future

as a begrudging compliance

resulting in a massive embodied-

practice to a distinct business

of Maltese real estate: slender

checkbox. However, for real

carbon footprint before the first

liability.

luxury, aggressive sustainability,

estate developers operating

foundation is even poured. →

The foundational principle of UHPC's sustainability

development in Malta requires

and resilient, long-term Standard concrete is inherently

investment value.

bulky. It demands thick columns that interrupt open-plan layouts,

The transition from volume to

deep beams that lower ceiling

experience requires a medium

heights, and heavy facades

that can execute complex,

that restrict natural light. More

gravity-defying designs without

critically, in a market where luxury

the penalty of structural bloat.

and sustainability are the primary

By adopting high-performance

currencies, traditional materials

materials, forward-thinking

MONEY

In Malta, sustainability is rapidly becoming the core pillar of risk mitigation and long-term profitability.

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

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B U I LT E N V I R O N M E N T

reshaping ROI, one must first understand how the definition of "luxury" has evolved in the minds of affluent consumers and highend tenants. Historically, luxury in Mediterranean architecture was synonymous with mass.

Thick, fortress-like limestone walls communicated security and status.

However, the modern interpretation of luxury has inverted this paradigm. Today, luxury is defined by "lightness."

It is characterised by vast, uninterrupted panoramas of the Mediterranean, fluid spaces that Modern concrete technologies are enabling lighter, stronger and more refined architectural spaces

blur the boundaries between the interior living room and the exterior terrace, and architectural

UHPC has compressive and

The island's saline, coastal

the chlorides, sulfates, and

forms that appear to defy gravity.

tensile strengths that dwarf

environment, combined with

moisture that ravage conventional

Heavy, obtrusive structural

those of standard concrete. This

high humidity and intense UV

builds. By utilising UHPC for

columns are no longer viewed

exceptional capability allows

radiation, wages a relentless

exposed elements like sea-facing

as necessary evils; they are

developers to engineer structural

war on standard concrete. The

balconies, architectural brise-

seen as visual obstructions that

elements, such as balconies, floor

phenomenon commonly referred

soleils, and structural facades,

actively detract from a property's

slabs, load-bearing columns,

to as "concrete cancer", where

developers are effectively

premium positioning.

and intricate facade skins that

salt and moisture penetrate

immunising their assets against

are significantly thinner. UHPC

the porous surface of standard

concrete cancer.

can effectively halve the sheer

concrete, reaching the steel rebar,

tonnage of raw material required

causing it to rust, expand, and

The business implication is

Traditional solutions often involve

for a superstructure.

spall the surrounding material, is

profound: a building that requires

heavy, light-blocking structures.

From a strategic standpoint, using

a ubiquitous and costly plague on

zero structural remediation for a

UHPC, however, can be cast into

less material directly translates to

the island.

century is infinitely more valuable

intricate, perforated "skins" or

than one that demands cyclical

organic, lacework-like facades.

optimised logistics. Fewer cement

The climatic realities of Malta necessitate extensive shading.

trucks navigating the congested

For property managers and

capital injections for repairs. In

These bespoke elements provide

arterial roads of Malta means

investors, this represents a

Malta, where heritage and legacy

crucial thermal shading, reducing

reduced transportation costs,

hidden "coastal tax." Buildings

are highly valued, the ability

the reliance on aggressive air

minimised localised disruption

constructed with traditional

to promise a lifespan spanning

conditioning, another plus to

in our dense logistical network,

materials frequently require

generations without aesthetic

operational sustainability, while

and a drastically lowered overall

extensive, expensive, and

degradation is a powerful

maintaining transparency and

carbon footprint for the project.

visually disruptive scaffolding

proposition that directly enhances

filtered natural light. The result is

In an era where Environmental,

and remediation work within just

the asset's long-term valuation.

a lifestyle experience that feels

Social, and Governance (ESG)

a few decades, sometimes even

criteria dictate access to

years, of completion. This ongoing

To understand why high-

connected to the surrounding

prime institutional capital,

maintenance severely degrades a

performance materials are

environment.

dematerialisation is the ultimate

commercial asset's net operating

sustainability play. It proves to

income and diminishes the appeal

investors that a developer is

of a residential luxury block.

effortless, elegant, and intimately

achieving maximum utility with minimal environmental extraction.

This is where UHPC shifts from a structural choice to a defensive

Perhaps the most pressing

financial strategy. The UHPC

environmental challenge for

matrix is incredibly dense,

any structure built in Malta is

resulting in near-zero porosity.

the Mediterranean Sea itself.

It is virtually impermeable to

60

Luxury is no longer defined by mass, but by lightness, openness and uninterrupted views.

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Whether it is a sweeping, curved facade for a boutique hotel or razor-thin architectural fins for a corporate office, the material acts as a blank canvas for architectural ambition. For the developer, this means the ability to deliver a "signature" building.

In a crowded real estate market, a distinct architectural identity is a major driver of brand value and premium pricing. A building that stands out as a masterpiece of modern, slender design naturally commands attention, driving up both demand and willingness to pay.

Advanced materials are enabling architects to create lighter, stronger While architectural beauty and

and more visually striking buildings than ever before

environmental consciousness are powerful market differentiators, the ultimate litmus test for

A building that utilises high-

an earlier transition from the

Mediterranean climate, how it

any building material in the

performance materials to achieve

capital deployment phase to

respects the island's resources,

commercial realm is its impact

superior energy efficiency,

the revenue generation phase,

and how it makes its inhabitants

on the spreadsheet. Real estate

through specialised shading and

thereby drastically improving the

feel.

development is a game of

environmental certification (such

project's internal rate of return.

margins, risk management, and

as LEED or BREEAM), becomes

yield optimisation. When viewed

a magnet for high-end tenants.

The Maltese real estate sector

investors aiming to dominate the

through the unsentimental lens

These tenants sign longer leases

stands at a critical inflexion point.

Maltese market through 2030

of the investor, UHPC ceases

and pay higher rents, thereby

The strategies that fueled the

and beyond, the path forward

to be an architectural novelty

stabilising the asset's income

boom of the past two decades,

requires a new toolkit. It is time

and becomes a potent tool for

stream and compressing the

relying on volume, mass, and

for the industry to recognise that

maximising return on investment.

developer's capitalisation rate.

traditional methodologies, are

in the modern built environment,

yielding diminishing returns

high-performance materials are

For developers, architects, and

The modern investor profile is

Time is arguably the most

in a market that now demands

the true foundation of high-

changing. Institutional investors,

expensive commodity in real

sophistication, sustainability,

performance returns.

sovereign wealth funds, and even

estate development. Extended

and experiential luxury. As land

younger, affluent private buyers

construction timelines mean

becomes scarcer and buyer

Rather than a technical look

are increasingly scrutinising the

prolonged financing costs,

expectations continue to elevate

at construction, the article

soul of the buildings they acquire.

delayed revenue streams, and

to global standards, the industry

explores how this material

The rise of ESG investing means

increased exposure to market

must adapt or face stagnation.

serves as a strategic enabler of

assets are evaluated not just on

fluctuations.

current yield but also on long-

'slender luxury' and stringent Real estate in Malta is no longer

sustainability goals that today's

term resilience, carbon profile,

Because UHPC elements are

simply about location. Today,

investors are actually paying a

and life-cycle costs.

frequently prefabricated off-site

value is intrinsically tied to

premium for. It ties directly into

in highly controlled environments,

the quality, resilience, and

your themes of 'experience over

A building constructed with

leading on-site assembly

operational intelligence of the

square metres', exploring how

standard materials that will

processes are remarkably

built environment itself. It is about

dematerialisation maximises

require extensive, carbon-

accelerated.

how a building interacts with the

sellable space.

intensive repairs in 20 years is increasingly viewed as a

Prefabricated UHPC components

stranded asset. Conversely, a

arrive on-site ready for immediate

property that leverages UHPC's

installation. This rapid assembly

near-indestructibility is viewed

significantly shortens the critical

Stephen is a freelance product regulatory

as a future-proof investment. It

path of the construction schedule.

compliance expert and mechanical engineer with

represents predictable, stable

For the investor, shaving months

over 13 years of experience in the field.

operational costs.

off a development timeline means

MONEY

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AT HOME ON BOARD IN MALTA

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The remarkable story of Kalani — a classic yacht whose 25-year Maltese journey proves that true character never goes out of style.

THE SUMMER DRIFT

24

THE MARINA ECONOMY

30

16

BOAT PREMIERES

SKIPPER WATCHLIST

34

The Mediterranean routes redefining luxury cruising.

How waterfront destinations became lifestyle ecosystems.

The yachts, launches and shows dominating the season.

The personalities shaping modern boating culture.

Also available at

Porto Turistico Marina di Ragusa To advertise: skipper@bemags.com or visit bemags.com

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WELLBEING

CREATING SPACE Amid the noise, deadlines and distractions of modern life, Laura Maciulskaite explores how decluttering, mindfulness and conscious living can enhance wellbeing and create lasting balance.

M

onday morning. The week is just

system can tell the difference: it responds

not about perfection or luxury. It is about

beginning, with its demands and

accordingly.

intention. A silent meditation corner, a sunlit home, a congenial office or a tranquil garden

promises. Alarm clock (several futile

attempts to keep it snoozed), rush hour

Decluttering - beyond mere aesthetic - is

can become oases that invite us to slow down

traffic, and before you even get to where

increasingly regarded as a form of self-care.

long enough to reflect and re-centre. Spaces

you are going, inadvertently, your to-do list

Clearing, organising, and making small choices

that support clarity rather than overwhelm,

is expanding, schedule tightening, mailbox

- although mundane - is impactful. It puts

focus rather than distraction. Spaces to which

overflowing… If you manage to pause for a

our minds at ease. Letting go of unnecessary

we retreat for peace - around and within. As

blink, you may already feel your shoulders are

possessions - that may belong to past periods

the pace of life relentlessly accelerates and

carrying too much… your body is tired, tense…

of our lives or outgrown versions of ourselves -

the quest for balance becomes a necessity,

your mind is full... I know. I have been there.

often mirrors our emotional state. By releasing

by shaping such spaces, we create an

what no longer serves us, we make room for

opportunity to (re)connect, to welcome

In a world that rarely slows down, pausing

what nourishes us from within. In the present -

inspiration, and to live well truly.

- let alone taking the time to focus on

the only moment that exists.

Just like in yoga, change - however gentle or

ourselves or our surroundings - seems like an indulgence. Paradoxically, though, as

This shift towards mindful living closely aligns

profound - only starts the instant you decide

day-to-day grows more intense, the spaces

with yoga philosophy. Yoga is commonly

to pause. So even if it is a hectic Monday

we create - externally and internally - are

misconceived as only a physical exercise for

morning… take the time. Inhale. Exhale.

becoming more important than ever. It

the flexible, the strong, the confident (...ever

Begin. Try.

is because our environments shape our

seen those ‘Instagrammable’ headstands?).

physical, mental and emotional wellbeing as

Yet, in its essence, yoga is a holistic practice

much as our routines do.

of creating space. Space to breathe deeply… to move with awareness… to surrender to

Laura is a certified yoga teacher

Beauty is undeniably inspiring: outer beauty

stillness. Yoga reminds us that wellness is

specialising in yin yoga, meditation and

can deliver inner serenity. Open, bright, airy,

found not in constant productivity (doing), but

breathwork. She previously spent 14 years

thoughtfully simple settings encourage a

in conscious presence (being).

in humanitarian migration management and holds

sense of balance by helping the body feel safer and more grounded. By contrast, cramped,

In a culture that glorifies busyness, choosing

degrees from King's

chaotic, dark, excessively noisy spaces

calm appears rebellious. However, the rising

College London and

inevitably increase stress levels by instilling a

demand for more harmonious, restorative

Vilnius University.

lingering sensation of heaviness. Your nervous

environments can be met. Ultimately, it is

MONEY

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

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STYLE

THE

SUMMER EDIT

Ten carefully curated pieces blending comfort, craftsmanship and effortless seasonal style.

1

[All items available from mrporter.com,

4

unless otherwise specified]

5

2

1. NN07 NN07 Nolan 6695 textured-knit organic cotton shirt • €175 2. OLIVER PEOPLES 3

+ Jil Sander Edition 6 square-frame tortoiseshell acetate sunglasses • €540 3. MR P.

6

Straight-leg pleated linen Bermuda shorts • €185 4. SAINT LAURENT Le Loafer monogram logo-appliquéd eel penny loafers • €1,150 5. BRUNELLO CUCINELLI Double-breasted checked linen-blend suit jacket • €4,200 6. LOEWE + Paula's Ibiza logo-embroidered cotton T-shirt • €480

64

ISSUE 91

MONEY

STYLE

Rolex certified pre-owned arrives at Edwards Lowell

7

Edwards Lowell, Malta's long-standing official Rolex retailer, has introduced the Rolex Certified Pre-Owned programme, offering clients an official and trusted way to purchase pre-owned Rolex timepieces. Eligible watches undergo rigorous authentication and servicing by Rolex and are sold with a two-year international guarantee, assuring both authenticity and performance. The initiative strengthens Edwards Lowell's decades-long relationship with Rolex while providing collectors with greater confidence and peace of mind. The Rolex Certified PreOwned collection is available exclusively at the Zachary Street boutique in Valletta and online at www.elcol.com.

8

9

10

7. VILEBREQUIN Logo-print webbing-trimmed scuba tote bag • €180 8. ADIDAS ORIGINALS Handball Spezial suede-trimmed mesh sneakers • €110 9. ORLEBAR BROWN Bulldog straight-leg mid-length printed swim shorts • €275 10. POLO RALPH LAUREN + Wimbledon logo-embroidered cotton-blend terry shirt • €245

MONEY

T H E R E A L E S TAT E A N D S U S TA I N A B I L I T Y E D I T I O N

65

NEWS

RESTORED — AND REBUILDING After 20 months of support tickets, regulatory escalation and legal intervention, BE. has regained control of its digital assets — but recovery doesn't end with restoration.

Readers of MONEY may recall our feature exploring the realities of platform dependency and the challenges businesses face when access to critical digital assets is suddenly lost. The affected assets included the Money, Skipper, Femme, Foodist, and Techmag brands, as well as the company's advertising account and associated Facebook profile.

The assumption is that once access is restored, everything simply returns to normal.

It doesn't. While the assets are back, there is still a period of adjustment as advertising systems, audience signals and internal workflows settle back into place.

Getting to this point wasn't straightforward.

helped move the matter beyond standard

The experience also reinforced the value of

The process spanned a year and eight months,

support channels and into a formal legal

having workarounds in place. Alternative

involving multiple support attempts, formal

process, ultimately leading to the restoration

pages, including Money Features and Skipper

complaints, and escalation through the Malta

of the affected assets.

Hub, remained active throughout, ensuring

Communications Authority and Coimisiún na

content continued to reach audiences. With

Meán in Ireland, and an EU-recognised dispute

The recovery demonstrated that persistence

posts still being boosted, visibility and client-

resolution process via ADROIT.

matters. What appeared impossible for much of the process was ultimately resolved through

facing activity were largely maintained.

A key turning point came with Chetcuti

documentation, escalation and patience.

Externally, the disruption was barely visible —

Cauchi Advocates' involvement. Their direct

There were moments when it felt as though

internally, it was anything but.

engagement with Meta's legal representatives

the pages, the advertising account and the profile were gone for good. They weren't.

It's also a reminder of how dependent businesses have become on digital platforms.

Relying on a single admin is no longer enough.

Business accounts, pages and advertising assets require shared access, clear ownership and built-in redundancy. Additional safeguards have now been implemented across the board.

Operations are fully back on track. Looking back, the experience reinforced a simple truth: digital assets deserve the same protection as any other business asset. Getting access back is one thing. Making sure it doesn't happen again is the real work Editor's note: This article follows MONEY's earlier feature, "When Meta Breaks: A Maltese Publisher's Account Vanishes, Support Collapses and the Fight Begins", published in issue 88.

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ISSUE 91

MONEY

TECH. IDEAS. BUSINESS. TECH

|

IDEAS

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BUSINESS

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COVER STORY

BOUTIQUE, BOLD, AND MADE IN MALTA 18 Inside Religa’s rise from a focused start-up to a live-casino and RegTech innovator making waves across Europe.

THE AGE OF CO-INTELLIGENCE

FROM ORBIT TO THE HIMALAYAS

SURVEILLING THE REPUBLIC

34 EY-Parthenon’s Theo Dix on why AI agents aren’t just supporting business, they are the business.

22 Prof Joseph Borg’s bold missions take Maltese bioscience to the edge of space and beyond.

40 How Malta’s quiet shift to biometric IDs and ANPR cameras is rewriting the rules of citizenship.

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