The number of people employed in real estate saw a dramatic increase of 57 per cent in the 5 years between 2003 and 2008, reaching 16,985.
During these years, there was a boom in construction, with the number of applications to the Malta Environment and Planning Authority virtually trebling from normal levels, with prices rising by double digits.
This had a pronounced impact on the gross value added in the sector which rose from €555 million in 2003 to €857 million in 2008, according to information given in Parliament by Finance Minister Tonio Fenech.
Since then, the oversupply has resulted in a drop of applications as developers find it harder to sell their properties with the result that prices have started to fall.
During these years, there was a boom in construction, with the number of applications to the Malta Environment and Planning Authority virtually trebling from normal levels, with prices rising by double digits.
This had a pronounced impact on the gross value added in the sector which rose from €555 million in 2003 to €857 million in 2008, according to information given in Parliament by Finance Minister Tonio Fenech.
Since then, the oversupply has resulted in a drop of applications as developers find it harder to sell their properties with the result that prices have started to fall.
Courtesy of Times of Malta
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