No answers on Residential Leases Act concerns can only make matters worse

10th September 2019

In a statement, the Chamber urged Government, to start the process afresh and take the proposed legislation back to the drawing board. 

Expressing its disappointment in a press release on Tuesday, the Malta Chamber noted that even though it had registered its concern in July on the inadequacy of the proposed Residential Leases Act, Government had yet not provided a shred of comfort to its concerns, and everything seemed to be on track to go ahead as originally planned.

The Chamber was reiterating its position on the proposed legislation on residential leases, which it had described as half-baked and ‘falls short of addressing the decades-long issues that plague the residential rental market” well in July.

“This state of no answer to the Chamber’s more than reasonable concerns, certainly does nothing to address these serious concerns” the statement to the media said.

The Chamber noted that during a Press Conference on the 21st of July, it had expressed its dismay that despite its efforts for the best part of the last 12 years, successive administrations had ignored its proposals for a holistic plan for both the commercial and the residential rental market.

The Chamber explained how the proposed Residential Leases Act completely omits pre-1995 leases and fails to tackle its main social/economic objective: that of safeguarding and protecting the right to adequate, affordable accommodation for all residents.

The statement also made reference to the Chamber’s original list of concerns, on the most worrying and unacceptable concepts of the proposed bill which it had highlighted in July.

“The Chamber remains of the opinion that the country needs a holistic plan for the rental market. The piecemeal approach will not align the rental market to the needs of our society and economy. To this effect, the Chamber once again offers its expert support to Government and the relevant legislators, through its tangible experience and suggestions” the press release said.

In its statement, the Chamber urged Government, to start the process afresh and take the proposed legislation back to the drawing board.

“This is the time to take concrete action, as superficial stop-gap efforts will not solve any of the problems faced by this important sector” the Chamber concluded.

13th September 2019

The Chamber focused its attention on six main issues which it deemed to be of crucial importance and which warranted the government’s immediate attention.

9th September 2019

In 2018, the core domestic banks saw an increase in assets, customer deposits as well as loans and advances to customers and it is evident these banks continued to be very much participant in the financing of the Maltese economy especially in terms of lending to residents.

5th September 2019

MBB holds information session on upcoming EU funds training programme

29th August 2019

Bookings open for 17th October workshop with best-selling American author.