Land value at Malta- not developers greed - is driving property prices' spike - MDA

Property prices are on the rise as a result of a spike in the value of land, raw materials and labour costs and not because developers are becoming greedy, the Malta Developers Association president is insisting.

Sandro Chetcuti made this point when the Times of Malta, called for more solidarity on housing.

In the last five years a plot of land has doubled in price," the MDA president said.

Moreover, he pointed out that stricter regulations for energy efficient buildings, increases in the prices of raw materials like concrete and steel and higher labour costs also resulted in properties becoming more expensive.

This is not about developers or landlords being greedy but about recouping investments with all the risks involved," Mr Chetcuti said.