Property ownership in Malta is high, when compared to rentals. Young couples tend to prefer owning their property – and possibly upgrading to a bigger property when families grow and finances permit. This is also explained by the fact that investing in property in Malta is a sound investment that guarantees good returns.
Since 2011, Agora Estates plc – a property development and management group overseeing residential and commercial projects in Malta – has been catering for the needs of property buyers by building an attractive residential portfolio.
“At Agora Estates, we develop various projects, mainly in Central Malta,” says James Zammit, Managing Director of Agora Estates plc. “We currently have seven projects under way, two almost completed, one being finished, three at construction stage and one which is about to commence. These projects are located in Mellieha, Zurrieq, Birkirkara, Swatar, Iklin and St Paul’s Bay.
“On average, and depending on project size, we try and maintain a turnaround of between two to three years, from laying the first stone to completion.”
Trends change – and the needs of property buyers are in constant flux.
“We are seeing an increase in young people moving out of their family home to settle on their own – and these buyers usually seek a two-bedroom apartment. In these cases, their objective is usually to eventually sell the property and move to a larger property once married or to retain it as a rental investment
“The same applies for newly married couples who, depending on the budget, opt for a two- to three-bedroom apartment.
“In our projects, we also normally seek to provide below-ground garages for residents – as this is seen as added value and caters for modern lifestyles. Buyers are nowadays more energy conscious – and this translates into certain requirements, such as double-glazed apertures and insulation, as part of the finishes list.”
The property sector is frequently seen as having an impact on environment and society in general – how does Agora Estates ensure business practices are responsible and sustainable?
“Construction in itself is a ‘noisy’ operation as this at times involves demolition of existing property plus possible excavation of the site and thereafter construction works,” explains Zammit.
“These different steps generate different levels of noise and dust, both of which are not well received by those living next to a construction site. Add to this the usage of heavy machinery, trucks, cranes and concrete mixers, which may lead to closure of certain roads during their usage, and which also continue to negatively contribute to the growing traffic problems in Malta. It is thus not difficult to see why we are seeing increasing negative comments from society at large on this sector.
“We seek to minimise these impacts by acquiring and developing sites in development areas and where possible using the existing structure to convert it into a new building, thereby reducing waste. We also recycle stones from existing buildings and use on other sites, when possible.
“We also engage third-party health and safety professionals to monitor adherence to the necessary regulations and thereby reduce the incidence of accidents at the sites. Moreover, incur additional costs where necessary to ensure that the surrounding properties are not compromised and address neighbours’ concerns as they arise.
And in what ways does Agora Estates ensure operations are in line with ESG best practices?
“We adhere to PA and BCA requirements and immediately address any shortcomings brought to our attention by these authorities. We also engage licensed contractors – the recent legislation is another step in the right direction to ensure that works are carried out by professional and licensed contractors. We also have third-party directors sitting on the board of our property holding company to ensure objectivity.”
“With regards to environmental considerations, in our projects, we use appropriate insulation to reduce dampness and conserve energy – moreover, all apartments have double glazed apertures as standard finish. We also invest a lot in improving energy generation – and we are currently undertaking an energy audit of all our properties held for lease purposes to determine what level of investment is required to label them as green buildings.”