Revealed: Roderick Galdes in apartment-for-land barter with developers

Affordable Housing Minister Roderick Galdes bartered an apartment in Xagħra for a plot of land in Għarb that was being bought by property magnates Joseph Portelli, Mark Agius and Daniel Refalo, Times of Malta can reveal. 

This is the second private deal struck directly between the minister and the developers’ company Excel Investments, as the minister also landed himself a “bargain” penthouse and garage in Victoria, Gozo this year from the same company.

Property records show Galdes transferred a furnished Xagħra apartment to Excel Investments in 2020 for €135,000. 

The apartment was purchased by Galdes for €45,000 from another developer in 2015.

Buying a furnished apartment from Galdes in a recently built block appears to jar with Excel’s usual line of business, which typically involves purchasing tracts of land and old properties for demolition and redevelopment. 

A spokesperson for Excel said the barter deal was the minister’s idea. 

In 2018, the company said it was in the process of buying six plots of land in Għarb each valued at €100,000. 

While the plots were still under promise of sale, the spokesperson said Galdes expressed interest in buying one of them. The spokesperson said Galdes proposed to settle the deal through the transfer of his Xagħra property. 

Accordingly, one of the plots was assigned to Galdes by contract, the spokesperson said. 

A house has since been built on the plot acquired by Galdes. 

The spokesperson explained that to make up for the difference in the value of the €100,000 plot and the minister’s €135,000 apartment, it carried out works on the site for Galdes. 

“To reconcile the difference in value, Excel Group carried out works on the Għarb site. All transactions, valuations and works were formally documented and carried out in full compliance with applicable procedures”, the spokesperson said.

Once again, I affirm that all my assets have always been declared in the parliament of Malta, as required by law. I remain fully committed to continuing to do so in a professional, transparent, and consistent manner- Housing Minister Roderick Galdes

The Għarb property did not appear in official property searches conducted by Times of Malta on Galdes. 

In reply to questions, Galdes said both he and his wife always acted in full compliance with all applicable laws.

“I reiterate that I do not own any property for which I do not possess legal title, any contrary allegation is a blatant falsehood and an attempt to undermine our political work.

“Once again, I affirm that all my assets have always been declared in the parliament of Malta, as required by law. I remain fully committed to continuing to do so in a professional, transparent, and consistent manner,” Galdes said.

The latest revelations by Times of Malta come as Galdes is already under scrutiny over a deal which saw him buy the “bargain” penthouse and garage from the same developers for €140,000.

Although the penthouse was bought this year for below current market prices, Galdes claims to have paid €5,000 to “reserve” it in 2021 at pre-construction prices.

Property records show how in the same year Galdes claims to have reserved the bargain penthouse, he also bought an unconverted townhouse in the centre of Siġġiewi from a family for €125,000. 

The house has since been renovated and is being marketed on holiday rental websites. Galdes’s Victoria penthouse was not the only property investment he carried out in 2025, amid delays to three major social housing projects under his remit for low-income individuals and accusations of “hobnobbing” with big business.

Official records indicate the minister took out a loan of €135,000 to partly fund the purchase of a property abroad. 

The loan was secured against two properties owned by the minister in Luqa, one of which he bought in 2017 for €87,500 via another loan. 

In 2017, Galdes also bought another house, this time in Qormi, for €75,000. 

According to the property records, Galdes bought more properties in Qormi two years later. Contracts were signed for a “tenement” in Triq San Bastjan for €10,000, another “tenement” with a cellar for €37,500 as well as a townhouse for €20,000. 

Galdes's hand-written declaration of his properties.

Probe ‘unexplained wealth’ 

Apart from facing demands for his resignation from the Opposition, the minister is now the subject of a criminal complaint calling for an investigation into his “unexplained wealth”. 

The complaint, filed with the police commissioner on Friday by ex-MP Jason Azzopardi, cites information from “confidential sources”, including in cabinet and from a “particular ministry”. 

Azzopardi’s complaint details numerous properties he says Galdes either owns or has a financial interest in. 

These include an apartment block in the scenic Forni di Sopra, below the Italian Dolomite mountains. 

As evidence of this, Azzopardi references a bill from an Italian architect’s firm addressed to Galdes, showing planned renovation of the block into three apartments to be rented out to tourists.

Azzopardi says in the complaint that the block cost around €250,000, with a further €120,000 in renovation works. 

The ex-MP argues the purchase and renovation works cannot be reconciled with the minister’s declared income of circa €60,000. 

Azzopardi’s criminal complaint also includes details of a rental agreement between the minister’s wife and Filipino nationals for one of his Qormi properties. 

The ex-MP claims that despite the agreement being with the minister’s wife, Galdes received rental payments “via Revolut” between 2022 and 2023.

"What is better than a good deal? Two good deals!

The Nationalist Party on Sunday morning slammed the latest revelations by The Sunday Times of Malta.

"What is better than a good deal? Two good deals!," it said. "Roderick Galdes’ web of controversies continues to unravel," it added, claiming that government MPs are furious at Robert Abela for repeatedly sticking his neck out for him

"The minister responsible for the allocation of social housing has once again found himself on the right side of a remarkably favourable property deal," it said.

"While Galdes continues to prosper, our children and families struggle every day to afford their first home.

"The two properties reported on by the media in recent days are just two from a much longer list of properties acquired by Galdes over the past years, including properties in Sicily and in the UK."

The PN said it had no need to instruct any authority on what to do. "Everyone knows their responsibilities and to whom they have sworn loyalty. To whom has Robert Abela sworn his?"

Repubblika calls for an investigation, fears corruption

In a reaction, rule of law NGO Repubblika said the latest revelation by Times of Malta was deeply worrying and should be investigated.  

"On the basis of what we know from the public domain, the case is consistent with every reasonable definition of corruption: the abuse of a public function for private gain," it said.  

He observed that Galdes, as the housing minister, is in a position of influence in a sector dominated by major commercial interests. The information indicated that he used his privileged position for personal gain. Should it be confirmed, it would be a breach of the public trust.

"A minister tasked to safeguard the interests of the poor and vulnerable appears to, instead, be making himself the owner of various rents in negotiations with the people he is supposed to regulate and watch over," it said.  

This case, the NGO said, also showed an institutional failure conceived by the government itself.

The government dismantled transparency tools: first when the obligation for ministers to declare assets in their spouse’s name was removed, then with the total concealment of even their own declarations.

"These decisions made it easy for ministers to enrich themselves while serving in government and made it difficult for the public to monitor them."

The housing minister, it insisted, acted in a way that was incompatible with the standards expected of someone in a public position. The facts showed that there was more than sufficient basis for a full investigation into his conduct and the conduct of the developers who appeared to have negotiated with him for their mutual private advantage and to the detriment of the public interest.