The goal all throughout the previous mandate was to shift the local housing sector from management by crisis to management by design. This reintroduced the state as an actor in the property market with a widespread investment in public housing and numerous interventions in market failures.

There was a policy-driven effort guided by a basic principle – our belief in the right to adequate housing. This calls for a resistant welfare net which caters for households which, for various reasons, fall behind.

Sporadic cases of abuse of social welfare, especially in the housing sector, tend to tarnish the reputation of a whole sector but this will not waver our resolute conviction that the state exists, first and foremost, to ensure that the many can lead a decent living.

However, our political commitment goes beyond this. A whole generation looks to the future and hopes this country will provide it with the opportunities it yearns for. First and foremost, that this country will allow it the opportunity to have a decent home. Without this, the new generation is not able to dream of paving its future here.

The economic boom, experienced since the onset of a Labour government, led to full employment, improved standard of living for the vast majority of the Maltese and paved the way for investments. It also induced value in the property market, giving rise to affordability challenges for the younger generation.

The demographic changes we experienced, whose effects on the property market we have studied since the White Paper on the rental market in 2018, coupled with the scarcity of supply or, rather, the mismatch which exists in between certain supply and certain demand and the competing interests of first-time buyers and second- or third-and fourth-time buyers, all left their mark on the current state of affairs.

A state of affairs which has been for months under our focus and which has spurred a widespread discussion.

The route to effective politics is only through dialogue and it has always been the mantra behind the many changes introduced in the housing sector in the past years. This challenge before us is by no means different.

We reintroduced the state as an actor in the property market- Roderick Galdes

The conference held in collaboration with Kunsill Nazzjonali Żgħażagħ was intended for this purpose: to provide a space for informed discussion, where young people may voice their concerns and attempt at mapping out solutions together. With experts, policymakers and examples of first-hand experiences all in one place, this was an appropriate setting for a healthy debate.

Among the diversity in the pool of participants, there was one distinguishable factor: their dream to build their future in this country, to live here, to work here, to contribute to this society. The affordability challenge concerns them because, at this point, it seems like the primary obstacle to this dream. This was the basis of our discussion.

For a country which is often described as short of resources, the conference shed light on a priceless quality not all societies could boast of – the young spirit of a generation that dreams and seeks its own future and the country’s.

It does not lessen the challenge before us, that of a property market which, to date, attracts significant investment, which we ought to maintain, which, in turn, gradually becomes unattainable for young people willing to enter.

The solutions provided in the past mandate – the Housing Benefit Scheme, social loans, equity sharing and deposit assistance – are still in place and we are ready to take them to the next level. The discussion with youths and experts raised new questions on the role of the state in the property market, on innovative financial solutions and methods to inspire fresh affordable supply.

There was one common undertone which reverberated: the need for the state to be present and guide the market to the changing needs of contemporary society. It is a role we shall continue to adopt wholeheartedly as we embark on a holistic effort to make the housing sector attainable for our younger generation and preserve their Maltese dream or, rather, ours.

Roderick Galdes is Minister for Social and Affordable Accommodation.