MONEY ISSUE 86

BUSINESS | LIFESTYLE | DESIGN THE REAL ESTATE AND SUSTAINABILITY EDITION

ISSUE 86

COVER STORY

THE POWER OF TEN

20

Inside Alliance’s A-Team: strategy, culture, and sustainability

from Malta’s most people-driven real estate brand.

PRETENDING TO

PLAN THE FUTURE

28

Why Malta Vision 2050 raises

more questions than answers —

and the truths we’re still avoiding.

GREENWASHED!

24

Behind the buzzwords: an

architect’s guide to spotting the

difference between real sustainable

design and smart marketing — and

calling out the fakes.

CONSTRUCTING

A CONSCIENCE

14

Is Malta ready to build smarter,

not bigger? Liveability, leadership,

and the price of progress.

Speak to an advisor today.

T. +356 21 335 705

E. info@sparkasse-bank-malta.com

Sparkasse Bank Malta plc, 101 Townsquare

Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta

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limited company is licensed by the Malta Financial Services Authority to carry out the business of banking in terms of the Banking

Act (Cap. 371 of the Laws of Malta), to provide investment services and custody and depositary services in terms of the Investment

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5T THE H E

X3

WELCOME

Editor’s note — We often talk about the future

as though it happens to us, but in reality, it’s

something we shape, one decision at a time.

In Malta, those decisions are increasingly cast

in concrete, steel, and shadow, with long-term

consequences for how we live, work, and relate

to our environment.

Together, these features reveal a country at a

crossroads—one where policy, profit, and the

public interest no longer align by default. The

future isn’t something to wait for—it’s something

we must actively question, challenge, and

design.

This edition of MONEY is centred on a simple

question: Can we afford to build like this

forever? In “Constructing a Conscience,” we ask

whether Malta’s current development model

is compatible with sustainability and who has

the power—and the responsibility—to change

course. The answers vary, but one thing is clear:

what we build reflects what we value.

Our cover story brings us face-to-face with

Alliance Real Estate’s A-Team, a leadership

group whose culture-first approach to growth

offers an alternative to the status quo. Their

roundtable discussion spans everything from

strategic expansion to sustainability in

practice — not as a PR exercise but as a core

business principle.

Elsewhere, architect Andrea Bianco exposes the

truth behind so-called “green” buildings, while

Stephen Mallia questions whether our current

labelling systems offer absolute assurance

or just soft cover. Alex Torpiano and Manuel

Delia dissect Malta Vision 2050 — one from an

architectural perspective, the other through

democratic accountability — and ask whether

this is genuinely a national vision or a managed

message.

We also feature insights from Jeanelle Arpa

and Alannah Xuereb, who explore climate

futures through storytelling, and JP Fabri, who

considers how economic growth and land use

need to be redefined if we’re serious about

sustainability.

EDITOR Anthony P. Bernard DESIGN BE.

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06

ISSUE 86

MONEY

Unlock Sustainable

Living with

bov.com/homeloans

out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).

CONTENTS

14 28

46

Constructing a conscience

As Malta grapples with unrelenting development,

MONEY examines whether sustainability is more

than a buzzword. From planners to activists and

architects, we explore who has the power—and

the responsibility—to build a future rooted in

accountability, not just ambition.

20

COVER

Inside Alliance's A-Team:

The power of ten

Alliance is more than a real estate company—

it's a leadership blueprint. MONEY speaks with

the ten figures behind Malta's most people-driven

property brand to uncover how strategy, culture,

and sustainability are shaping their future

and ours.

24

Greenwashed!

STORY

In an age of eco-hype, architect Andrea Bianco

exposes the truth behind Malta's so-called

"green" properties. With misleading marketing,

weak standards, and outdated certification

systems, buyers must look beyond buzzwords.

This feature offers clarity, questions to ask, and

guidance for making smarter, more sustainable,

and truly green property investments.

The future we pretend

to plan for

Alex Torpiano unpacks Malta Vision 2050, a

document filled with promising ideals yet fraught

with contradictions. From sustainability slogans

to growth ambitions, Torpiano asks the real

questions: Who is this vision for, and does it

reflect the future we truly want, or just the one we

dare not challenge?

34

Clearing the air

With new maritime regulations coming into

effect across the Mediterranean, Dayna Clarke

Camilleri interviews Nicholas Barbara, head of

conservation at BirdLife Malta, on what sulphur

controls mean for Valletta's Grand Harbour. From

the hidden cost of cruise ship emissions to the

urgent push for nitrogen oxide limits, he explains

why decisive action is needed.

38

Cracks at home, fires abroad

In this MONEY issue, the editor spotlights three

defining stories that reveal the fragility of Malta's

political, geopolitical, and regulatory reality.

These aren't isolated events. They're warnings,

and we'd be foolish to ignore them.

42

Liveability by design

Economist Orlanda Grech explores emerging

indicators, the growing price tags, and the need

for collaborative planning and business-led

innovation as keys to building fast-growing

islands that are economically, environmentally,

and socially resilient.

Building the future(s)

What will Malta look like in 2050? Engineer

Dr Jeanelle Arpa and Perit Alannah Xuereb

explore four climate futures—from collapse to

transformation—through EY Malta's futurology

experience. Their analysis reveals how today's

decisions will shape our built environment's

resilience, equity, and liveability for future

generations.

50

Vision or mirage?

Malta's GDP has more than doubled in a decade,

but has the nation truly prospered? Manuel Delia

dissects Vision 2050's hopeful narrative, exposing

the uncomfortable truth behind Malta's economic

miracle: rising inequality, unsustainable growth,

and policies fuelled by numbers rather than

people. Is our national "success" just a mirage?

56

Malta, assemble!

Malta Vision 2050 charts a bold new path

rooted not in relentless expansion but in

meaningful regeneration. JP Fabri makes the

case for transforming abandoned buildings into

vibrant spaces that honour our past, revitalise

communities, and shape a more sustainable,

inclusive, and resilient Malta for future

generations.

12

ISSUE 86

MONEY

CONTENTS

58

MONEY's columnists —

1

2

3

4

5

6

The illusion of sustainability

In a world quick to label actions as "sustainable,"

Ed Muscat Azzopardi urges us to dig deeper.

True sustainability demands more than doing

"less harm"—it calls for a radical, long-term

rethink of how we build, consume, and value our

surroundings. Anything less is just an illusion we

can't afford.

7

8 9

62

Green is gold: From

compliance to competitive

advantage

Malta is at a tipping point as the global property

sector pivots towards greener benchmarks.

Stephen Mallia explores how sustainability is

not just a moral imperative but a competitive

necessity, reshaping the island's real estate future.

64

Summer luxe essentials

A refined curation to elevate your wardrobe with

sophisticated summer statements from sleek

beachwear to luxury accessories.

1

Perit Alannah Xuereb is a structural

engineer with a professional interest in ESG

and its implications for the built environment.

2

Professor Alex Torpiano is a former Dean,

department head, and University Council

member, who led the Kamra tal-Periti and Din

l-Art Ħelwa, championing architecture and

heritage.

3

Dayna, a former newspaper editor and

journalist, is a wordsmith extraordinaire. With

a knack for crafting impeccable marketing

text and brand manifestos, she effortlessly

balances grammar and brand voice.

4

Ed tells stories for a living, engages in a

host of activities that don’t involve actual

physical activity, and likes food, film, travel,

and cameras.

5

Dr Jeanelle Arpa is a materials engineer in

EY Malta's Sustainability Team.

6

JP is a founding partner at Seed,

a multi-disciplinary advisory practice.

7

Manuel is a civil society activist and writer.

8

Orlanda is an experienced Economist and

consultant who specialises in economic

advisory services across economics, public

policy, and strategy streams.

9

Stephen is a freelance product regulatory

compliance expert and mechanical engineer

with over 13 years of experience in the field.

MONEY THE REAL ESTATE AND SUSTAINABILITY EDITION 13

ACCOUNTABILITY

CONSTRUCTING

A CONSCIENCE

14

ISSUE 86

MONEY

ACCOUNTABILITY

As Malta grapples with unrelenting development, MONEY examines whether

sustainability is more than a buzzword. From planners to activists and architects,

we explore who has the power—and the responsibility—to build a future rooted in

accountability, not just ambition.

T

he word 'sustainable' has become a bit of

a buzzword recently, making it into every

annual report and business plan. But

what does it mean? And should the boundaries

be left up to self-regulation or imposed?

Numerous recent developments that will

significantly impact their surroundings

have been reported, affecting the country's

heritage, culture, standard of living,

and economic reality, from tourism to

construction.

According to the Oxford Dictionary,

sustainability means two main things: the

ability to maintain at a specific rate or level and

the avoidance of depleting natural resources

to maintain an ecological balance.

According to economics textbooks, the only

law in a free market is supply and demand:

the theory says that businesses determine

whether there will be demand if they supply.

Free competition should mean that everyone

is allowed to have a go. The reality is somewhat

different since it depends on everything from a

level playing field to proper data so companies

can make informed and enlightened choices.

It is also clear that not everyone can

be appeased simultaneously: what one

company does could impact neighbours,

rivals, infrastructure… This is why there are

regulations and policies.

Have we got it right? Is the current level of

development sustainable? Will the getrich-quick

mentality win over prudence?

MONEY asked some stakeholders about their

approach.

The planners

The Planning Authority

How does the Planning Authority evaluate

whether large-scale developments such as

Manoel Island align with Malta's long-term

sustainability goals beyond mere regulatory

compliance?

The Planning Authority is committed to

ensuring that Malta's development supports

We want to ensure terms like

'sustainability' aren't just rhetoric but

tied to measurable, enforceable

outcomes. — Planning Authority

growth, quality of life, environmental

responsibility, and long-term national

resilience. We recognise the growing public

interest in how major projects are evaluated,

and we want to be clear about our approach.

The Authority recognises the importance

of ensuring that major projects like Manoel

Island comply with regulatory requirements

and contribute meaningfully to Malta's longterm

sustainability objectives. Our evaluation

process is, therefore, comprehensive and goes

beyond a mere checklist approach.

We consult with other agencies and

Authorities during the evaluation process;

we assess each project against the strategic

frameworks set out in Malta's national

plans, including the Strategic Plan for the

Environment and Development (SPED) and the

National Sustainable Development Strategy.

These documents articulate clear long-term

goals, such as promoting efficient land use,

safeguarding natural and cultural heritage,

mitigating climate change, and more.

We often require detailed environmental

impact assessments (EIAS) and social impact

assessments (SIAS) in consultation with

the Environmental Resource Authority for

large-scale projects. These allow us and

other competent Agencies to weigh the

development's potential positive and potential

adverse impacts.

It is also fair to say that today, many

developers, especially in major projects, are

adopting international certifications like ISO

14001, EMAS, or LEED. These bring higher

environmental standards, and we are exploring

financial support for projects that achieve

top-tier certifications because doing the right

thing should be recognised and encouraged. →


ACCOUNTABILITY

More and more comments say that the

PA's decision-making disproportionately

favours developers. How do you address

the perception that economic and political

interests overshadow environmental and

social considerations?

The Planning Authority fully acknowledges the

public concern regarding the balance between

economic development, environmental

protection, and social wellbeing. We take these

perceptions seriously and are committed to

addressing them through transparency and

continuous process improvement.

Our planning process is fully transparent,

and our decision-making process is open

to scrutiny. Anyone, whether residents,

eNGO, or any community group, can access

all documents related to a development

application, including architectural plans,

environmental reports, and feedback

from government agencies. Objectors

are encouraged to participate, and their

comments are formally recorded and

addressed during the evaluation.

Terms such as 'regeneration' and

'sustainability' are often employed in permit

applications. However, what safeguards

are in place to ensure these aren't merely

rhetorical tools to obtain approval?

The Authority is concerned that terms like

"regeneration" and "sustainability" should

not be used superficially to secure approvals

without meaningful action. To address this,

we have implemented robust safeguards to

ensure that concrete plans, commitments,

and measurable outcomes substantiate such

claims.

Firstly, permit applications that invoke

concepts such as regeneration and

sustainability are assessed against clear,

policy-driven criteria. This means that a

proposal must demonstrate, with tangible

evidence, how it contributes to environmental,

social, and economic sustainability. For

example, in regeneration projects, we look for

specific interventions that enhance degraded

areas, improve public spaces, and preserve

cultural heritage.

Valletta and the Grand Harbour illustrate how

regeneration can move beyond being a mere

concept and become a reality. These areas

have undergone significant transformation,

where thoughtful planning and collaboration

have delivered visible improvements to urban

spaces, cultural heritage, and economic

vitality. From restored historical landmarks to

vibrant public spaces and thriving business

hubs, these projects demonstrate how

regeneration can bring lasting benefits to

both local communities and the broader

national landscape. They prove that when

effectively implemented, regeneration leads

to tangible results rather than remaining just a

catchphrase.

Introducing the Development Control Design

Policy 2015 (DC 2015) was a significant step

forward in this area, raising the bar for design

quality and sustainability. We are working on

a new Design Guidance document to take this

further, focusing on energy efficiency, greener

spaces, improved walkability, and inclusive

design for future generations.

How does the PA address public objections

to controversial projects like Manoel

Island, Comino, or Fort Chambray? Could

you provide examples where civic input

has significantly influenced a project's

trajectory?

Public consultation is integral to the PA's

decision-making process, especially in

projects that generate significant public

interest, such as the Manoel Island, Comino, or

Fort Chambray projects. We aim to ensure that

community voices are heard, considered, and

reflected in final decisions.

Public objections in development applications

are carefully reviewed and assessed alongside

technical reports, environmental assessments,

and other expert advice. A summary of the

issues the 'community voice' raises is always

included in the Development Management

Directorate's report for each application.

A good example is the recent Comino project,

where significant public objections raised

concerns about the proposed building

footprint. These objections were a key factor in

shaping the approved project, which resulted

in revised proposals that scaled back the

development footprint and addressed other

issues, such as unobstructed access to the

foreshore.

While not every objection aims to improve

a project, public input often leads to

modifications that better shape and result in a

more balanced outcome.

NGOs have won some critical cases, such as

revoking the sheep farm in Bidnija and the

highrise at Fort Cambridge. Should these

cases, based on policy, etc, have been picked

up earlier by the PA at the application level?

And has the position taken by the Planning

Tribunal impacted the PA's future decisionmaking?

Planning is a legal process, but it's not only

about law. Planners are not lawyers. Our job

is to apply national policy thoughtfully and

reasonably, aiming for projects that respect

place and people.

Yes, there have been high-profile appeal cases,

such as the Bidnija and Fort Cambridge cases,

and we respect these decisions. We learn from

them and continuously improve how we assess

projects to ensure we get it right.

The activist

André Callus, Moviment Graffitti

The Gżira Local Council and numerous

residents have strongly opposed the Manoel

Island development, yet the project is

portrayed as a 'regeneration' effort. In your

opinion, how is this term being manipulated

to benefit corporate and political interests?

Corporate interests' use of "regeneration"

is closely aligned with the neoliberal dogma

that public spaces are useless unless they

can turn a profit. In this narrative, peddled by

developers and some politicians, public spaces

used by the people signify something dirty

or filled with so-called undesirables and their

activities. According to this false narrative,

the only way to make a place "valuable" is by

commercialising it.

This is clearly not an innocent narrative. It

16

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MONEY

ACCOUNTABILITY

satisfies corporate interests and pushes

people out of places they collectively own by

virtue of belonging to this country.

On Manoel Island, the contrast between the

narrative of "regeneration" and the reality on

the ground is stark. After being privatised in

the 1990s, alongside Tigné Point, the company

illegally kept this precious place closed to

the public for 16 years. Not only was it not

"regenerated," but it was left to rot while

people were excluded from it.

The real regeneration began in 2016 after

we—together with many other groups and

community members—cut through the fences

and forced the company to abide by the law

and ensure public access. From then on,

regeneration began through people's everyday

activities, reclaiming this space in an area

saturated by construction and congestion.

Building hundreds of apartments and creating

commercial activity on Manoel Island will once

again rob this place of the people, turning it

into a private profit. How will the public benefit

from all this?

In most planning applications, buzzwords like

"sustainable mobility," "greening," and "open

spaces" are used to justify massive projects

such as the DB project on public land in

Pembroke.

It's all, of course, a farce.

No mobility plan can begin to mitigate the

thousands of car trips such projects generate

– often in areas that already severely lack

the necessary infrastructure. A few plants

on a rooftop (if they even make it beyond

the photomontages into the actual project)

won't make much of a difference in the face

of the impact that never-ending blocks of

apartments have on residents, nature, and our

foreshore. And no project ever creates public

places – they always take them away.

However, honestly, I don't think these

gimmicks are particularly effective in

mitigating the public's anger at the current

planning and construction mess. They're just

tick-boxes in planning applications and empty

phrases in the developers' and government's

tacky PR exercises.

ODZ structures, building heights, and hotel

construction.

A case in point is the current revision of

the Villa Rosa Local Plan, carried out by the

Planning Authority, which is intended to

accommodate the monstrous Tal-Franċiż

project in the area. Policies are being changed

to suit specific projects – not vice versa.

Moreover, decisions taken by the PA Board

and Commissions routinely go beyond what

planning laws and policies permit. The PA

bends and outright breaches the law to

appease specific interests.

We have had to challenge many of these PA

decisions in court. In many cases – such as

several Joseph Portelli developments in Gozo

– the court found the PA's decisions blatantly

wrong and in breach of the law.

However, even that is not enough. The PA

recently re-issued permits for developments

that the courts had struck down, showing it is

willing to disregard court rulings to satisfy big

developers shamelessly.

Proper regeneration means giving people

what they need right now: open and green

spaces, a beautiful foreshore, the restoration

of historical buildings, and centres for

community events –not more apartments,

hotels, and shopping malls.

The idea of "regeneration" being pushed by

corporate interests in Manoel Island – as in

other similar cases – flies so far in the face of

the reality people experience in their everyday

lives that it's not even very compelling or

convincing. Everyone can see through it and

understand that the bottom line is narrow

private interests and greed.

Developers often frame their projects around

vague "green" promises – open spaces,

landscaping, carbon neutrality – while land

use remains fundamentally extractive. What

greenwashing tactics do you observe most

frequently in Malta, and why do you think

they are so effective on both the public and

institutional levels?

Land is the most precious and scarce resource

on our island. Its careless use to satisfy certain

businesses endangers our future on these

islands.

So far, I believe they have been met with

widespread derision and disgust from the

public.

Malta's planning process has faced criticism

for being structurally biased in favour of

developers. How do Moviment Graffitti's

experiences with projects like Manoel Island

highlight deeper systemic issues within the

Planning Authority and its relationship with

large-scale investors?

Since its establishment in 1994, Moviment

Graffitti has been fighting against

environmental, planning, land, and

construction authorities that serve big

business interests while trampling over

the common good. We have repeatedly

seen policies designed to accommodate

specific business groups, such as those on

It must be said, however, that the root of

the problem lies within politics – not the

authorities themselves. Authorities in Malta,

such as the Planning Authority, are under

direct government control. Thus, these

decisions are made following instructions

from the political class and its close ties to big

business in Malta.

Suffice it to say that a promised reform in

the planning appeals law has still not been

implemented, meaning developers can still

begin building even. In contrast, appeals

against illegitimate decisions are underway.

It's a reign of developers, where the political

class and authorities are heavily influenced, and

the courts are deliberately rendered ineffective

by a system that denies the public meaningful

ways to challenge illegal decisions. →

The government's role is to protect us

from greed, not enable it.

— André Callus


ACCOUNTABILITY

The right to public space is central to the

Manoel Island debate. How would you

define public interest in today's development

climate – and what does it unveil about the

changing balance of power between citizens,

the state, and capital?

In the case of Manoel Island, it is crystal clear

where the public interest lies. Over 29,000

individuals have signed a petition calling the

government to return this place to the public

following the company's failure to abide by the

concession agreement.

After decades of endless and senseless

construction, there is a general consensus

that our country should prioritise quality

public spaces essential for our health and

wellbeing.

It's also a matter of social justice. Our country

is witnessing a growing divide between the

haves and the have-nots regarding land and

property. The ultra-rich's hoarding of land and

property – a form of oligarchy – including the

takeover of public spaces, reflects growing

economic inequality that we must fight

against.

In recent years, citizens have become

increasingly capable of making their voices

heard and organising to challenge planning

decisions that favour the few at the expense

of the many. Sometimes, they succeeded (as

in the case of the proposed Marsascala yacht

marina or the private university in Żonqor);

other times, they did not (such as with the DB

project).

The government has repeatedly shown that

its priority is to appease the interests of

developers and the big business class. For

example, it shouldn't take the mobilisation of

29,000 signatories to compel the government

to reclaim land granted to a private company

that has repeatedly breached its contract.

Yet, despite overwhelming public support,

the government initially appeared inclined to

grant MIDI far more than it deserves. Only after

widespread public consensus to transform

Manoel Island into a national park became

increasingly evident did political discourse

shift, and the government acknowledged the

concession breaches, signalling its intention to

return Manoel Island to the people.

Public pressure can make the government

fearful enough of the political consequences

to give in to the people's demands.

The forces of neoliberalism and the

privatisation of public spaces are powerful –

because they are the forces that governments

have favoured since the early '90s. It takes

significant energy, effort, and collective

capacity for the people to resist them. It's

often challenging but not impossible.

If you were to challenge the business

community – including MONEY's readership

– what responsibility do you believe

investors, contractors, and developers hold

in perpetuating or resisting the destruction

of Malta's natural and social fabric under the

guise of 'sustainability'?

The veil of sustainability used to justify many

harmful developments is very thin. Not many

are fooled by it, and people are generally

angry at Malta's declining quality of life and

environmental destruction.

Society cannot be guided by the axiom of profit

maximisation. There is more to life than profits

– especially in a context like Malta, where the

ongoing construction spree threatens life's

social and economic sustainability on these

islands.

Ultimately, the government should protect us

from greed – not enable and encourage it, as it

does now. The government should start taking

the side of the people rather than siding with

those whose only concern is profit.

The architect

Tara Cassar

The Manoel Island project combines the

conservation of the Fort and associated areas

with modern development. As an architect,

do you think we can—and should—have one

without the other?

Every case is unique. In some instances, new

development can help support the financial

viability of conservation – but it's certainly not

a prerequisite.

In the case of Manoel Island, the conservation

of such a site of immense heritage value

shouldn't depend on reshaping the wider area

into a new town that ultimately erases the very

fabric that gives the island its cultural identity.

There's a misplaced focus on the residential or

commercial aspect as the primary vehicle for

profit. The real long-term economic and social

value lies in the heritage asset itself.

Sustainable heritage management offers

broad opportunities for future generations.

Too often, conservation is treated as the price

for permission to develop—when it should be

seen as an investment with lasting return.

You have spoken publicly about the

manipulation of planning language. Do

terms like "green," "public realm," or

"regeneration" still have any meaning within

Malta's current building culture?

From experience, using these terms is mostly

superficial, with little intention to apply their

true meaning.

Take the tall buildings policy; for example, the

required open space around towers is meant

to be "green" and part of the "public realm."

But in practice, it's usually a tiled void with

some potted plants, effectively semi-private

and offering little or no comfort for public use.

These spaces aren't truly public, and they're

not designed to be. Yet the language is still

used to tick boxes and justify development.

The role of architects in some of the

applications cannot be overlooked. Are

architects compromising on design integrity

to satisfy investor-driven priorities, and

Profit can't be

the only driver

of what we build.

— Tara Cassar

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ACCOUNTABILITY

what could change that? Efforts to introduce

aesthetic standards were not successful.

This goes beyond aesthetics. The culture

is profit-driven or, at the very least, profitfocused.

Yes, developments need to be

financially viable, but at what cost?

We consistently undervalue the longevity,

liveability, and overall sustainability of what's

being built. The short-term return continues to

outweigh the long-term responsibility.

Some projects might comply with policy

on paper but fall short in terms of longterm

sustainability and social impact. In

such a case, what is the role of architects as

professional providers and expert advisers?

It all comes down to what drives the sector.

Of course, profitability matters, but most

architects will operate within those narrow

margins when that's the only driver.

That's not an excuse for poor proposals, but it

reflects the current state of play. We've seen

a steady erosion of value placed on heritage,

with approvals for demolitions that would

have been unthinkable 15 years ago. This is

not about technical compliance but a broader

cultural shift.

If a National Architecture Policy were

introduced tomorrow, what three pillars

would you insist it includes to prevent the

outcomes we're witnessing today?

First, we need to establish sustainable

development densities—clearly defining

what level of development a given area can

realistically support without compromising

its liveability or character while supporting

sustainable infrastructure. The current

approach, squeezing in as many units as

the law technically allows by sticking to the

bare minimum standards, has led us to an

undesirable situation.

Second, there must be a real commitment to

public space. We must prioritise extensive,

well-connected, and welcoming public spaces

within urban areas while addressing the

changes needed to shift toward better public

transport - not just leftover patches rebranded

as "open space."

Third, we must enforce sustainable building

practices at the planning and design stages.

Currently, too many apartments are approved

without backyards, cross-ventilation, low

ceilings, and rooms reliant on artificial lighting

and air conditioning. The policies that allow

this are greenlighting poor-quality living

conditions with high environmental costs. This

must stop.

The chamber

André Pizzuto, Kamra tal-Periti

From a design and policy perspective, is

Malta's development pace compromising

sustainability principles?

The issue of sustainable development in

Malta is less about the speed of progress and

more about its quality and impact on public

spaces, residents' wellbeing, the ability to

attract high-quality foreign direct investment

(FDI), and the resilience of our environment

and cultural heritage. Our planning system

remains constrained by outdated policies and

processes rooted in obsolete economic and

planning paradigms from the Reagan era –

approaches that much of Europe avoided but

which Malta still grapples with today.

How would a National Architecture Policy

influence the quality and integrity of future

developments?

A National Architecture Policy would provide

an opportunity for a comprehensive strategic

review, not just of the planning system, but of

our entire approach to the built environment

and public spaces. The policy formulation

process should examine architectural

education, public procurement systems,

cultural attitudes that hinder high-quality

design, and development approval processes,

among other factors.

What role should architects play in pushing

back against profit-driven construction that

ignores long-term liveability?

Profit itself is not the issue—the problem lies

in a system that prioritises speculation over

sustainable development, where financial gain

is the sole measure of success. Architects

should advocate for a more balanced

approach that ensures value creation benefits

investors and the public rather than enriching

developers at the expense of community

wellbeing.

Are there enough incentives or regulatory

tools for architects to prioritise green,

adaptive design?

Malta still lags in this regard, though progress

is being made. The Building and Construction

Authority (BCA) is implementing initiatives

to align Malta's construction industry with

European energy conservation standards,

including funding schemes for building

renovations.

Additionally, banks' ESG policies – driven by EU

taxonomy requirements – encourage energyefficient

investments through lower interest

rates, which is positively influencing industry

practices.

Can you name a recent Maltese project that

strikes the right balance between commercial

viability and environmental responsibility?

One example is the redevelopment of the

former Farson's Brewery by architect Ian

Ritchie, now known as Trident Park and The

Brewery. This project demonstrates how

world-class architecture and a climateconscious

corporate vision can elevate

Malta's built environment while maintaining

commercial viability.

A national

policy could finally

shift the focus

from compliance

to quality.

— André Pizzuto


COVER STORY

20

ISSUE 86

MONEY

COVER STORY

Inside Alliance's A-Team

THE POWER OF TEN

Alliance is more than a real estate company—it's a leadership blueprint. MONEY speaks with the

ten figures behind Malta's most people-driven property brand to uncover how strategy, culture, and

sustainability are shaping their future and ours.

I

n an industry defined by individual

competition, Alliance is doing things

differently by building a leadership culture

rooted in collaboration. Known as the A-Team,

the company's ten-strong executive panel

spans every business pillar: sales, lettings,

marketing, finance, franchising, commercial,

coaching, people, and premium listings.

Together, they represent more than functional

expertise—they represent a philosophy.

At the helm is CEO Michael Bonello, who

champions culture as a core business driver.

"It starts with staying connected," he says.

"I listen and encourage dialogue. Culture

is built on a shared purpose. Everyone—no

matter where they are—must feel part of

something bigger."

That connection filters into how growth is

approached. "We're focused on strategic

expansion without compromising our

standards," Bonello adds. "It's about growing

right, not just fast."

Chief People Officer Frank Borg says, "Our

people are more than numbers—they're our

brand." Meanwhile, leaders like Gordon Attard,

Alina Terletchi, and Paul Mifsud are redefining

how sales, marketing, and lettings work

together—grounded in data, driven by service,

and fuelled by purpose.

So, how does this leadership model translate

into action? We asked each A-Team leader

to reflect on their roles, the market, and the

future of real estate in Malta.

Michael

Bonello

CEO

Alliance is known

for its strong

internal culture.

How do you

personally keep that

culture alive across so many branches?

It starts with staying connected. I listen and

encourage open dialogue. We celebrate wins

together and learn from challenges. Culture

is built on a shared purpose, and I make sure

everyone—no matter where they are—feels

part of something bigger.

What are your top priorities for the next 12

months? We're focused on strategic growth

without compromising our standards. That

means supporting our people, expanding

into new markets carefully, and investing in

technology and training. It's not about growing

fast but growing right while staying true to

who we are.

From your seat as CEO, how do you define

sustainability in real estate? It's making

responsible choices that balance people,

planet, and profit. It's about building energyefficient

homes, reducing waste, and creating

livable communities. But it also means running

a business that's ethical, resilient and leaves a

lasting, positive legacy.

Ritianne

Spiteri

Franchise Coordinator

& PA to the CEO

As Franchise

Coordinator and

PA to the CEO,

what does your

role involve daily?

I manage franchise operations and provide

executive support to the CEO. This includes

working closely with franchisees to ensure

brand standards are upheld and assisting

them in growing their businesses. I also handle

administrative tasks, coordinate between

the CEO and franchise partners, and help

streamline internal processes. My role is a vital

link, ensuring effective communication and

collaboration across all areas.

How do you ensure consistency of value

across all franchise partners? Communication

is key. We've established regular channels

to share best practices, offer updates, and

encourage feedback. This helps maintain

alignment and accountability across the →


COVER STORY

network. By promoting a collaborative culture

and clear expectations, we ensure every

franchise partner understands and delivers

the same high standard of service and value

that defines the Alliance brand.

What's the biggest unseen challenge of

coordinating growth? Maintaining internal

alignment. As the organisation expands,

different teams may have varied goals and

approaches. If not addressed early, this can

cause confusion or inefficiencies. My role

involves ensuring everyone stays focused

on the same objectives, promoting a unified

vision while balancing growth with cohesion.

Growth isn't just about scaling up—it's about

scaling smart and keeping people on the

same page.

Frank Borg

Chief People Officer

What does a peoplefirst

real estate

model look like in

practice? At Alliance,

it means putting our

people at the centre

of every decision. From providing the right

tools and training to nurturing a supportive

culture, we focus on empowering our teams.

When people feel trusted, valued, and

supported, they perform better, stay longer,

and contribute to meaningful business growth.

How do you nurture team loyalty and

engagement in a competitive industry?

It's about consistency. We invest in growth,

communicate clearly, and recognise

contributions. Our people are more than

numbers—they're our brand. We create

an environment where they feel heard,

developed, and proud to be part of the journey.

That emotional connection builds loyalty that

money alone can't buy.

What advice would you give to HR leaders

navigating growth while maintaining

values? Don't lose sight of what made you

successful. We've worked hard to keep our

culture alive as we've grown. My advice? Stay

close to your people. Lead with your values.

Let your company's growth reflect—not

replace—its identity. Culture and performance

go hand in hand when values are embedded in

every process.

Gordon Attard

Chief Sales Officer

What are the most

significant shifts

you're seeing in

buyer behaviour

today? Buyers are

more informed,

focused, and digitally driven. They want

lifestyle and investment value, not just

location. Areas like Sliema, the South, and St

Julian's attract younger buyers and digital

nomads. Post-pandemic, there's also growing

demand for flexible layouts, outdoor spaces,

and energy efficiency.

How do you build and retain highperforming

sales teams? We recruit based on

values and drive. Then, we invest in training,

offer real-time feedback, and provide strong

career progression. Recognition plays a

significant role, too—acknowledging wins and

building a team culture that thrives on support

and shared success.

Are clients becoming more sustainabilityconscious

when buying property? Yes,

increasingly. Buyers now ask about EPC

ratings, solar, and water-saving systems.

Sustainability is no longer a niche—it's a

selling point, especially with younger buyers.

Developers are adapting, and EU policies are

accelerating the trend. We're helping buyers

make greener, smarter choices.

Alina Terletchi

Chief Marketing Officer

How is Alliance's

marketing strategy

evolving in a digitalfirst

property world?

We're going beyond

being online. Our

digital-first strategy uses tech to anticipate

needs and personalise experiences.

From virtual walkthroughs to interactive

dashboards, we're focused on making

engagement smarter and more valuable.

The aim is to deliver relevance, speed, and

transparency beyond transactions.

What role does storytelling play in building

the Alliance brand? Storytelling brings our

projects to life. It's how we share our purpose—

highlighting people, communities, and

innovation. While facts inform, stories connect

emotionally. Whether it's a community uplift or

a client journey, storytelling helps build brand

loyalty in ways data alone can't.

How are you using communication to

promote sustainability? Communication

turns sustainability from a goal into a shared

mission. We prioritise visibility—through

investor updates, digital content, and on-site

initiatives. People become collaborators when

they understand the 'why' behind our green

practices. It's about showing progress, not just

making claims.

Paul Mifsud

Chief Lettings Officer

What are the main

trends shaping

Malta's rental

market? Rental

prices are stabilising

especially outside

premium zones. Hybrid working has spurred

interest in mid-term lets and co-living.

Suburban towns are gaining popularity for

better value and quality of life. Student

numbers are also driving new accommodation

models. Meanwhile, short-let demand is rising

alongside tourism.

What expectations do tenants have today

that didn't exist 5 years ago? Today's

tenants want hospitality-level service: fast

communication, virtual tours, and smart

features. Pre-installed Wi-Fi, energy efficiency,

and professional listings are now essentials.

Maintenance, legal compliance, and lifestyle

convenience play into a modern renting

experience. We've adapted our systems to

meet these expectations.

Can you give examples of sustainable

practices in your lettings operations?

We've digitised most processes to reduce

Culture is built on

a shared purpose.

— Michael Bonello

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ISSUE 86

MONEY

COVER STORY

paper waste. We advise landlords on EPC

improvements—LEDs, insulation, solar—

and educate tenants on water-saving and

recycling. It's a gradual shift, but we believe

the rental market plays a key role in Malta's

green transition.

Jeremy Borg

Grech

Head of Alliance

Selected

What is Alliance

Selected, and what

makes it unique?

Selected is more

than a label—a commitment to premium

service. Listings under this package benefit

from targeted marketing and prioritised agent

focus. Over half of Selected properties last

year sold in under 27 days. That's the power of

focused effort and visibility.

How do you identify high-potential

clients and match them with properties?

Every property can sell—it's about timing

and strategy. With Selected, we provide

personalised support, refined marketing, and

ongoing team collaboration. It's not just about

price but about enhancing appeal and creating

a strong vendor-agent relationship to attract

serious buyers quickly.

Is the meaning of Selected in real estate

shifting beyond just finishes and price tags?

Definitely, today, it's about service, trust,

and attention. A Selected listing means the

vendor gets a dedicated partner and a faster,

smoother process. In a fast-paced market,

the right focus saves time and delivers better

results for everyone.

Leslie Xerri

Chief Financial Officer

What financial

indicators are you

watching most

closely in today's

market? We track

interest rates,

government policies, loan schemes, and

demographic trends. Whether it's first-time

buyers or retirees downsizing, we analyse data

to guide strategy and help clients make smart

property decisions. Knowing your audience is

key to building lasting financial relationships.

How do you plan for growth while remaining

agile? We use real-time data to adapt strategy

and keep the client at the centre of every

decision. Whether personalisation, tech

innovation, or contingency planning post-

COVID, agility means being prepared to pivot.

Our teams are trained to stay flexible and

responsive to market shifts.

Is sustainability measurable in financial

terms? Absolutely. Energy-efficient properties

command better rents, lower running costs,

and enjoy incentives like the 'Buy Sustainable

Property Scheme.' Green homes are easier to

finance and sell, making them a sound longterm

investment. Sustainability is no longer

just ethical—it's also financially savvy.

Simon Rajan

Bharwani

Chief Commercial Real

Estate Officer

How is Alliance

adapting to a rapidly

evolving commercial

property market?

The market has shifted post-COVID. While

traditional office space demand has declined

due to remote working, we've seen rising

interest in smaller, high-spec spaces in key

business hubs. Warehouses and industrial

units, particularly central ones, remain in

demand, which offers strong logistics benefits.

Retail and hospitality assets in prime areas like

Sliema and Valletta continue to perform well,

with consistent investor interest.

Are commercial clients prioritising ESG

metrics today? Yes, especially among newer

developments. We actively consult with

owners to adopt ESG practices: improving

energy efficiency, reducing water use, using

sustainable materials, and integrating

greenery into design. These steps cut

emissions and costs and boost appeal and

long-term value.

How do you balance opportunity with

long-term sustainability in site selection?

We're seeing a shift towards sustainabilitydriven

decisions. Developers are retrofitting

properties, expanding communal outdoor

Reach people

beyond intellect.

True motivation

touches the heart

and imagination.

— Mark Ellul

areas, and designing more compact internal

layouts. Even rooftops are being transformed

into green spaces. These enhancements

meet both market demand and regulatory

expectations and help keep properties

competitive in the future.

Mark Ellul

Sales & Motivational

Coach

How do you

approach coaching

for such a large and

diverse team? It's

about creating a

culture of continuous improvement. Coaching

must be adaptable—there's no one-sizefits-all.

I tailor my approach to each agent's

personality, goals, and challenges. This

personalisation ensures coaching delivers

tangible results by boosting productivity and

driving success.

What motivates the best performers in your

experience? You have to reach people beyond

intellect. True motivation touches the heart

and imagination. I help agents unlock deeper

purpose and self-awareness, inspiring lasting

change. Everyone is given the tools to grow—

but those who excel are the ones who truly

commit to their self-development.

Do you see a link between motivation and

sustainable thinking? Definitely, motivation

fuels consistent behaviour. However,

sustaining motivation requires internal

drive, self-awareness, and the repetition

of successful habits. Our role is to coach

consultants to harness their motivation and

align it with the long-term value they bring

to clients.


GREENWASHING

GREENW

24

ISSUE 86

MONEY

GREENWASHING

ASHED!

An architect's guide to spotting

the difference between sustainable

design and smart marketing

In an age of eco-hype, architect Andrea Bianco exposes the truth behind Malta's so-called

"green" properties. With misleading marketing, weak standards, and outdated certification

systems, buyers must look beyond buzzwords. This feature offers clarity, questions to ask, and

guidance for making smarter, more sustainable, and truly green property investments.

The green property illusion

I

n Malta's real estate market, the terms

"green" and "sustainable" have become

powerful - and sometimes misleading -

sales. Developers often highlight features

like double glazing, wall insulation,

or photovoltaic panels to signal ecoconsciousness

and justify premium price tags.

But are these properties truly sustainable,

or just dressed up to look that way?

The recent release of the Housing Authority's

First Time Buyers Guide provides invaluable

insights on financing and purchase logistics

for property buyers. It is considered a great

initiative to improve real estate transparency.

However, it barely scratches the surface

of what makes green real estate locally.

The guide mentions sustainable features

and several available green incentives but

stops short of helping buyers understand

whether a building is genuinely "green."

So, many are left asking: What truly

defines a green property, and why

isbuying green important?

Malta's green trend

The increasing availability of green investment

products (like preferential "green loans"),

alongside updated regulations such as the

Building Construction Agency's revised

Technical Document F, has created a fertile

environment for marketing sustainability

and so-called "green buildings." However,

there is still no clear, enforceable definition

of what a green building actually is in Malta.

This ambiguity is compounded by Malta's

limited transparency in its real estate →


GREENWASHING

sector, as confirmed in PWC Malta's

2024 report on Real Estate Transparency

in Malta (conducted in collaboration

with JLL and Archi+). The report also

highlights the country's scant adoption of

sustainability frameworks and practices.

Consumer interest in sustainability is

growing despite the absence of regulation.

Sustainability is increasingly being taken

into account by Maltese real estate buyers,

according to several studies that have

seen a growth in buyers willing to pay

more for sustainability factors, from 23%,

according to a 2023 KPMG Malta study, to

59%, according to a 2024 PWC Malta study.

The above illustrates increased awareness

and persistent uncertainty, as verifying

the green credentials of a self-proclaimed

'green building' falls on the buyer.

What green really means, from

an architect's perspective

A green building must go beyond

energy-saving appliances and tickbox

design solutions. It should:

• Be energy and resource-efficient

• Produce low carbon emissions

throughout its life cycle at both

construction and operation phases

• Minimise environmental impact throughout

the building's entire life cycle

• Contribute positively to human

health and wellbeing

• Be climate-change and

environmentally risk resilient

The Royal Institution of Chartered Surveyors

(RICS) describes a green building as energy

and resource-efficient and performing well

in carbon terms. Building on this, several

international Green Building Councils

also include social and health aspects in

their definition of green buildings. A green

building follows sustainability principles

and should cater to its environmental

impact, occupant health and comfort,

climate resilience, and future adaptability.

Without robust building standards, superficial

guidance documents, and an outdated

local certification system that measures

energy use and basic carbon dioxide

emissions, Maltese developers may rely on

selective features to signal sustainability.

Buyers must, therefore, look deeper.

Due diligence: the architect's

green checklist

When involved in a property purchase,

here's what an architect evaluates

when assessing green credentials:

Design and Orientation

A building's positioning relative to its

geographic characteristics affects indoor

comfort and long-term energy use. Here,

passive design principles (examples include

cross-ventilation and thermal mass)

and clever building orientation should

work together to minimise the energy

needed to control internal conditions.

Building Fabric

Building materials directly impact durability,

thermal performance, and embodied carbon

(carbon emissions to extract and produce

material). The building fabric includes walls,

roofs, floors, doors, windows, etc., and helps

maintain a building's internal conditions. It

also significantly impacts carbon emissions,

accounting for 11% of global carbon

emissions from the building industry.

Building Systems

Even well-insulated buildings can be inefficient

if their systems are outdated. Heating, cooling,

lighting, and water heating systems must be

modern, automated where possible, and scaled

to the property, particularly if such systems

may have reached obsolescence. However,

efficiency doesn't always mean a total overhaul

of the installed building systems - sometimes,

it's about smart, targeted improvements.

Renewables

One cannot discuss green buildings without

discussing renewable energy. Malta has the

EU's lowest share of renewable energy in its

consumption mix at 7.7%. The most common

renewable energy system available is the

rooftop photovoltaic system. However,

what other systems can be implemented

in apartment complexes where residents

may have limited access to roof space?

Options could include communal PV

systems or shared renewable installations

supported by government incentives,

although these options remain limited.

Water Management

Freshwater is a limited resource in Malta,

where we rely heavily on energy-intensive

reverse osmosis and groundwater extraction.

Climate change will continue to stress these

systems. Does the building use its rainwater

well beyond storage, for flushing or irrigation,

for example? Is there a greywater reuse

system? Buildings that take water seriously will

be more future-resilient and cost-effective.

Health and Wellbeing

Good indoor air quality, natural light, thermal

comfort, and acoustic performance affect

health. Is the building prone to humidity or

mould? Are the materials non-toxic? Are

spaces adaptable for different uses and

users? A building can't be called Green if

it's uncomfortable, unhealthy, or unusable,

particularly if these conditions become

so over its lifespan. For more information

on the social aspect of sustainability, I

recommend reading Nicole Grima's article in

Money magazine, issue 80, The 'S' Factor.

What buyers should ask,

and when to call in an architect

Two frequent questions I hear are:

1. How do I know if a property

is really "green"?

2. When should I get an architect involved?

The short answer to the second question

is as early as possible - ideally before

committing to a promise of sale. The earlier

you engage a professional, the more leverage

you have to uncover hidden problems or

verify a building's green credentials.

The first question is trickier. In Malta, the

Energy Performance Certificate (EPC) is

legally required for all property sales and

includes metrics like estimated energy

use and carbon dioxide emissions.

However, the EPC system presents serious

flaws. It is based on outdated software and

contains limited inputs focused on energy

efficiency for heating demands rather than

cooling demands necessary in Malta's climate.

The program used to calculate EPCs has

remained unchanged since its introduction in

the late noughties. It contains minimal input

fields based on several extremely simplified

assumptions that are no longer relevant. The

program is alson't always easily accessible

unless the seller provides it. Considering the

definition of a Green Building, Malta's EPCs

fall short of identifying green buildings.

26

ISSUE 86

MONEY

GREENWASHING

What about green certificates? Certifications

like LEED or BREEAM have been used

locally for large-scale projects (e.g.,

Trident Park, The Quad) but rarely apply to

small developments or individual homes.

Other standards, such as Passivhaus,

exist but remain uncommon in Malta.

So, what should buyers do? Here

are some practical steps:

• Request the EPC before signing any

Promise of Sale Agreement and ask for

an explanation of the rating. Banks will

also require this for loan approval.

• Ask for the age and efficiency of major

building systems such as air conditioning,

ventilation, water heaters, and lighting.

• Ask whether insulation has been

installed on roofs and walls and what

type of apertures have been installed.

If you can't confirm the presence

of insulation, it may be absent.

• Assess daylight and ventilation. Is

there sufficient cross-ventilation?

Are rooms naturally lit or overly

dependent on artificial lighting?

• Look out for signs of dampness or

mould, particularly in basements

or corners of rooms.

• Inquire about water reuse. Does the

property use the well water? Have any

greywater systems been installed?

• Ask what sustainability

certifications apply, if any.

• Consider future-proofing. Is the

property adaptable? Can it address

changes in regulations, rising

temperatures or lifestyle needs?

These questions may seem technical,

but a short consultation with an

architect can provide clarity.

A green building is a smart investment

Green buildings aren't just good for the

environment—they're good business.

According to Grant Thornton's 2023 Malta

Property Report, a €200,000 sustainable

apartment could generate up to €43,000 in

long-term value over 30 years—nearly half

of which is realised in the first five. With EU

energy regulations tightening and Malta's 2050

carbon neutrality target looming, choosing a

green home isn't just smart—it's essential.

With Minimum Energy Efficiency Standards

likely to arrive and more green grants from

local governments and banks entering

the market, Green Buildings are no longer

a niche—they are the new normal.

For buyers, the message is clear: do

your homework, ask the right questions,

and engage the right architect early in

the buying process. Engaging the right

architect early in the buying process

is one of the smartest steps.

Regarding sustainability, what you don't

know can cost you. What you do know can

ensure your investment is future-ready,

regulation-proof, and genuinely green.

Andrea Bianco is a Planning Architect at Archi+.


VISION 2050

THE FUTURE

WE PRETEND

TO PLAN FOR

28

ISSUE 86

MONEY

VISION 2050

Alex Torpiano unpacks Malta Vision 2050, a document filled

with promising ideals yet fraught with contradictions. From

sustainability slogans to growth ambitions, Torpiano asks the real

questions: Who is this vision for, and does it reflect the future we

truly want, or just the one we dare not challenge?

T

he recently published document, "Malta

Vision 2050", defines what we want the

Malta of 2050 to be. It is emphasised

in the document that what is proposed is a

national vision and not a political one, so it

should not be read (or used) as an electoral

manifesto. The first part of the consultation

document records the gestation process,

which involved an assessment of global

macro-trends relevant to Malta, insights from

strategic vision documents of other countries,

an evaluation of existing sectorial strategies,

and the outcome of several workshops

involving various stakeholders, and focus

groups together within a degree of public

polling.

It then outlines four strategic "pillars" around

which our future would be built: "Sustainable

Economic Growth," "Accessible Citizen-

Centred services," "Resilient Country and

Modern Education Systems," and "Smart

Land and Sea Usage." I will only comment on a

couple of these pillars.

Malta Vision 2050 has several positive

features. Even the need to outline a holistic

vision for Malta is a positive sign. The

document acknowledges that adopting other

progress metrics besides GDP (Gross Domestic

Product) is necessary, and looking at different

parameters is commendable. The UN Human

Development Index considers life expectancy,

mean and expected years of schooling, and the

Gross National Income (GNI) per capita.

The EU27 Mean Disposable Income represents

income after taxation and social contributions

and, therefore, represents the purchasing

power per inhabitant. Eurostat's Overall

Experience of Life gives a broader picture

beyond "money". It considers somewhat

subjective perceptions of one's satisfaction

with the quality of life and wellbeing, such as

leisure and social interactions, governance,

and the natural environment. This is all good.

However, other metrics seem to have been

ignored. The European Commission recently

launched a "Beyond GDP Initiative" following

the OECD study "The Economy of Wellbeing—

Beyond the GDP." The OECD has proposed a

Better Life Index to measure socio-economic

growth better.

Iceland has recently adopted an economic

model which includes 30 criteria that measure

wellbeing. Scotland has recently launched

a project to measure the worth of nature.

Bhutan uses a Gross National Happiness

Index based on nine quality-of-life variables.

In the UK, the Thriving Places Index has been

pioneered. Some states in the US are exploring

Genuine Progress Indicators. Even China is

exploring the use of a Green Gross Domestic

Product index. The Netherlands has decried

the "false goal of GDP growth". It embraces

the Doughnut Economic model, which seeks

to balance "social foundation parameters" and

"ecological/environmental limits".

So, it is good that we are prospecting a time

when the measure of our development is not

just GDP. Of course, it is necessary to see

whether the vision includes elements that,

in addition to promoting economic growth,

will also promote social and environmental

wellbeing. →


VISION 2050

Of course, it is also laudable that the second

core principle embraced by the vision is

"Cultural and Heritage Preservation"; the

theme of "wellbeing" permeates the whole

document. The document acknowledges

that citizens are primarily concerned about

overdevelopment, housing affordability, and

the cost of living; it also acknowledges "a clear

public appetite for reform and improvement."

When outlining strategic priorities, it is

essential not to use big terms such as

"sustainable mobility," "innovative economic

models," or "strong environmental reforms"

without following through with these

objectives in mind.

Two essential topics seem to have been

completely glossed over. The first and most

fundamental absence is any discussion about

demography. If we wish to define what kind

of country we aspire to become, we should

start with the number of people living here.

When tourism is discussed, target numbers

are mentioned, but nothing about population

targets is mentioned.

The other theme is climate, not so much

in the sense of political and international

obligations; terms such as "climate neutrality",

"climate goals", or even in the business

opportunity sense, as in "climate action

being an opportunity", pepper the document.

However, the document does not address the

potential impact of climate change on our

socio-economic dynamics, which is a climate

change occurring despite Malta achieving its

carbon neutrality obligations. For example,

how will climate change impact the growth

of tourism that the document envisions, and

what if climate change inhibits this growth?

How will a sea level rise impact coastal areas

(not to mention potential land reclamation

sites)? Surely, a document mapping out what

Malta will look like in 2050 should be grounded

in the realities of climate change, which looks

inevitable and faster than initially envisioned.

Despite the reality of climate change, it

is envisaged that tourism will grow from

3.6 million annual visitors in 2024 to 4.5

million in 2035. How can this be reconciled

with the desire to commit "to quality over

quantity"? And if this growth were fuelled by

"premium accommodation", "holiday-quality

furnished premises", "(Luxe Airbnb)", and

"with a particular focus on Gozo", how could

it be reconciled with the issues of housing

affordability, environmental wellbeing, and the

overall quality of life? The impact of Airbnb on

housing affordability in places like Barcelona,

and indeed, most of Spain, is well documented.

The problem is that even if it were realistic - a

recent report by the World Travel and Tourism

Council suggests that it is not, and therefore,

the document seems to have an element of

wishful thinking - the envisioned growth in

tourism numbers has not been challenged

through the lens of societal impact. Did the

vision document's drafters benefit from

a capacity study which could support the

promotion of such drastically increased

The vision speaks

of wellbeing,

yet ducks the

hard truths

about climate,

population,

and land.

numbers? Or is it just the ambition of the

operators of the tourism industry?

The issue of population density and capacity

is indirectly expressed under the pillar of

Smart Land and Sea Usage by reference to

the need to ensure that "growth respects

the carrying capacity of the country while

enhancing the quality of life". Fine. But I worry

about terms such as "efficient spatial planning"

- what exactly does it mean to be "efficient"

in spatial planning? "reduced bureaucracy"

as is often demanded by the industry? I

also worry about slogans thrown in - "urban

planning citizens-centred by emphasising

a sustainable architecture" - which do not

mean anything. And what does "vertical

expansion" in strategic areas mean? (Is it just

a euphemism for high-rise buildings?) And

how will these strategic areas be selected? Will

Malta prepare landscape plans to help assess

construction proposals for the environment

we wish to protect and look after? When will

the studies on the "carrying capacity of the

country" be carried out? Construction is not an

agile economic activity; it inevitably needs a

long lead time, and slowing down is even more

difficult. It is not an economic activity which

can be switched on and off at will.

Construction (sorry, "Smart" Construction) is

envisaged to be one area that will continue to

grow vigorously - surprise, surprise - except

that we are now going to make sure that this

growth will be regulated and that the relevant

policies will be enforced - acknowledging,

indirectly, that, at the moment, construction

is not regulated, and policies not enforced.

Allow me some scepticism at the proposal of

real-time monitoring of construction sites

to "minimise the impact of construction on

the citizen's quality of life". What exactly does

that mean? CCTV cameras over each of our

construction sites?

Today, 2025, Malta still has no national building

regulations or performance standards in place,

and this is not for want of trying for the last 25

years! How will we reach this ideal, no-impact

construction process by 2050? If it is by

radically rethinking the planning paradigm, we

must start this new approach yesterday to see

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VISION 2050

a new Malta by 2050. If it is by re-training our

operatives in the new skills required for these

new construction processes, we should be

starting immediately.

Surely, "smart" construction is not about

real-time monitoring of building sites

but, perhaps, about a radical rethink of

construction processes (more off-site work?

more automation?). It is certainly laudable to

promote renovation (rather than demolition).

Still, clear policies are required about new

buildings, especially on the proposed "vertical

expansion", since these cannot co-exist in

the same urban space with renovated houses.

The statement "enhancing citizen wellbeing

through the built environment" is an essential

objective in this part of the vision document.

Sadly, it is contradicted by other parts of the

vision document.

Under the pillar of "Smart Land and Sea

Usage", we also find reference to land

reclamation, which is envisioned to "improve

the environment" and "to add value to

the country" (- how I love the sophisms).

"Cautious" land reclamation is suggested

as a way to "address limited land space"

- it is, of course, one thing to argue that

land reclamation is required to allow the

expansion of the Freeport terminal. It is,

however, simplistic to assume that land

reclamation would help Malta accommodate

the tremendous increase in the number of

tourists, plus an unspecified rise in permanent

population - and at the same time, improve our

natural and living environment.

Why does land reclamation regularly pop up

to solve the congestion we perceive every

day? Land reclamation has been used in

Malta, particularly when the island had a

considerable volume of war debris that needed

to be disposed of. It has also been touted as

one way to solve the waste problem of the

construction industry, as it pursued a wasteintensive

strategy of demolishing existing

buildings and excavating vast underground

car-parking volumes - none of which activities

are particularly "zero carbon" or sustainable.

Today, even when it is recognised that waste

excavated material is an economic resource,

such as reconstituted stone material,

examples from countries like Singapore and

Monaco are highlighted as models we should

follow. The problem is that land reclamation is

not simply a question of dumping demolition

debris into the sea. Singapore has been doing

land reclamation since the 19th century,

aided by its 64 offshore islands, swamps and

marshland, and sea depths rarely exceeding

It's not enough

to list buzzwords

like 'innovation'

or 'resilience'—

what do

they mean in

practice?

7m. Singapore first flattened two hills to

increase its land area, dredged a harbour for

the sand it could obtain, and then started

importing sand on a large scale. Monaco

has used a different technique, investing

heavily in reinforced concrete caissons and

other reinforced concrete structures; the

population density of Monaco is comparable to

Malta's, except that most of its residents are

millionaires! The question is whether this is the

Malta we are envisioning.

The document suggests that the seven

sectors on which a substantial part of the

envisioned growth in GDP depends, at least for

the next 10 years, are mostly the same ones

that currently underpin our economy, namely

tourism, construction, gaming, shipping and

maritime activities, financial services, aviation,

and manufacturing (pharmaceuticals and

semi-conductors). However, there are subtle

changes; for example, there is, concerning

gaming, the implied awareness of the vast

energy demands of data centres, and hence

the greater difficulty of achieving carbon

neutrality with the growth of this industry.

Concerning the high-end manufacturing

sector, the vision document envisages the

adoption of Industry 4.0 standards, which

means the integration of IoT (Internet of

Things), AI (artificial intelligence), robotics

and big data. The document also refers to

preparation for Industry 5.0 standards, except

that it is not clarified that Industry 5.0 aims to

recover the centricity of humans in industrial

manufacturing processes.

It is a good idea to envision where Malta should

be going and clarify the sort of Malta we wish

to live in. However, the document published

for consultation does not offer a clear vision

of where we want to be in 2050; there is the

feeling of trying to put together ideas and

suggestions from different actors, even if they

may be in contrast. It feels as if we wish to run

with the hare and hunt with the hounds. Do we

want a green country, with many open green

spaces in our urban spaces, or do we want to

reclaim land around our coasts to transform

this great natural asset of our coastline, both

on the surface along the sea and below? Do

we want urban areas comprising renovated

housing, or do we want high-rise residential

areas? Do we want quality tourism, or are we

still chasing numbers?

Malta Vision 2050 must be widely and

correctly discussed to clarify the vision

that everyone subscribes to. The discussion

should also include alternative scenarios

to give weight to the choices embodied in

the document. When approved, it must not

become yet another document that has been

adopted but remains on the shelves. It is noted

that a document entitled "Malta's Sustainable

Development Vision for 2050" was adopted in

2018. This document is not even referenced in

the current vision for 2050, even though the

executive summary highlights "sustainable

development" as a key objective.

Let us, therefore, be serious about our vision

for the future.


PROMO

OPENING DOORS

The essential guide to buying your first property

With first-time buyers in mind, Housing Authority CEO Matthew Zerafa and Digitalisation, Legal,

and Communications Executive Head Dr Brian Micallef have launched a guide that simplifies

homeownership in Malta. The guide offers expert advice and essential tools to help young people

navigate their most significant financial commitment.

When Sarah, a 28-year-old teacher from Mosta, started looking for her

first home, she didn't know where to start. Her experience is far from

unique. Many young people in Malta share the same ambition but feel

lost navigating the complexities of purchasing their first property.

Stories like these inspired the Housing Authority to create a guide that

demystifies the process and supports first-time buyers every step of

the way.

your financial situation and setting a realistic budget to viewing

properties, navigating the bank loan application process, signing the

promise of sale, completing the final contract, and finally, moving in and

settling into your new home.

Launched during the Public Service Expo, this guide marks a crucial

step in supporting young people as they make one of the most

significant financial and personal commitments in their lives—

purchasing their first home.

For many, this first step can feel both daunting and overwhelming.

With so many factors to consider—financial planning, legal procedures,

property choices, and loan applications—it's no surprise that the

process can seem intimidating. Our ongoing conversations with young

adults and prospective buyers have made it increasingly clear that

while homeownership remains a strong aspiration for many, many don't

know where to start. The lack of accessible, step-by-step guidance

often leaves them uncertain and unprepared for such a significant life

decision.

That's precisely why the Housing Authority has created this guide — to

help bridge that gap. This user-friendly resource walks first-time buyers

through each essential stage of the home-buying process. Structured

into eight straightforward chapters, it covers everything from assessing

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PROMO

In just a few days, the Authority will once again issue the annual

payment for first-time buyers for the third consecutive year. This year,

the scheme will also cover those who purchased their homes last

year, expanding its reach to even more new homeowners. Those who

benefitted from the scheme in its initial year will now receive their third

instalment, continuing the Authority's long-term support for young

people as they settle into homeownership.

We have also launched a dedicated online portal to ensure the guide

remains relevant: https://firsthome.mt/. This portal will be regularly

updated to reflect new schemes or regulatory changes. It also aligns

with the Authority's digital transformation goals, which aim to make

most of our schemes accessible online starting next year.

The online portal features a feedback section where the public can

share their thoughts, helping us keep the guide accurate, helpful, and

responsive to users' evolving needs. For instance, since its launch,

we have already updated the portal to include the Buy Sustainable

Property Scheme, announced by the Building and Construction

Authority. Through this scheme, buyers who purchase an energyefficient

property and sign the final deed after 1 January 2025 may be

eligible for one of two types of grants.

In addition, the guide includes tips on what to watch out for, answers to

commonly asked questions throughout the journey, and information on

the schemes offered by different entities that first-time buyers may be

eligible for. It also provides practical tips for settling into a new home—a

key step that is often overlooked.

Transparency is a core value behind this initiative. Purchasing property

involves numerous professionals and procedures. Consequently, having

clear and accessible information can make a significant difference for

first-time buyers navigating this process.

The success of this guide would not have been possible without the

valuable input and collaboration of a wide range of stakeholders,

including architects, notaries, real estate professionals, commercial

banks, and young prospective buyers. Their insights helped ensure

that the guide is practical and truly reflective of first-time buyers'

challenges.

As part of our ongoing efforts to understand the evolving needs of

our stakeholders, the Housing Authority conducts regular studies,

focus groups, outreach sessions, workshops, and conferences.

These engagements allow us to remain close to all key players in the

sector—from prospective buyers to industry professionals—so we can

understand emerging trends and proactively address them through

informed policymaking and support initiatives.

Our goal is for this guide to make the entire process more

understandable, allowing young people to make informed decisions

while reducing the risk of errors or unexpected setbacks.

This guide complements a range of Housing Authority schemes to

support first-time buyers. These initiatives include those aimed at

making homeownership more accessible, such as the 10% Deposit

Payment Scheme for those lacking sufficient liquidity for the initial down

payment, and others that help ease financial burdens after purchasing

a home. For instance, the Grant for First Residence Scheme reimburses

a percentage of the fiscal receipts submitted by first-time buyers for

construction or finishing works related to completing their first home.

The Housing Authority extends its sincere thanks to all those who

contributed to this initiative and remains committed to developing

further measures that place people, especially young, aspiring

homeowners, at the heart of housing policy in Malta.

In the past two years alone, over 4,900 families have benefitted from the

First-Time Buyer Scheme, which offers a grant of €1,000 per year for

ten years. We have also introduced measures to simplify and streamline

administrative procedures associated with this scheme by removing the

need for yearly documentation submissions. This measure is part of our

broader effort to reduce bureaucracy across all schemes.


POLLUTION

Clearing the air

Tugboat burning polluting fuel at Grand Harbour

With new maritime regulations coming into effect across the Mediterranean, Dayna Clarke

Camilleri interviews Nicholas Barbara, head of conservation at BirdLife Malta, on what

sulphur controls mean for Valletta's Grand Harbour. From the hidden cost of cruise ship

emissions to the urgent push for nitrogen oxide limits, he explains why decisive action is needed

to safeguard public health and natural ecosystems.

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POLLUTION

I

n the heart of the Mediterranean, Valletta's grand Harbour stands as

an iconic gateway for millions of visitors and thousands of vessels

every year. But behind the beauty of Malta's historic port lies an

environmental challenge that has long threatened public health and

biodiversity. As Malta enforces new maritime regulations to improve air

quality, BirdLife Malta is emerging as a voice demanding cleaner skies

and healthier cities.

Nicholas Barbara, a seasoned conservationist and BirdLife Malta's head

of conservation, is leading this charge. With a strong background in

science, ecology, and environmental policy, Barbara has spearheaded

numerous high-impact campaigns focused on nature protection,

sustainable land use, and air quality, cementing his role as one of Malta's

most influential environmental advocates.

You may not see sulphur

in the air, but your lungs will

feel the difference

Furthermore, since 2016, Barbara and his team have pushed for

tighter controls on ship emissions in the Mediterranean. This campaign

culminated in enforcing the Mediterranean Sulphur Emission Control

Area (SECA) in May 2025. But for Barbara, SECA is just the beginning of

a broader, urgent mission.

What tangible improvements should Maltese residents living near

harbours expect to see or feel in the coming months?

While a reduction in sulphur oxides in the air is not something you may

visually perceive, the long-term benefits of less sulphur oxides in the

air will translate into improved air quality and fewer ailments associated

with exposure to air pollution on Malta's population health.

Do you foresee challenges in enforcement or compliance from ships

passing close to or docking in Malta? How is Malta preparing to

monitor compliance?

This is still a grey area that falls under the responsibility of port

authorities and the Environment and Resources Authority. The means

and technology to measure pollutants coming out of individual ships

exist, so there should be no lack of means to undertake this task.

Nicholas Barbara

Cruise ships are a significant concern in Valletta's Grand Harbour.

Can you explain why they are such significant polluters even while

stationary?

Cruise ships are the equivalent of massive hotels. While they are

stationary, they are still a residence for thousands of holiday-makers

who require all the services a luxury boat is expected to have, from

electricity and water supply, catering, air conditioning, and all →

What does the enforcement of the Mediterranean Sulphur Emission

Control Area (SECA) mean specifically for Malta's air quality,

particularly in port areas like the Grand Harbour?

The enforcement of the SECA in the Mediterranean translates to a

reduced sulphur content in the fuel of all vessels operating in the

Mediterranean Sea. After combustion, this will have the added benefit of

reduced sulphur oxides in the air. This is expected to improve air quality

across the region, especially in ports where congested maritime traffic

results, such as the Grand Harbour.

BirdLife Malta has campaigned for this regulation since 2016. How

does it feel to see it finally come into effect, and what role did Malta

play in pushing for this?

It is a great achievement that was made possible by the foresight

of approaching this improvement at a Mediterranean scale along

with our Mediterranean partners. It's an investment in our collective

environmental health that we are proud to be part of.

Cruiseships in Valletta


POLLUTION

activities that require an energy supply. For such reasons, cruise liners

traditionally need to continue burning fuel to generate this energy.

Suppose you picture this energy supply within an area like the Grand

Harbour. In that case, you practically have a small power station going

on, emitting fuel combustion products into the air at the height level

of some areas surrounding the port, such as Floriana residences on

one side and Birgu and Isla residences on the other. Depending on wind

directions, the plumes generated from berthed ships come in direct

contact with residents, reducing air quality in the area with its added

health effects, especially if exposed for long durations.

Your measurements show ultrafine particle concentrations 80 times

higher than clean air levels in the Grand Harbour. What does this

mean in practical terms for public health and biodiversity?

So far, air quality legislation, even at the EU level, has ignored the issue

of ultrafine particles, which are known to penetrate the human body

through respiration. These spikes in concentrations are very evident

whenever a vessel passes through a given area due to fuel combustion

and are directly related to the fuel content and type used.

Taking ultrafine particle measurements at the port

Now that SECA is in place, BirdLife Malta advocates for a Nitrogen

Oxide Emission Control Area (NECA). Why is this the next critical

step?

Nitrogen remains a significant and unregulated source of air pollution in

the Mediterranean. After the success of SECA, it is logical to advocate

for implementing NECA to continue improving the air quality within the

region.

What are the most significant barriers to NECA adoption in the

Mediterranean, and how can civil society organisations help

overcome them?

One of the main challenges to NECA adoption in the Mediterranean

lies in securing the participation and compliance of non-European

coastal states. While European Union countries generally have the

institutional frameworks, regulatory capacity, and financial resources

to implement environmental regulations like SECA and NECA, many

non-EU Mediterranean countries face significant economic and

infrastructural constraints. For example, such countries might find

97% of nitrogen dioxide

readings in Mediterranean

ports exceed WHO

safety levels.

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POLLUTION

groups such as children and older people, and ensure that visitors

are not exposed to harmful air pollution during their stay. Cleaner air

contributes to a more liveable urban environment, enhances the city's

reputation as a sustainable destination, and supports broader efforts to

balance tourism with public health and environmental protection.

How aware do you think the Maltese public is of the health risks from

ship emissions, and what is BirdLife Malta doing to raise awareness?

People residing around the Grand Harbour are very aware of ship

emissions, and some concerns are even nowadays spearheaded by

local grassroots NGOs from harbour regions. However, this issue seems

very much diluted away from port areas and is coming largely due to

a lack of awareness as well as the presence of other more immediate

contributing factors that deteriorate air quality, such as vehicular traffic

and construction emissions.

Can you tell us more about the 'Together Against Air Pollution

from Ships' project and any success stories or milestones achieved

since 2016?

Interview with Dr Axel Friedrich air quality expert during a press

event with air quality measurements at Grand Harbour (June 2023)

challenges in monitoring and enforcing compliance effectively. Civil

society organisations can push for international funding mechanisms

(e.g. through the EU, IMO) that support developing countries in the

region with capacity building, technical training and monitoring tools.

NGOs can promote cross-border collaboration and dialogue between EU

and non-EU states to share best practices and build trust. Civil society

organisations can also lead public awareness campaigns that frame

NECA as a public health issue, making it relevant to local communities.

You mention that 97% of NO2 measurements in Mediterranean

ports exceeded WHO guidelines. How urgent is this issue for port

cities like Valletta?

Port cities like Valletta are home to thousands of residents and serve

as central hubs for tourism, attracting large numbers of visitors yearround.

As a result, the air quality in these cities directly affects the

health of local communities and the experience of tourists. Reducing

nitrogen oxide (NOx) emissions in such areas is therefore critical to

protect the long-term health of residents, particularly vulnerable

'Together Against Air Pollution from Ships' is coordinated by NABU

Hamburg (BirdLife Germany) along with several other international

partners, such as BirdLife Greece and other NGOs in Italy, Spain,

and France. The long-term goal is to establish a network among

Mediterranean countries supporting the establishment of Emission

Control Areas (ECAS) and sustainable shipping in the Mediterranean Sea.

Another notable success story from the project was implementing the

shore-to-ship power system for cruise liners in Valletta. BirdLife Malta

was among the first to advocate for this initiative, where docked cruise

ships are required to connect to the national electricity grid instead

of running their onboard generators and burning fuel. This shift will

significantly reduce harmful emissions in the port area by eliminating

the discharge of air pollutants such as nitrogen oxides (NOx), sulphur

oxides (SOx), and particulate matter while ships are berthed. This

system marks a significant step forward in improving air quality for a

city like Valletta, which is densely populated and frequently visited

by tourists.


THE EDITOR'S POINT

CRACKS AT HOME,

In this MONEY issue, the editor spotlights three defining stories that reveal the

fragility of Malta's political, geopolitical, and regulatory reality. From Roberta

Metsola's careful avoidance of local leadership to Israel's disastrous gamble with Iran

and the collapse of a Paceville building that nearly killed 32 students, these aren't

isolated events. They're warnings, and we'd be foolish to ignore them.

FIRES ABROAD

Metsola's masterclass in

political evasion – and why

it's hurting the PN

B

ernard Grech's resignation may have

unshackled the Nationalist Party from

years of stagnation, but also exposed a

deeper vacuum.

pursued with "no half measures" and pledged

vague support to whoever steps in next.

But let's call it what it is: a refusal to lead when

leadership was needed most.

It's not just the decision that stings—it's the

pattern. Last year, MONEY put forward a series

of questions to Metsola, including:

Hopeful murmurs pointed to one person:

Roberta Metsola. The European Parliament

President and Malta's most internationally

respected political figure was widely seen as

the PN's last, best chance at renewal. But as

pressure mounted, Metsola did what many

feared—she declined the leadership race.

Her official statement, issued in Maltese

and wrapped in patriotic sentiment, was

detailed yet evasive. She cited her global

responsibilities, commitment to her European

role, and the need for "undivided attention."

She insisted the role of PN leader couldn't be

• Does she believe the EU has applied a

double standard by sanctioning Russia

over Ukraine while refusing to hold Israel to

account for its actions in Gaza?

• How does she justify the EU's inaction in

the face of alleged war crimes and ICC

warrants against Israeli leadership?

• What does she make of Malta's rapidly

degrading rule of law and the Nationalist

Party's inability to present a credible

challenge to Labour?

• And crucially, by refusing to step into local

politics, does she not risk becoming part of

the PN's problem rather than its solution?

Roberta Metsola

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THE EDITOR'S POINT

She didn't answer then, and with this latest

statement, she still hasn't. There has been

no engagement with the tough questions,

no honest reckoning with how her political

distance continues to damage the party she

once helped revitalise.

Instead, she has perfected what MaltaToday

aptly called a "Houdini act—dodge, vanish, and

leave." This isn't brave politics. It's strategic

silence. And while it may preserve her pristine

standing in Brussels, it continues to starve the

PN of credibility and direction.

preventing Iran from acquiring a nuclear

weapon. However, a growing chorus of

analysts argue that this was not defensive; it

was a dangerous provocation dressed up as

security. Al Jazeera bluntly stated there was

"nothing pre emptive" about the assault on

civilian and military targets alike.

both sides, disruptions to Gaza, pressure on

European allies, and rising oil prices as markets

brace for a regional conflagration.

It's vital to highlight Israel's escalation not

just as a military tactic but as a strategic

error. Ambiguous "defensive" strikes don't

And here's the painful truth: since their

election defeat 2017, I've consistently argued

that the PN must fundamentally reposition

and rebrand if it intends to survive—let alone

govern.

Malta has changed. The electorate is younger,

more economically mobile, and less tolerant

of political tribalism. Yet the PN has clung

to outdated structures, reheated rhetoric,

and leaders who inspire more nostalgia than

confidence.

The party doesn't need a saviour but a

strategy rooted in modern values, datadriven

policy, and bold clarity. Metsola had the

opportunity to ignite that shift as a symbol and

catalyst. Instead, she's chosen to remain on

the periphery, cheering from the sidelines as

the party drifts further into irrelevance.

Tel Aviv, Israel on June 16, 2025

Her European post is significant, and her

influence abroad is well reflected in Malta. But

this decision wasn't just about duty—it was

about comfort. In doing what's safe, Metsola

has, perhaps unwittingly, reinforced the

culture of caution and detachment that has

paralysed the Nationalist Party for decades.

Israel–Iran: When "pre-emptive

defence" becomes a gamble that

doesn't pay

Last week's dramatic turn in the Middle East

has again upended global stability. On 13 June,

Israel launched Operation Rising Lion, a deep

pre emptive strike involving over 200 aircraft

and drones that devastated Iran's nuclear and

military infrastructure, killing scores of senior

commanders and scientists.

Israel defended this move as vital to

Within 18 hours, Iran invoked its UN Charter

right to self-defence and retaliated with

more than 100 ballistic missiles and drones

targeting central Israel—including Tel Aviv,

Haifa, and Jerusalem. The attacks inflicted

civilian casualties, damaged key research

infrastructure, and spread fear across

the nation. Analysts have suggested that

Israel 'may have bitten off more than it can

chew,' reflecting growing concerns that the

escalation with Iran exceeded its strategic

capacity.

That remark is telling. At stake isn't just

national security—whether a pre emptive

strike, carried out under the guise of "defence",

inadvertently ignites a full scale war.

Your framing is powerfully resonant: "Israel

has chewed more than it can bite." The damage

is tangible: destruction of infrastructure on

deter—they embolden counter attacks, deepen

mistrust, and push diplomacy to the brink.

Meanwhile, Iran's justified and legally

grounded response is far from irrational.

Under Article 51 of the UN Charter, Iran held

every right to strike back. This symmetrical

exchange signals a dangerous trajectory

toward all out war—a trajectory that begins

not with a Hamas rocket but with carefully

calibrated Israeli aggression. →


THE EDITOR'S POINT

Malta's own crisis –

The Paceville collapse and

a broken system

We are left to ask: Who watches the

watchers? In Malta's construction free-forall,

unregulated developers have outpaced

the regulators meant to keep them in check.

The result is not just structural risk — it's a

dangerous house of cards that threatens

public safety, investor confidence, and

national credibility.

The collapse of Tania Flats in Paceville wasn't

just a construction site gone wrong. It was

a systemic failure, long forewarned. In the

days leading up to the incident, two separate

police reports were filed by architects Chris

Mintoff and Michael Formosa Gauci, flagging

severe cracking, misalignments, and structural

instability. Architect Glenn Zammit, alerted by

Mintoff, escalated the matter and insisted on

evacuating the building. Meanwhile, Wallace

Farrugia, the responsible architect for the

site, moved quickly to ensure all 32 student

residents were safely removed just hours

before the collapse. Their foresight saved lives.

What should be hubs of leisure and lifestyle—

Paceville, Sliema, St. Julian's—are increasingly

becoming chaotic construction zones. Noise

pollution drowns out daily life, dust clouds

taint the air, and heritage neighbourhoods

are slowly being chipped away, literally and

metaphorically.

Most critically, this is a matter of public safety.

The 32 students evacuated from Tania Flats

were fortunate—thanks only to the swift

action of architects who refused to stay silent.

But we shouldn't have to rely on last-minute

heroism. The real question is not how this

disaster was avoided but how many more

on developer records, inspection results,

and violations. If a developer has multiple

infractions, the public should know.

• Whistleblower protections for architects,

engineers, or concerned professionals who

report unsafe practices.

• A national registry of high-risk structures

made accessible to residents, buyers, and

local councils.

• A digital complaints system where

citizens can report safety concerns,

tracking response times publicly to ensure

accountability.

Other countries manage to protect lives

But the fact they had to resort to police

reports to be taken seriously says everything

about the current enforcement state. When

building safety relies more on the moral

courage of individuals than on the competence

of the authorities, we are in deep trouble.

Paceville building collapse

This isn't just about one building collapsing

in Paceville—it's about a broader pattern

becoming disturbingly familiar across

Malta. Behind the cranes and concrete lies

a dangerous reality: unsafe developments,

regulators paralysed by bureaucracy, and

developers exploiting loopholes faster than

authorities can react. It's a system where risk

is often ignored until it becomes rubble.

The consequences go far beyond a single

address. Malta's reputation as a safe

Mediterranean destination depends on the

premise that buildings won't collapse on

residents or tourists. That promise is wearing

thin. A Paceville flat crumbling to the ground

just metres from hotels and nightclubs isn't

just a local incident—it's a story that travels.

And when it does, it tells potential investors

and visitors that safety here is not guaranteed.

The environmental cost is no less severe.

are quietly building up, brick by brick, behind

closed permit offices and unfinished site

inspections.

There is no ambiguity: Malta must urgently

enact a legally binding National Building Code

that is regularly enforced, transparent, and

updated. The code should include:

• Mandatory structural risk assessments are

required for all buildings over 30 years old

and for any property adjacent to demolition

or excavation works.

• Pre-construction certifications for

any proposed demolition or excavation

project, with sign-off required by licensed

structural engineers—not just architects or

contractors.

• Immediate cease-work orders are

enforceable by OHSA and BCA officials onsite,

with stiff daily penalties for breach.

• Transparent, real-time public reporting

without suffocating growth. Malta can do the

same, but only if we stop treating safety as an

inconvenience and start treating it as a nonnegotiable

development foundation.

Let's be clear: Chris Mintoff, Glenn Zammit, and

Wallace Farrugia did what the system failed

to. They assessed the risks, took immediate

action, and spoke up — even when the

institutions they reported to were sluggish.

Their professionalism turned what could have

been a mass casualty event into a story of

near-miss and accountability.

But we may not be so lucky next time. If these

men had hesitated, we'd write about funerals,

not failures.

Their actions must be applauded and

enshrined in how this country reforms its

building sector. It's time we stopped relying on

heroes and started building systems.

40

ISSUE 86

MONEY

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DEVELOPMENT

LIVEABILITY

BY DESIGN

Economist Orlanda Grech explores emerging indicators, the growing price tags, and the

need for collaborative planning and business-led innovation as keys to building fast-growing

islands that are economically, environmentally, and socially resilient.

M

alta's economy has benefitted from

sustained development, with the

construction sector contributing

significantly to GDP and employment. But

as urbanisation intensifies, we ask a timely

and strategic question: how can the country

ensure that growth enhances, rather than

undermines, long-term liveability? Are we

building faster than we can live?

Rapid growth has sparked meaningful

conversations about better aligning

development with long-term quality of

life. Malta's developers and the broader

construction sector have played a central role

in modernising the country's infrastructure

and driving economic growth.

Large-scale investment in residential,

commercial, and tourism-related projects

has reshaped the urban landscape, created

employment, and contributed substantially to

GDP. From new road networks and high-rise

developments to the regeneration of derelict

areas, the sector has been at the forefront of

transforming Malta into what we know today.

As the country evolves, there is growing

momentum within the sector itself to adopt

models that enhance liveability. Indeed, the

next chapter of development will be about

building more and building smarter. This shift

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requires leadership from developers who

prioritise long-term quality over short-term

gain, architects who integrate sustainability

into design, and policymakers who enforce

standards and incentivise innovation. The

opportunity lies in a shared vision that places

community wellbeing at the heart of urban

transformation.

Emerging indicators and hidden price tags

We often see urbanisation as a sign of

progress, but we don't always count the costs.

Data-driven indicators reveal some of the

social, environmental, and economic tradeoffs

that accumulate beneath the surface of

rapid development.

reflecting the construction boom. Malta

also has one of the most fragmented

landscapes in Europe, averaging 17

landscape objects per km² compared to an

EU average of 2.7 – 5.5 as of 2021 [1] .

• Tree loss and Air quality pressures: Malta's

tree cover decreased by 11ha (12%) from

2000 to 2020 [2] . Dust and particulate

matter from construction contribute to air

quality issues, with PM10 levels frequently

rated as "Poor" or "Fair" [3] .

• Construction and Demolition Waste (CDW)

makes up around 80% of Malta's total

waste, compared to 30% in the EU. In 2023,

total waste rose to 2.9 million tonnes, a 7%

increase from the previous year, mainly due

to non-hazardous mineral waste [4] .

Environmental indicators

• Malta has undergone significant land use

changes in recent decades. As of 2018,

27.5% of land was classified as artificial,

the highest in the EU. Agricultural land

has declined sharply, from 180 km² in

1961 to 87.5 km² in 2021. Urban planning

applications surged in the past 10 years,

Economic indicators

• More than 60% of first-time buyers are

individual buyers [5] , and the majority of

the population (around 80%) own their

house rather than rent [6] . Yet, the price-toincome

ratio stood at 14.2 in 2024, down

slightly from 14.8 in 2023 but still above

2017 levels. Median apartment prices →


DEVELOPMENT

increased by over 40% in 7 years, from

€200,326 in 2017 to €285,000 in 2024 [7] .

Renters at market rates spend an average

of 24.8% of their income on housing, with

nearly a third overburdened [8] . A growing

affordability gap for specific segments of

society, particularly low-income earners

and younger generations, coupled with

changing lifestyles and priorities, is

becoming tangible.

• Urban sprawl also raises the cost of

delivering public services. According to

OECD estimates, a dispersed development

pattern can triple the cost of infrastructure

like water, electricity, and waste

management [9] .

Development

must be measured

not just in square

metres, but in

wellbeing.

Social indicators

• Dense construction is changing some

of Malta's traditional villages and quiet

neighbourhoods, impacting community

identity. Old buildings are replaced by

generic blocks, local shops are displaced,

and a growing diverse population can

strain existing social networks, leading

to a diminished sense of belonging and

identity. A 2023 local perception study

found that overdevelopment has led to a

loss of Malta's traditional social landscape,

its sense of social cohesion and community

connectedness [10] .

• Another growing issue is mental stress

linked to noise, visual pollution, traffic,

and overcrowding. Rising costs, fewer

quiet spaces, and reduced recreational

areas contribute to a sense of unease.

Increasingly accessible public green and

open spaces create physical activity, play,

and community interaction opportunities.

Going forward

Addressing Malta's development challenges

requires more than reactive fixes. Several

forward-looking pathways can offer some food

for thought and considerations towards a more

liveable urban future:

1. Addressing speculative investment

trends and ensuring housing serves as a

home, not just an asset for rapid capital

gain, especially given the limited local

investment alternatives. For instance,

implementing higher progressive taxes

on vacant properties, especially those

left empty for extended periods, could

encourage properties back onto the rental

[1] European Environment Agency (EEA). (2021). Land

take in Functional Urban Areas, 2012–2018. Retrieved

from https://www.eea.europa.eu/en/analysis/maps-andcharts/land-take-in-functional-urban-data-viewers

[2] Global Forest Watch (GFW). (2024). Malta

Deforestation Rates & Statistics. Retrieved from https://

www.globalforestwatch.org/dashboards/country/MLT/

[3] Environment and Resources Authority (ERA).

(2023). Air Quality Plan for Malta 2023. Retrieved from

https://sustainabledevelopment.gov.mt/wp-content/

uploads/2024/10/Air-Quality-Plan-for-Malta-2023.pdf

[4] Ministry for the Environment, Climate Change

and Planning. (2021). Construction and Demolition

Waste Strategy for Malta 2021–2030. Retrieved from

https://sustainabledevelopment.gov.mt/wp-content/

uploads/2024/10/Construction-and-Demolition-Waste-

Strategy-for-Malta-2021-2030.pdf

[5] Housing Authority. (2025). Boosting the Purchasing

Power of Homeowners. Retrieved from https://

housingauthority.gov.mt/wp-content/uploads/2025/03/

Boosting-the-Purchasing-Power-of-Homeowners.pdf

or sale market. Also, revisiting capital gains

tax policies to discourage quick flips of

properties (e.g., higher taxes on properties

sold within a short timeframe after

purchase) could curb speculative buying.

2. Providing genuinely affordable and stable

community-controlled housing options

radically departs from the purely private

market model. For instance, Community

Land Trusts (CLTs) can acquire and hold

land permanently for the benefit of the

community, leasing it to homeowners

(who own the building but not the land)

at affordable rates. Housing Cooperatives

are another option where residents

collectively own and manage their housing

units, pooling resources to reduce

costs and foster community. Public-

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DEVELOPMENT

The next chapter

isn't about building

more—it's about

building smarter.

introducing urban water elements like

fountains—will facilitate ground cooling and

offer localised relief. Furthermore, enacting

Passive Design Requirements for new

constructions, including optimised window

placement for cross-ventilation, external

shading, and high-performance insulation,

will lessen reliance on air conditioning and

promote natural cooling.

4. Challenging the assumption that density

must mean high rise. While high-density,

low-rise urban forms might have a

comparable or slightly larger building

footprint per person than high-rise

developments, their overall urban land

consumption is significantly less due to

reduced sprawl. They offer substantial

environmental benefits, lower embodied

carbon emissions from construction

materials and complex engineering, and

improved operational energy efficiency

through shared walls. Promoting designs

that maximise internal green spaces,

natural light, and ventilation within multiunit

dwellings is often achievable with

3-5-storey buildings. Shared gardens,

rooftop spaces, and integrated retail also

enhance the liveability of the mid-rise to

strengthen the community feel.

private-community partnerships also

see the government provide land or seed

funding, and the private sector builds,

with community organisations managing

the long-term affordability and tenant

selection.

3. Comprehensive design and policy solutions

are essential to proactively mitigate the

Urban Heat Island (UHI) effect and bolster

resident resilience against heatwaves in

densely built environments. Making cool

roofs and façades mandatory and using

reflective materials on building exteriors

will significantly reduce heat absorption,

lower indoor temperatures, and reduce

UHI. Implementing Permeable Paving and

Water Features—replacing impermeable

asphalt with permeable materials and

[6] Housing Authority. (2024). The Housing Authority's

Homeownership Schemes. Retrieved from https://

housingauthority.gov.mt/wp-content/uploads/2024/09/

The-Housing-Authoritys-Homeownership-Schemes.pdf

[7] KPMG Malta. (2024). Construction Industry and

Property Market Report 2024. Retrieved from https://

www.kpmg.com.mt/

[8] Eurostat. (2023). Share of housing costs in disposable

household income by type of household and income

group. Retrieved from https://ec.europa.eu/eurostat/

databrowser/view/ILC_MDED01/default/table

[9] Organisation for Economic Co-operation and

Development (OECD). (2018). Rethinking Urban Sprawl:

Moving Towards Sustainable Cities. Retrieved from

https://www.oecd.org/en/publications/rethinkingurban-sprawl_9789264189881-en.html

[10] Environment and Resources Authority (ERA).

(2023). Improving Wellbeing in Malta's Towns and

Villages. Retrieved from https://era.org.mt/pressreleases/era-concludes-study-aimed-at-improvingwellbeing-in-maltas-towns-and-villages/

5. Blue urbanism for Malta integrates water

management, coastal resilience, and

sustainable marine resource use into urban

planning. This means mandating integrated

water management in developments

(rainwater harvesting, greywater

recycling, sustainable urban drainage

systems - SUDS) to manage stormwater,

reduce desalination use, and recharge

groundwater. Coastal projects must also

incorporate setbacks and natural defences

against sea-level rise and storm surges.

Nationally, Water-Sensitive Urban Design

(WSUD) is key to creating public spaces

that manage water as an asset, including

features like rain gardens and permeable

pavements.

A smarter, more liveable Malta is within

reach — but it will require joined-up thinking,

timely planning, and courage from public

and private actors: industry, policymakers,

environmental stewards, and individual

citizens alike. Balancing economic dynamism

with environmental sustainability and social

wellbeing remains vital.


F U T U R E S

BUILDING

THE

FUTURE(S)

What will Malta look like in 2050? Engineer Dr Jeanelle Arpa

and Perit Alannah Xuereb explore four climate futures—from

collapse to transformation—through EY Malta's futurology

experience. Their analysis reveals how today's decisions will

shape our built environment's resilience, equity, and liveability for

future generations.

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F U T U R E S


F U T U R E S

I

magine if you could look 10, 20, or even

50 years into the future – what would

you see, and how would you react if the

visions you saw were less than appealing?

These questions are at the heart of EY's Four

Futures experience, an immersive exercise

in the field of futurology pioneered by famed

American professor Jim Dator. Leveraging

scientific research, scenario analysis, and

disruption map techniques, the experience

merges compelling storytelling with impactful

AI visuals to transport viewers into different

climate alternatives of the world in 2050.

The exercise follows the observance that most

future trajectories typically align with one of

four recurring archetypical scenarios, and

climate change is no different.

The first scenario, Business as Usual, depicts

a future of unchanged behaviours. Persistent

emissions, poor planning, and situational

firefighting result in 3 degrees of warming by

2100. Some regions suffer disproportionate

ramifications, especially those with fragile

governments, inadequate resources, and

vulnerable geographies.

The Collapse scenario foresees a dire future

of irreversible climatic chaos that triggers

drought, famine, disease, and violent conflict.

Multiple climate tipping points are crossed, and

the world bakes under a projected 4 degrees of

warming by 2100.

In the Constrain scenario, countries

experience strict authoritarian control as the

world attempts to limit warming to 2 degrees

by 2100. Rationing, surveillance, and erasure

of freedom have become standard parts of

everyday life.

In April 2025, EY Malta partnered with the

Climate Action Authority and the Malta

Chamber to adapt these global climate

scenarios to the island's unique geographic,

economic, and cultural realities. The exercise

explored pertinent themes such as food, water,

and energy security, the robustness of our

healthcare system, economic resilience, and

disaster preparedness, amongst many others.

Malta offers a vibrant ground for scenario

analysis, each path defined by its distinct

quirks, complexities, and opportunities.

As a practising structural engineer focusing

on ESG, Alannah draws on her perspective to

reflect on the implications of these scenarios

for the local built environment. Like many

Mediterranean nations, Malta faces particular

vulnerabilities to climate change, with its

buildings and infrastructure both significant

contributors to environmental degradation

and highly exposed to climate-related risks.

How we plan, construct, retrofit, and inhabit

our buildings will shape our environmental

footprint, resilience, and quality of life.

The scenarios presented below paint four

potential pictures of Malta's architectural and

infrastructural landscape, urging the reader

to imagine what the future might hold for our

beloved homes and places of work, learning,

culture, and leisure.

First scenario: Business as Usual

(+3°C by 2100)

By the 2070s, Malta's unrelenting summers

stretch from April to October, with daytime

temperatures frequently soaring above 43°C.

Air conditioning is no longer a matter of

convenience but of survival. The traditional

sun-kissed houses of character, once designed

for cool Mediterranean breezes with inwardfacing

courtyards and thick limestone walls,

now trap heat like ovens and retain the day's

warmth deep into the night.

As midday heat becomes hazardous, labourers

are increasingly forced to adjust their working

hours, retreating from the sun to avoid

dangerous ambient conditions. Construction

crews pour concrete under floodlights. Waste

collection shifts to cooler hours. The sounds

of heavy machinery and delivery trucks echo

through narrow streets, keeping neighbours

awake throughout the night. Productivity

drops as exhausted workers cannot rest, and

their wages stagnate.

At the same time, flash floods become more

frequent and violent, and the overwhelming

streets and infrastructure were never

designed for such intensity. Coastal

properties, once the jewels of Maltese real

estate, are worn down by storm surges and

salt-induced corrosion. Flooded basements

destroy irreplaceable belongings, spreading

mould and dampness throughout entire

homes, escalating health risks for its

occupants. With energy demand surpassing

supply and insurance premiums through

the roof, the ability to adapt becomes a

privilege. Wealthier residents retrofit their

homes against the changing climate, while

the rest face overheating, water scarcity and

structural risks as housing inequality worsens.

It is a fragile comfort, unequally distributed.

Finally, the Transform future envisions a

radical shift where individuals and businesses

are empowered to reshape the trajectory of

climate change, limiting warming to just 1.5

degrees by 2100.

Collapse is not inevitable. But neither

is transformation. The difference lies in

how we act now.

Second scenario: Collapse (+4°C by 2100)

By 2090, Malta is barely recognisable.

Heatwaves regularly spike past 48°C, and

nightfall offers no relief, with temperatures

lingering above 30°C. The absence of natural

cooling fuels a vicious cycle of heat retention.

Urban centres are deserted during daylight

hours, labelling the once lively neighbourhoods

as "unliveable zones". The summer tourist

season, once a cornerstone of the economy,

has all but disappeared as Mediterranean

summers are now too dangerous to enjoy.

Malta's tourism economy collapsed and, with

it, is a significant pillar of national income.

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The built environment begins to fail. Thermal

expansion and contraction fatigue concrete

structures, accelerating their degradation

exponentially. Steel reinforcement expands,

corrodes, and cracks under stress. Along

the coasts, the damage intensifies: saline

intrusion creeps into foundations, accelerating

deterioration and compromising entire

seaside villages. Sea levels have risen close

to a metre—Sliema, Gzira, and Msida areas

are partially submerged. Inland, informal

settlements sprout up as people flee the coast

and urban overheating.

Power outages occur daily, and water is

scarce. Imports are irregular. Emergency

retrofits become the only growth sector in

construction. Heritage buildings, churches

and limestone fortifications are lost, too

costly to save and too brittle to withstand the

combined forces of heat and salt. Regulations

buckle under the urgency of improvisation.

Social tensions grow. Meanwhile, climate

refugees arrive from the worsening conditions

abroad, increasing demand for shelter and

placing further pressure on the already failing

infrastructure.

The physical landscape is one of decay and

retreat. The crisis lies in temperature and the

cascading breakdown of systems we once

trusted to protect us.

Third scenario: Constrain (+2°C by 2100)

It is the year 2060, and Malta has stabilised

its trajectory. The country has implemented

aggressive regulatory action while coping

with considerable environmental stress. The

transformation began in the 2030s when

the EU enforced net-zero construction and

stringent building codes in response to rising

risks and cumulative climatic tragedies.

Retrofitting existing stock is not optional

– subsidies exist, but so do penalties for

non-compliance. All new buildings must meet

high-performance standards: thick insulation,

ventilated façades and durable construction

materials.

Public buildings have taken on dual roles:

schools and churches double as daytime

cooling centres, clinics operate off-grid during

crises, and solar farms are rising. The visual

identity of Maltese towns has inevitably

shifted to include overhangs, green roofs and

white façades. Coastal defences are functional

but expensive, while permeable pavements

and bioswales manage flash flooding. While

summer tourism declines, the country adapts

by shifting activity to spring and autumn.

Still, this future is not without tension.

Cooling is rationed; consumption is measured.

Developers who fail to meet climate

standards face hefty fines or are denied

permits. Large landowners must comply

or sell. Affordability remains challenging:

not everyone benefits equally, and debates

emerge over state property acquisitions

and private sector involvement. There is

discomfort in the controls, but also security.

Throughout, innovation blooms and digital

infrastructure management advances rapidly.

The island has become a model of managed

resilience, proving that adaptation through

governance and design is possible – but only

with sustained political will and communal

restraint. Society adjusts to new norms, and

while not everyone thrives, collapse is avoided.

Fourth scenario: Transform (+1.5°C by 2100)

Welcome to the year 2080. Malta is no longer

defined by what it escaped but by what it

chose to embrace. As early as the 2030s, the

country initiated a profound transformation—

not just of its infrastructure but also its social

priorities, economic direction, and national

identity. In confronting risk, opportunities

for innovation emerged. Today, it stands as a

shining example of what climate resilience and

low-carbon development can look like.

As temperatures rose and sea levels

threatened each passing year, Malta swiftly

adapted. The gas-fired plants that once

powered the island were gradually sidelined

in favour of offshore renewables, solar

technologies and stronger energy links with

mainland Europe. A smart, decentralised

grid supported by batteries now delivers

uninterrupted energy, even during extreme

weather. Power cuts are a relic of the past.

Renovation policies became the backbone

of the built environment. Shaded terraces,

botanical streetscapes and living façades

now characterise towns and villages. New

buildings integrate digital twin models into

their operations: optimising performance,

flagging real-time maintenance, and producing

more energy than consumed. Tourists visit

not for the beach alone but to experience

climate-responsive architecture and cultural

reinvention.

This future was neither immediate nor

effortless. It required cultural shifts, long-term

planning and collective effort. Citizens became

collaborators of change while schools, local

councils and businesses worked together,

united under one shared vision. In the face of

climate risk, Malta chose governance, equity

and imagination. Now, it lives in respectful

coexistence, not in fear of the climate. While

other countries struggled to stay afloat, Malta

chose to lead.

Each of these futures is a version of Malta

shaped by climate and today's choices. Rooted

in scientific consensus, each pathway could

reshape our physical experience of urban life:

the heat we feel indoors, the integrity of our

structures, the air we breathe, the spaces we

occupy, and the stresses our infrastructure

bears. The built environment is our frontline:

our shelter, legacy, and reflection of foresight

or failure. Most importantly, we must

understand that these are not distant fictions…

they are lived possibilities. Let's choose the

narrative we want to live in.


OPINION

VISION

OR

MIRAGE?

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OPINION

Malta's GDP has more than doubled in a

decade, but has the nation truly prospered?

Manuel Delia dissects Vision 2050's hopeful

narrative, exposing the uncomfortable

truth behind Malta's economic miracle:

rising inequality, unsustainable growth,

and policies fuelled by numbers rather

than people. Is our national "success" just a

mirage?

D

espite Malta's significant economic and social gains, global

shifts—such as climate change, technological advances, and

demographic changes—require a unified and forward-looking

response to secure long-term sustainability and competitiveness."

That's the unimpeachable inspiration, as they call it, behind the

government's proposed vision for Malta in 2050. They say we've done

very well for ourselves, but not everything is under our control. Some

factors may harm us, and some opportunities may pass us by unless we

act quickly to seize them. Let's devise a plan to prevent that.

That is worth examining. Evaluating the basic assumptions, including

the initial inspiration, is an excellent starting point for any analysis.

Let's start with the bit about having done well for ourselves. Really?

If we apply the classical measure of gross domestic product, Malta has

been a little short of a miracle. In the last ten years alone, GDP shot up

by 153%. We've more than doubled the country's productivity over the

last decade, and that's with COVID in the middle. In today's prices, we

produced 10.8 billion US dollars in 2013. We produced 22.3 billion US

dollars in 2023. Are we more than twice as rich as we were a decade

ago? Most people aren't.

There are now many more of us than there were ten years ago. We have

increased by about a third, rising from around 400,000 people to nearly

600,000. During these ten years, the share of foreign nationals living

in Malta rose from just over 5% to more than 25% of the population

residing here. →


OPINION

More people doesn't mean

more prosperity — just more

pressure.

That means 100,000 more people are working, earning salaries, driving

consumption, and contributing to our gross production. Consider that

more than half of our GDP comes from household consumption. The

more people we have, the larger the production numbers.

There's good news and bad news. The good news is that the foreign

resident population primarily comprises people who work and,

therefore, contribute to the rising costs of supporting those who don't.

The dependency ratio calculates the number of individuals over 65

for every 100 working-age people (between 20 and 64). If we were

to exclude foreign labour, the dependency ratio increased from 28.2

to 41.8 over the last 10 years. However, the dependency ratio for the

foreign population living here decreased from 17.0 to 4.4 in the same

period. This indicates that more individuals are coming here to work

rather than to retire, alleviating the pension crisis.

The bad news? More than 60% of foreigners here are men, which

challenges integration and happiness. Speaking of integration, consider

the turnover of foreigners residing here: 42,000 people arrive each

year to start working, while 21,000 leave annually. Most of them are

individuals from outside the EU, and alone, they constitute a quarter of

our workforce.

This rapid increase in population accounts for nearly all the GDP growth

we have registered in the last 10 years. There has been no material

impact on most people's wealth. Isolate all other considerations:

background shifts in the economy, external forces, etc. To do this,

compare Malta to Cyprus, a country with a similar economic profile that

has been exposed to EU membership for as long as we have. It is very

likely that anything outside the country that will help or hurt us will

also help or hurt them. However, while our population increased by 31%,

theirs increased by only 8%. Ten years ago, Cyprus's GDP per capita was

around 2,500 euros higher than Malta's. Ten years later, it's 3,000 euros

higher.

There are more of us now; some have done very well for themselves.

However, on average, we're all poorer. So poor, in fact, that nearly

50,000 people among us cannot afford to pay for even the most basic

living needs. Another 160,000 cannot afford to take a week off each

year. If, for a moment, we exclude the foreign population boosting our

numbers, half of us will be struggling, and one-eighth of us will be truly

impoverished.

Our economic and social gains are undoubtedly significant. However, our

failure to share the wealth is equally considerable.

We are not entering the next thirty years with a clean slate. Some

decisions regarding our economic future have already been made for

us based on the priorities established over the last ten years. Some of

those decisions are truly perplexing. Consider tourism, which has been

a cornerstone of our economic development for the better part of the

last sixty years. Ten years ago, 1.6 million tourists visited us, which felt

like a substantial number. That figure has now risen to 3.6 million visitors

a year. However, new hotels are either under construction or in the

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OPINION

GDP is growing. Our wealth?

Not so much.

planning stages. If we are to maintain current occupancy levels, we will

soon need nearly 5 million tourists a year.

The patterns that emerge from tourism are similar to our wider

economic profile. To maintain revenue and wealth at their current levels,

we need more people all the time. Vision 2050 acknowledges that we

need more space as well. We will not invade Poland to acquire more land

for our people, but we seem determined to smother the seabed to build

new islands to accommodate all those newly imported labourers and

tourists. We need to spend, waste, and consume more merely to stay

exactly where we are.

That is the complete opposite of sustainability.

Sustainability is doubtful as it stands. It's not just that we have more

people on our roads; most have cars. Over the last 10 years, vehicles

have increased by 100,000, now totalling nearly half a million. More

than 55,000 people in Malta own more than one car. That's one-tenth

of Malta's population, including foreigners. This is one of the highest

numbers of vehicles per capita in the world. You know what hasn't

grown much in the last ten years? The roads those cars are driving on.

More labour and tourists will increase pressure on the same clogged

roads.

Where are all those new imported labourers going to live? It seems

we're set for that. For the first time in living memory, new housing units

coming onto the market have, since COVID, exceeded demand. That's

about 26,000 new housing units in short two-year bursts. How many

more of that can we possibly have?

Now consider the inspiration for Vision 2050 and its entirely reasonable

focus on climate change. We can expect less rainfall, even though we

know that more people will need water to drink. This means we will need

to desalinate more water, increasing pressure on space and our energy

demand. As the construction of buildings and roads encroaches upon

open space, there will be fewer opportunities to harvest rainwater. We'll

also need more treatment plants to process the ever-increasing waste.

There's talk in the Vision 2025 document that GDP alone is no longer a

sufficient measure of our success. I hope that when you read this, you

can join the chorus of damn right. The document is not specific about

what we should be measuring instead. We can adjust GDP for income

distribution, but those poverty figures may dampen spirits somewhat.

On the positive side, we should start measuring volunteer work, but

against that, we'd have to subtract the cost of crime and corruption.

You'd have to wonder how that would impact statistics from the

financial and gaming industries. Not to mention government spending.

The cost of pollution would also need to be subtracted. We wouldn't be

so eager to build new offshore islands with more hotels and cars to clog

them, would we?

Perhaps we should reevaluate what inspires us before we continue to

wallow in this unsustainable, self-destructive mess.


PROMO

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PROMO

EPIC SWITCH

Driving the future with Muscats Motors' all-electric fleet

In a move that accelerates environmental responsibility and brand visibility,

Epic Malta has rolled out a new fleet of fully electric vehicles

supplied by Muscats Motors, marking another milestone in the shift toward

sustainable corporate mobility.

The fleet, cloaked in Epic's signature yellow,

features a brilliant mix of MINI Cooper 3-Door

Electric models and the much-lauded MG4

Electric. The result? A punchy blend of style,

performance and green credentials.

Compact yet bold, the MINI Cooper Electric

delivers up to 234 km of WLTP range. Its small

footprint, premium interior and iconic handling

make it tailor-made for Malta's urban sprawl

— and an instant win for companies seeking a

zero-emission edge without compromising on

identity.

EV portfolio, bespoke advisory approach, and

strong after-sales support continue to make

it a go-to partner for businesses looking to

electrify intelligently.

Innovation meets intention. With bold colours,

clean energy, and strategic foresight, Epic

and Muscats Motors aren't just keeping up —

they're charging ahead.

To explore the EV lineup, contact

info@mml.mizzi.com.mt.

The MG4 Electric brings a different kind of

muscle to the road. With a range of up to 450

km on a single charge, it offers more space,

tech, and practicality for longer drives or

heavier usage. Thanks to its futuristic design,

agile performance, and excellent value

proposition, it's fast becoming a corporate

favourite.

For Epic, this transition isn't just about

swapping petrol for power sockets. It forms

part of a wider sustainability roadmap that

aligns operational needs with climateconscious

thinking. It's a signal that progress

doesn't just happen through connectivity

but also through responsible infrastructure

choices. Muscats Motors's collaboration

reinforces its position at the forefront of

Malta's electric vehicle market. Its growing


REGENERATE

MALTA, ASSEMBLE!

Restoring what matters, reimagining what's next

Malta Vision 2050 charts a bold new path rooted not in relentless expansion but in

meaningful regeneration. JP Fabri makes the case for transforming abandoned buildings into

vibrant spaces that honour our past, revitalise communities, and shape a more sustainable,

inclusive, and resilient Malta for future generations.

W

ith the launch of Malta

Vision 2050, the country

has embraced a bold,

forward-looking blueprint to

secure a higher quality of life

for all citizens. At the core of

this vision is an innovative and

sustainable approach to land use,

prioritising regeneration over

relentless expansion. As Malta

confronts pressing challenges

such as overdevelopment, urban

sprawl, and infrastructure strain,

it is time to make the regeneration

of old and abandoned buildings

a national priority. Real estate

regeneration is a planning tool

and a social, economic, and

environmental imperative that

aligns perfectly with Malta's

aspirations for resilience, heritage

preservation, and inclusive

growth.

Malta's limited landmass demands

that every square metre be

used thoughtfully. Vision 2050

explicitly acknowledges this

through its strategic pillar of

"Smart Land and Sea Usage,"

which promotes compact, livable

communities and calls for a

shift toward renovation and

sustainable spatial planning.

The potential of regeneration

lies not just in rehabilitating

derelict structures but in

reviving the soul of communities,

creating affordable housing, and

supporting local economies.

Across Europe, regeneration has

proven to be a powerful catalyst

for urban renewal, economic

vitality, and cultural vibrancy.

A compelling case study is the

regeneration of Bilbao, Spain.

Regeneration is not just

about buildings — it's about

belonging.

Once a declining industrial city,

Bilbao's transformation was

anchored by rejuvenating its

derelict riverfront and industrial

sites. At its heart was the

Guggenheim Museum, but the

project went far beyond iconic

architecture. It involved social

housing, green spaces, and

integrated public transport,

making Bilbao a symbol of

successful regeneration and

a magnet for investment and

tourism. Closer to Malta's

context, Lisbon has harnessed

its architectural heritage by

restoring old buildings into

modern housing, creative hubs,

and co-working spaces, all while

preserving the city's charm. This

renaissance, supported by publicprivate

partnerships (PPPs), has

energised neighbourhoods once

written off as beyond repair.

The National Planning Framework

of Ireland offers another

instructive model. Under Project

Ireland 2040, a dedicated

€3 billion Regeneration and

Development Fund was created

to drive compact growth and

support the reuse of brownfield

and infill sites, especially in city

and town centres. The goal was

not merely urban beautification

but to generate jobs, provide

housing, and reduce car

dependence, all by leveraging

existing assets. Notably, the Irish

model emphasised the strategic

use of public lands and created a

national development agency to

coordinate efforts, a model Malta

could emulate.

For Malta, regeneration offers

a pathway to correct past

planning mistakes. Too often,

we've witnessed the destruction

of characterful urban cores in

favour of anonymous high-rises

that fracture communities and

overwhelm infrastructure. Many

of Malta's abandoned buildings,

particularly in urban and village

cores, are architecturally rich

and structurally sound. They

carry stories, memories, and a

distinct sense of place. Restoring

these structures, we conserve

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our cultural heritage and create

spaces supporting modern living,

affordable housing, artist studios,

start-up hubs, or senior living

facilities.

But for this to happen, a shift in

mindset is needed. Regeneration

must be elevated from a niche

policy to a cornerstone of Malta's

planning philosophy. This begins

with a strategic inventory of

underutilised and abandoned

island buildings. An openaccess

national registry could

help identify priority sites for

regeneration, supported by clear

incentives for private developers

and social enterprises willing to

take on complex rehabilitation

projects. This should be coupled

with the streamlining of planning

processes for redevelopment,

especially where sustainability

and heritage protection are

embedded into the design.

Crucially, regeneration should not

be left to the government alone.

Public-private partnerships are

essential to unlocking capital,

mixed-use spaces, provided they

maintain architectural integrity

and meet energy efficiency

standards. Meanwhile, the state

can contribute land or offer cofinancing

mechanisms to de-risk

projects that may otherwise be

commercially marginal.

Malta Vision 2050 emphasises

governance, digital

transformation, and sustainable

economic growth as key enablers.

Regeneration touches on all three.

It requires adaptive regulatory

frameworks that reward rather

than punish good design. It

benefits from digital tools such

as building information modelling

(BIM), which can reduce costs and

improve accuracy in restoration

projects. It also stimulates growth

in sectors like construction,

heritage tourism, and the creative

economy, aligned with Malta's

ambition to prioritise quality

over quantity in its development

model.

Beyond economics and

sustainability, regeneration is

about people. It is about giving

Derelict does not mean

worthless. It means waiting

to be reimagined.

residents renewed pride in their

neighbourhoods, fostering social

cohesion, and ensuring that

Malta's progress is not measured

in new builds alone but in the life

and vitality of its communities.

The opportunity is palpable as

one walks through the neglected

parts of the three cities, Marsa

and other localities. These are not

zones of decay; they are zones of

potential.

If implemented boldly and

collaboratively, a national

regeneration agenda can be one

of the defining legacies of Malta

Vision 2050. It aligns with the

country's core identity as a place

where history and modernity can

coexist. It speaks to a generation

that values authenticity,

sustainability, and innovation.

It answers the growing public

sentiment that the country

must find a new development

model rooted not in expansion

at all costs but in stewardship,

creativity, and renewal.

The time has come to look not

outward but inward to restore

what we have, reimagine what's

possible, and regenerate the

spaces that will define Malta's

next chapter. Real estate

regeneration is not just a

technical fix. It is a moral and

strategic choice that must sit at

the heart of Malta's journey

to 2050.

expertise, and speed. PPPs can

bridge the gap between Malta's

planning vision and market reality.

For instance, developers can be

incentivised through tax credits

or density bonuses to redevelop

listed buildings into affordable or

Hastings area regeneration proposal

AP Valletta


RETHINK

THE ILLUSION

OF SUSTAINABILITY

In a world quick to label actions as "sustainable," Ed Muscat Azzopardi urges us to dig

deeper. True sustainability demands more than doing "less harm"—it calls for a radical,

long-term rethink of how we build, consume, and value our surroundings. Anything less

is just an illusion we can't afford.

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W

e throw the word 'sustainable' around and hardly

ever stop to consider the full reach of its meaning.

It has come to be associated with any activity,

resource use, or process that negatively impacts the

environment less than a comparable equivalent.

interconnected ecosystem. What might sustain us at the

expense of any other species is not, in fact, sustainable for

the entire ecosystem.

From there, we build upwards and consider the multiple

ways in which our activities can be sustainable.

That isn't really sustainable. Neither does it encapsulate

the whole meaning of sustainability.

For something to be sustainable, it must be upheld over

time without causing harm or depletion to its environment,

society, and the economic ecosystem it forms part of.

It implies that our actions today do not impede future

generations from meeting their own needs.

If we are to leave an inhabitable planet for our progeny,

we cannot leave the old "do a little less harm" definition

of sustainability on the table. We must wrap it in recycled

paper and deposit it in the recycling bin. Even a neutral

stance is unsustainable. Unless we look at our constructed

environment with a view to reverse the staggering amount

of harm that we are causing to the natural environment, we

are neglecting our duties towards future generations.

The starting point

Let's start from the most essential point of departure - our

point of view. We depart from a grossly anthropocentric

view of everything we do, which is crucial when

discussing sustainability. While we are the species we are

concerned about most, we are but one link in an intricately

Let's consider that global cement production is

accountable for 8% of our CO2 emissions. We can see that

the construction industry is a major contributor to the

sustained environmental damage. And that is simply the

view of one side-effect of a single material (before we even

consider the impact of its transport costs).

Even a neutral stance

is unsustainable.

Beyond the environment

But sustainability is not just about the environment. A

sustainable practice is one that can continue to exist from

an economic standpoint. If I decide to spend 10% more

than what I earn every year, it is easy to see that there

will come a time when my spending becomes completely

unsustainable.

The hanging gardens in Milan

As we continue to construct the world around us in a way

that is decoupled from the realities of those who inhabit

it, we know that we are heading towards an inevitable

inflexion point. When the supply side outstrips demand

- mainly for affordability - the market finds a way of selfregulating.

An easier way of saying this is that there is a

product on the market, but no one wants to purchase →


RETHINK

or rent it at unreasonable rates. The fact that we're

still keeping the two sides balanced does not mean the

situation will remain as is indefinitely.

What goes up

A long-term view of everything we do is essential. We've

built, torn down, and rebuilt so much of what's around us -

up relegated to the mountains of construction waste that

will endure beyond the expected lifespan of our species.

For good, in both senses

Building with a very long-term view in mind is sensible

and admirable. We are lost in admiration for the structures

that have endured since ancient times - Mayans, Romans,

Repurposed building: Lombard Bank in Sliema

We've gained density

and lost beauty.

especially when we were forced to look at what we'd built

in a hurry.

Timeless architecture: Balluta Buildings

Sometimes, there is a very good reason to do so. Look

at Rotterdam. The city was flattened during the Second

World War and rebuilt quickly. The haste was an absolute

necessity. Since then, a large majority of the 'panic'

buildings have been torn down to be rebuilt in a more

practical and beautiful way.

After all, we are an ostensibly intelligent species. We want

our surroundings to be aesthetically pleasing, functional,

and practical. While war may justify building a city twice

within five decades, we don't have too many other excuses

to waste time, materials, money, and energy. Concrete is

devilishly hard to repurpose and recycle, so it usually ends

Egyptians, Greeks, etc. - all built for posterity, and the

results of their efforts stand today as proud reminders of

what happens when a long-term view is the primary focus

of any endeavour worth embarking on.

Buildings that look beautiful and last a long time benefit

absolutely everyone. As Le Corbusier claimed, those who

could not afford to live in buildings he designed ought to be

able to benefit from their beauty as they passed by.

Aesthetics and longevity can and should be intertwined

notions. We should build to last and build for beauty. There

is no reason to walk through a street and be assaulted by

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RETHINK

ugly. It's a challenge to be anywhere around a built-up

area of our tiny islands, look around you, and be solely

captivated by the beauty of the surrounding buildings.

wisely as we design and build the spaces we need. There

is also plenty we can do to use existing buildings wherever

possible. The notions of adaptive reuse, retrofitting, infill

When accountants design the majority of new builds, it

is no surprise that they have the aesthetic appeal of a

spreadsheet. We've gained density and lost beauty. The

Greeks, Romans, and the rest of our global civilisationbuilding

ancestors would be appalled to know how we've

perverted the example they left us a few millennia ago.

Beyond brick-and-mortar

The principles of sustainable construction extend far

beyond cement and steel. Organisations can be built with

either short-term expediency or long-term resilience.

Just as we wouldn't want our buildings designed primarily

by accountants, we shouldn't let our business models be

dictated solely by quarterly results. Whether constructing

physical spaces or building brands and companies, the

foundation matters. That foundation begins with the

narratives and values we design in our organisations from

day one. Truly sustainable businesses, like truly sustainable

buildings, require thoughtful architecture, with systems

and structures designed to weather challenges while

creating lasting value for all stakeholders.

We are actually in control

When we consider what we're about to do next, we know

that sustainability will be expected of us. It is up to us to

define the word meaningfully for those who come next.

Luckily, there is plenty at our disposal to help us construct

the world around us in a way that future generations will be

proud of.

Repurposed building: Bank of Valletta offices

(located within a previous residence known as the House of Four Winds)

Sustainability isn't

a badge—it's

a responsibility to

the future.

We have techniques, materials, and best practices

developed over the years and are there for us to use

development, and even what the Italians call the 'albergo

diffuso'. This involves using existing buildings spread

around the town as a hotel - not only does it preserve the

architectural vernacular, but it saves on the material and

energy costs of constructing a new hotel building.

Repurposed building: Malta Stock Exchange

(located within the former Garrison Chapel Building)

Of course, pursuing these ideals comes with practical

challenges. Initial costs for quality materials and

thoughtful design are often higher, even if they pay

dividends over many decades to come. From planning

permissions to heritage preservation requirements,

Malta's dense regulatory landscape can make adaptive

reuse projects complex undertakings. Finding architects

and construction contractors with experience in

sustainable retrofitting or preservation-minded

construction presents another hurdle.


OPPORTUNITY

GREEN IS GOLD

From compliance to competitive advantage

Malta is at a tipping point as the global property sector pivots towards greener

benchmarks. Stephen Mallia explores how sustainability is not just a moral

imperative but a competitive necessity, reshaping the island's real estate future.

T

he property sector in

Malta stands at a critical

crossroads, where

sustainability is no longer

merely an optional consideration

but an essential component

of business strategy. Both

regulatory pressures and market

demands are increasingly pushing

real estate professionals to

adopt more environmentally

conscious practices. This report

explores the responsibilities of

Maltese business persons about

sustainability in real estate, with

particular focus on certification

and labelling systems that, while

not always mandatory, offer

significant advantages in today's

evolving market.

The current landscape of

sustainability in Maltese real

estate

Malta's position in sustainability

rankings reveals considerable

room for improvement. According

to PwC's contribution to the

Jones Lang LaSalle Global Real

Estate Transparency Index,

Malta currently falls in the "Low

Transparency" category, ranking

62nd out of 94 countries. This

classification primarily stems

from the limited adoption of

sustainability reporting and

certification frameworks within

the real estate sector. Despite

this current standing, the

landscape is rapidly changing,

with sustainability becoming a

growing priority among property

developers, investors, and

consumers.

A landmark development in

this evolving narrative is the

recent achievement of Quad

Central, which became the first

building in Malta to receive LEED

Platinum certification from the

U.S. Green Building Council.

This prestigious recognition

positions Quad Central alongside

global landmarks in sustainable

construction and establishes a

new benchmark for environmental

excellence in Malta's property

sector. Such pioneering initiatives

signal a shift in the market and

highlight the potential for Malta

to improve its sustainability

credentials.

The regulatory environment

is also exerting pressure for

change. In 2022, Malta received

a reasoned opinion from the

European Commission regarding

its failure to fully transpose

EU rules on renewable energy

resources. The directive

mandates that each Member

State reach 32% of their energy

supply from renewable sources by

2030, with specific measures to

facilitate investment in renewable

energy and simplify related

administrative processes. This

regulatory pressure will inevitably

impact the real estate sector,

which accounts for a significant

portion of energy consumption.

Energy Performance Certificates

(EPCs) are one of Malta's property

market's most fundamental

sustainability labelling

requirements. These certificates

provide information about a

building's energy efficiency,

typically rating properties from

A (most efficient) to G (least

efficient). EPCs are mandatory

for properties sold or rented in

Malta, ensuring potential buyers

or tenants are informed about a

building's energy performance.

However, forward-thinking

businesspeople should

consider going beyond the

minimum requirements of

EPCs. International certification

frameworks such as LEED

(Leadership in Energy and

Environmental Design) and

BREEAM (Building Research

Establishment Environmental

Assessment Method) offer more

comprehensive assessments

of a property's environmental

impact. While these certifications

are currently voluntary in Malta,

they provide significant market

differentiation and demonstrate

a commitment to world-class

sustainability standards.

A more recent innovation

in property sustainability

documentation is the Building

Renovation Passport (BRP). This

tool represents an evolution

of the EPC, offering building

owners a personalised

renovation roadmap that

outlines step-by-step

improvements over

a 15-20 year period.

BRPs are based on

detailed energy

audits and take

into account

the specific

needs and

circumstances

of the

occupants.

By presenting

renovation as a

comprehensive

home-improvement

plan rather than merely

a technical intervention,

BRPs help owners fully

understand and embrace

sustainable renovations.

The Malta National Calculation

Methodology, established in

compliance with the Energy

Performance of Buildings

Directive (EPBD) 2024/31/EU,

guides the calculation of carbon

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dioxide emissions and primary

energy usage. This methodology

is essential for preparing accurate

Energy Performance Certificates

and ensuring consistent building

performance assessment.

Understanding and utilising

this methodology is becoming

increasingly important for real

estate professionals seeking

to accurately represent the

sustainability credentials of their

properties.

For Maltese business persons,

embracing sustainability in

real estate offers numerous

competitive advantages.

According to the Malta

Property Market Outlook 2024,

sustainability will continue to

be a pivotal factor in property

development and purchasing

decisions. This shift in consumer

preferences presents an

opportunity for forward-thinking

businesses to differentiate

themselves in the market.

Integrating sustainable

practices into real

estate operations can

enhance property

values, reduce

operational costs,

and increase

marketability.

While the

initial cost of

incorporating

green

technologies

and sustainable

materials

may be higher

than conventional

construction methods, the

long-term benefits typically

outweigh this investment.

Properties with strong

sustainability credentials often

command premium prices and

attract environmentally conscious

buyers and tenants.

Sustainability initiatives can

also improve a company's brand

reputation and demonstrate

corporate social responsibility.

Frank Salt Real Estate, for

example, has established a "Let's

Go Environmental" initiative with

its environmental policy, which

includes tree planting, sponsoring

irrigation, maintaining green

areas, and installing solar panels

at charitable organisations. Such

initiatives benefit the environment

and enhance the company's

standing with increasingly ecoconscious

consumers.

Several practical strategies can

be considered for businesspeople

looking to enhance

sustainability in their real estate

operations. Firstly, conducting

comprehensive energy audits

of existing properties provides a

baseline understanding of current

performance and identifies

opportunities for improvement.

The results of these audits

can inform the development of

tailored renovation roadmaps

that prioritise interventions with

the greatest environmental and

financial return.

Secondly, incorporating

sustainability considerations

into new developments from the

outset is essential. This requires

embedding ESG (Environmental,

Social, and Governance) principles

into overarching business

strategies, influencing decisions

about project selection, location

targeting, construction methods,

and design features. Properties

designed with sustainability in

mind typically achieve better

performance outcomes than

those retrofitted later.

Thirdly, pursuing voluntary

certifications like LEED can

provide market differentiation

and demonstrate commitment to

sustainability. As Quad Central

demonstrated, achieving such

certifications positions properties

as leaders in environmental

management and sustainable

building practices. While

voluntary, these certifications

are increasingly valued by

international tenants and

investors.

Finally, communicating

sustainability features effectively

to potential buyers and tenants is

crucial. This involves highlighting

technical specifications and

emphasising the tangible benefits

of sustainable features, such as

reduced energy bills, improved

indoor air quality, and enhanced

comfort. Real estate agents are

responsible for ensuring that

sustainability preferences are

considered when showcasing

properties.

Looking forward, several trends

are likely to shape the future of

sustainability in Malta's real estate

sector. The EU's increasing focus

on building energy performance,

as evidenced by the recast EPBD

2024/31/EU, will continue to drive

regulatory changes. This directive

introduces new requirements for

solar energy generation potential,

life-cycle Global Warming

Potential (GWP) disclosure, and

other measures to promote nearly

zero-energy buildings (NZEBs).

Consumer preferences are also

evolving rapidly. A growing

awareness of environmental

issues influences purchasing

decisions, with buyers

increasingly willing to pay

premiums for sustainable

properties. This trend is expected

to accelerate as the impacts of

climate change become more

apparent and energy costs

continue to rise.

Digital innovation is facilitating

better management and reporting

of sustainability performance.

Building logbooks, which serve

as digital repositories for

property information, enable

more effective tracking of energy

usage, maintenance activities,

and renovation histories. Such

tools will become crucial for

demonstrating compliance

with regulations and marketing

property sustainability

credentials.

For Maltese business persons

in the real estate sector,

sustainability represents

both a responsibility and an

opportunity. While some aspects

of sustainability labelling and

certification remain voluntary

in Malta, market forces and

regulatory trends point toward

a future where such measures

will be increasingly expected,

if not required. By proactively

embracing sustainability

principles and practices,

businesses can contribute

to environmental protection

and position themselves

advantageously in an evolving

marketplace.

The path toward a more

sustainable real estate sector

in Malta requires engagement

from all stakeholders. As Minister

of Public Works and Planning,

Stefan Zrinzo Azzopardi noted,

"Everyone can and should be

involved in the policy changes

that need to happen." By taking

leadership roles in this transition,

businesspeople can help elevate

Malta's global sustainability

rankings while capitalising

on the growing demand for

environmentally responsible

properties.

The choice facing Maltese

real estate professionals

is not whether to embrace

sustainability, but how quickly

and comprehensively to do so.

Those who act decisively now to

adopt sustainable practices and

pursue relevant certifications

will likely find themselves at a

significant advantage as the

market continues to evolve

toward greater environmental

consciousness.


FASHION

SUMMER LUXE ESSENTIALS

A refined curation to elevate your wardrobe with sophisticated summer statements

from sleek beachwear to luxury accessories.

1

2 3

4

1. OLIVER PEOPLES

+ Roger Federer R-2 aviator-style gold-tone

sunglasses

€400

2. RUBINACCI

Mod Mare leather-trimmed suede loafers

€520

3. FEDERICO CURRADI

Straight-leg linen trousers

€435

4. MR P.

Crocheted organic cotton shirt

€310

[All items available from mrporter.com, unless otherwise specified]

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FASHION

5

7

6

8

9

5. ORLEBAR BROWN

Bulldog straight-leg mid-length printed recycled

swim shorts

€345

6. BRUNELLO CUCINELLI

Suede sandals

€720

7. MR P.

Straight-leg garment-dyed cotton-blend twill

Bermuda shorts

€120

11

8. LOEWE

+ Paula's Ibiza leather-trimmed raffia tote bag

€1,900

10

9. LOEWE

+ Paula’s Ibiza logo-appliquèd cotton-canvas

bucket hat

€420

10. THE ROW

Lawson organic cotton jersey t-shirt

€600

11. TUDOR

Black Bay chrono St Black 41mm

€5,390 / elcol.com


NEWS

A century of

time, taste and

tenacity

Edwards Lowell turns 100 –

and it's still ticking stronger

than ever.

One hundred years after its founding, familyrun

Edwards Lowell stands as a benchmark in

luxury watches and jewellery. What began in

Valletta in 1925 has grown into Malta's leading

name in high-end timepieces. The Lowell

family, now in its third generation, still owns

and operates the company.

From textiles and foodstuffs to timeless

craftsmanship, the business pivoted in the

1940s when founder Charles Lowell became

Malta's official distributor for Rolex. His son,

Malcolm Lowell Snr, took this vision further

in the 1970s, steering the company toward

prestige watchmaking and later expanding into

global jewellery brands.

Malcolm Snr credits his wife Isabelle with

helping drive this bold transition. "She was key

to shifting from wholesale goods—hindered by

import restrictions—into a business we loved:

quality watches and jewellery," he recalls.

Control, consistency, and positioning were

always paramount. "We chose prominent retail

spots and kept everything in the family."

That family now includes the third generation.

Annabelle and Malcolm R. Lowell lead dayto-day

operations, driving the brand into the

modern era while holding onto the pillars of

detail, heritage, and service. "The market has

evolved dramatically," says managing director

Malcolm R. Lowell. Social media turned top

names into megabrands. Niche became an

icon. We were lucky—and strategic—enough to

invest at just the right time."

Today, the brand represents 16 high-end

names from Rolex and Patek Philippe to

Cartier, Breitling, Pomellato and Assouline. Its

seven boutiques cater to a loyal and growing

clientele from Zachary Street to Portomaso

and, most recently, Mercury Towers.

The company also holds a long-standing

diplomatic connection with Switzerland. Since

1937, Lowell has served as the Honorary Consul

of Switzerland in Malta—first Charles, then

Malcolm Snr, and now Annabelle.

Centenary celebrations include a gala dinner

in June and curated exhibitions across its

boutiques. "It's a tribute to everything we've

built: style, service, legacy and love for what

we do," says the family.

One hundred years. One family.

One unmistakable mark on Malta's luxury

landscape.

66

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