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The eurozone’s economy grew at a rapid rate since 2013 and this contributed to the unprecedented boom in Malta’s already flourishing property market. This upswing boded especially well for the lucrative local rentals market. The entire property industry, a very important component of the national economy, has always been one of the best places to invest in, the reason for this being that interest rates given by the banks have been at historic lows for some time. It, therefore, makes far more sense for those with extra savings to invest in the real estate market by means of buying additional properties to let out. This is a win-win situation as not only does the value of the property appreciate over time, it also provides a rental income stream in excess of any interest amounting on bonds taken out to acquire these properties. ....
Difficulties sourcing labour – following a drop in the number of EU-born workers in the UK – are likely to push up rates by at least 10 per cent, recruiters have warned. A decline in the number of EU-born workers in the UK construction industry, combined with a surge in demand, has created a squeeze on labour. Contractors are reportedly finding it harder to recruit workers at existing rates and are facing cost increases. Darin Burrows, director of recruitment agency City Site, told Construction News there had been a growing squeeze on unskilled workers. “What we’ve seen is labour rates already creeping up, particularly labourers, because we’re finding it harder to find eastern European workers.” Burrows added that, in the past, around 80 per cent of the labourers on his books had been from eastern Europe. Dry-lining, another part of the sector with a large eastern European workforce, is also in short supply, he said ....