The real-estate sector has been a major engine for growth locally in recent years. In 2018, the sector contributed 7.5 per cent to Malta’s GDP, according to official figures.

While many in the sector began to sound the alarm of a slow-down prior to the COVID-19 pandemic, the virus’ impact is significant.

(Left) RE/MAX CEO Kevin Buttigieg and BELAIR Property Managing Director Ian Casolani

In episode six of The Boardroom, presented by business-writer Jo Caruana and broadcast live on WhosWho.mt’s Facebook page tomorrow at 3pm, BELAIR Property Managing Director Ian Casolani and RE/MAX Malta’s CEO Kevin Buttigieg will take questions as to which aspects of the sector have been worst hit, and how they expect the immediate future to pan out.

Ian has seen the development of BELAIR Property for the past 25 years, while Kevin has been at the helm of RE/MAX for the past 15. Combined, they have garnered a wealth of information about the sector locally, however the size and scope of today’s challenges remains unprecedented.

With 2019 seeing the Planning Authority approve permits for 12,485 dwellings – just 370 permits less than in 2018, several units are expected to be made available on the market this year.

Added to that, several short-let holiday homes have also been added to the rental market.

Despite the current woes, Ian and Kevin will also discuss how the market can take the opportunity from an involuntary slowdown to re-group and re-strategise.