Malta’s Property Market Outlook: Trends and Expectations – National Conference 2023



Malta’s Property Market Outlook: Trends and Expectations – National Conference 2023, brought to you by KPMG and Malta Property Foundation.

A conference followed by a networking lunch held at the Intercontinental Hotel, St. Julian’s on the 3 November 2023, between 8:00 – 14:30.

The conference brings together developers, property investors, real estate agents, bankers, legal and architectural professionals, public policy makers, and other stakeholders under one roof to discuss the present realities of the property market in Malta and to chart a way forward for a better tomorrow.

During this conference, KPMG will be presenting the annual Construction Industry and Property Market Report 2023 followed by a number of panel discussions and a networking lunch.

This conference will be delivered in Maltese.



8:00 – 9:00 | Registration & Coffee Break

9:00 – 9:30 | Opening of Conference – David Pace (Head of Advisory, KPMG), Sandro Chetcuti (Chairperson, Property Malta)

Host: Keith Demicoli

The State of the Industry
9:30 – 9:45 | Presentation – Steve Stivala (Director, Advisory, KPMG)
9:45 – 10:20 | Panel Discussion
10:20 – 10:30 | Q&A

Panel speakers: Pio Vassallo (Group CEO, Vassallo Group), Ray Demicoli (Principal Architect, DeMicoli & Associates), Michael Stivala (President, Malta Development Association), Melissa Grima (Senior Manager, Advisory, KPMG)

10:30 – 11:15 | Coffee Break

Property Price Trends and Housing Affordability
11:15 – 11:30 | Presentation – Steve Stivala (Director, Advisory, KPMG), Rachel Decelis (Associate Director, ESG, KPMG)
11:30 – 12:05 | Panel Discussion
12:05 – 12:15 | Q&A

Panel speakers: Kenneth Farrugia (CEO, Bank of Valletta plc), George Debono (CCO, BNF Bank plc), Steve Mercieca (Co-Founder, QuickLets & Zanzi Homes), Michael Bonello (CEO, Alliance Group), Matthew Zerafa (CEO, Malta Housing Authority)

The Implications of a New Economic Model on the Property Market
12:15 – 12:30 | Presentation – Melissa Grima (Senior Manager, Advisory, KPMG)
12:30 – 13:05 | Panel Discussion
13:05 – 13:15 | Q&A

Panel speakers: Tonio Zarb (Consultant & ex-Senior Partner, KPMG), Alfred Sant (Member of the European Parliament), Gordon Cordina (Chairperson, Bank of Valletta plc), Sandro Chetcuti (Chairperson, Property Malta)

13:15 – 13:20 | Funding the Green Transition – Steve Ellul (CEO, Project Green)

13:20 – 13:30 | Closing Remarks – Hon. Stefan Zrinzo Azzopardi (Minister of Public Works and Planning)

13:30 | Networking Lunch


CPE HoursThis conference qualifies for 3 hours of structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of the session.

Course Features

  • Guided Learning 5 hours
  • Language Maltese
  • Assessments
David Pace

Head of Advisory, KPMG

David joined KPMG in 2002 and has worked on numerous advisory assignments, both locally and overseas. He currently heads the firm’s Advisory function, one of the broadest multi-disciplinary teams on the island. Throughout his career he has assisted clients in successfully raising debt and equity finance and in valuing shares and businesses. He is actively involved in numerous business negotiations and has a lead role in the firm’s Merger and Acquisition service offering. He has also participated on vendor and buy-side due diligence assignments for which he has worked within the local and foreign practices of KPMG. His engagement portfolio has led him to work at the heart of strategy within a number of businesses, helping them throughout the process of considering strategic options, articulation of plans and their subsequent implementation and monitoring. David has provided various training sessions on corporate finance, accounting and business related topics to clients and at public seminars. He is an active promoter of entrepreneurship, supports early stage companies, and is a Past Chairperson of the JAYE Malta Foundation (previously Young Enterprise) Board.

Director, Advisory, KPMG

Steve is an economist by profession and works across KPMG’s audit, tax and advisory functions. He provides the economic background and specialist knowledge required in a firm providing multi-faced business solutions to clients. Steve’s main area of expertise is Economics, Public Policy, and Strategy, bringing to the table an economic perspective to client problems, using both quantitative tools (Econometrics, simulations, data analytics) and qualitative insight (economic principles). During his time at KPMG Steve worked on several high-profile projects involving Industry and market analysis, ‘Cost Benefit Analysis’ for EU fund applications, ‘Socio-Economic Impact Assessments’ required by Governments (local and international) for various public decisions, Evaluations of EU funds and national programmes, and other economics-related work.

Senior Manager, Advisory, KPMG

Melissa joined KPMG in 2022, following a career in banking where she most recently headed the Economics and Research function of a local bank. Over the course of her career, she was responsible for a variety of assignments, including assessing the impact of economic developments on probability of defaults in relation to IFRS 9, a revenue impact assessment on the introduction of various bank charges, the ongoing statistical revaluation of the bank’s collateral property portfolio, and developing an in-house commercial property price index for the Maltese market. Melissa also has extensive experience in assessing the feasibility of projects in a variety of economic sectors, including proposals for residential and commercial developments, the acquisition of industrial plant and equipment, and projects in transport and logistics.

Associate Director, ESG, KPMG

Rachel is a chemist and chartered environmentalist, having 16 years’ experience in sustainability. She joined KPMG in 2022 as Environmental, Social & Governance (ESG) lead, after having worked in both the environmental consultancy and regulatory sectors. Throughout her career, Rachel has worked with Government entities and companies in various sectors, including in construction, waste management, energy, and manufacturing. Her specialisations include climate change, environmental permitting, reporting, and auditing, as well as air quality monitoring and impact assessment. Rachel is also a skilled trainer and communicator, having lectured at various levels in academic settings, and published articles online and in print. At KPMG in Malta, Rachel leads the ESG function. She leads ESG projects and supports various teams in developing and delivering ESG services to clients, including by providing technical input and specialist advice. She also conducts internal and external training on ESG, and acts as ESG champion for the firm. Rachel also forms part of KPMG’s global ESG specialist resources and is the Climate and Net Zero lead for a sub-region of KPMG across Europe, the Middle East, and Africa.

Chairperson, Property Malta

Group CEO, Vassallo Group

President, Malta Development Association

Principal Architect, DeMicoli & Associates

CEO, Bank of Valletta plc

CCO, BNF Bank plc

Co-Founder, QuickLets & Zanzi Homes

CEO, Alliance Group

CEO, Malta Housing Authority

Consultant & ex-Senior Partner, KPMG

Member of the European Parliament

Chairperson, Bank of Valletta plc.

CEO, Project Green

Minister of Public Works and Planning