Malta: Half a Million paid for ODZ Land, Application for Development submitted days after purchase by developer Joseph Portelli
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The Sunday Times leads with the acquisition of 4,700 meters of land in an ODZ site in Qala for €500,000 by developer Joseph Portelli. Real estate agents said the site would not normally fetch more than €100,000, unless the area were to become developable.
The purchase contract for €500,000 was signed on January 19. Two days later, a planning application for a villa with pool and garden was submitted that, if successful, would probably see the value of the property balloon to millions.
The report on the Sunday Times, says that the application for development is on Tuesday’s Planning Commission agenda for a final decision. The property – 4,700 square metres of disused farmland in an idyllic setting with unobstructed views – was purchased by Excel Investments Ltd last January.
Real estate experts have expressed surprise at the size of the sum changing hands in the deal. One said: “This type of land, which includes garigue and lies in an Outside Development Zone, is normally not considered to be of high value. Its actual market price would be around €100,000. “However, if the area somehow becomes developable, then it’s a different story.”
