In the 1970s the government of Malta decided to encourage people to buy their own home rather than rent. It did this by building housing estates and selling the apartments or houses at subsidized prices. Since then, the mentality among Maltese has been to purchase.Today though, most do this on the open market, and with prices many times an individual’s annual salary, it is inevitable that the money must come from the banks. It is surprising how many young couples are ready to GO INTO HOCK for 15, 20, even 25 years. Rather than seeing it as a debt, they think of it as an investment.
Use the language
Is it normal for people in your country to go into hock to buy a home? How about you, have you ever gone into hock to buy a car or go on holiday? Was it worth it?