A structural/civil engineer with particular interests in masonry as a structual material, disaster management together with undertaking specialized valuation practice, to ensure that proper returns are achieved, once a project is embarked upon. The workings of the affordable property residential is also undertaken to ensure that no one falls short of owning his own residence.
Note a plea in The Structural Engineer, the flagship journal of The Institution of Structural Eng... more Note a plea in The Structural Engineer, the flagship journal of The Institution of Structural Engineers that outlines the importance of utilising the structural seismic resilience of masonry constructions. This truly advocates the use of lean structural design by impacting lower embodied carbon footprints to our constructions, whilst in the same instant avoiding unnecessary deaths during a seismic event. Its buildings that generally kill people not the seismic strike that could be rolled over.
Journal of Property Investment & Finance, Mar 10, 2023
PurposeThe aim of this Education Briefing is to comment upon the construction and role of the cap... more PurposeThe aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned.Design/methodology/approachThis Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market.FindingsLooking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models.Practical implicationsThe choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question. More transparent markets can benefit from the use of explicit models but where information is less available, such as the Maltese market, implicit models may be considered more robust at estimating market value.Originality/valueThis is an Education Briefing discussing the construction and applicability of implicit valuation models using a market capitalisation rate.
International Journal of Housing Markets and Analysis, Mar 8, 2011
PurposeThe paper aims at analyzing trends and principal causes of developments in‐house prices in... more PurposeThe paper aims at analyzing trends and principal causes of developments in‐house prices in Malta over the past 26 years, with a specific focus on the issue of affordability. This focusing on the strong demand for home ownership and interest from foreign buyers, supply availability together with its relationship to the high vacancy rate existing. Also delved into include the distortions in the rental market, sustainable housing measures, housing densities and high‐rise developments. Finally, noted is the implication on the use of housing as an investment asset in relation to trading on Malta's Stock ExchangeDesign/methodology/approachA long‐term approach has been utilized to arrive at deductions. Comparisons undertaken taken mostly with small states.FindingsThe present global credit crunch can offer some relief with regard to housing affordability for first time Maltese home buyers. Updating of restricted home rentals can lead to an improved working for the Maltese property market, with some of the large proportion of vacant units being released onto the market.Research limitations/implicationsBased on data collected from National Statistics, together with data bases held in the practice of DHI Periti.Practical implicationsIt derives projections for likely future developments in this context and in the light of this discusses some policy options.Social implicationsAn improvement into the quality of life for Maltese households delved into, whilst providing measures for households not to fall below the poverty line also indicated.Originality/valueGives original views on projections for the housing affordability index, together with noting that a large vacant property market for the Mediterranean region possibly creates minimal damage to its proper functioning.
PurposeThe aim of this Education Briefing is to comment upon the construction and role of the cap... more PurposeThe aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned.Design/methodology/approachThis Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market.FindingsLooking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models.Practical implicationsThe choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question...
Purpose-The aim of this Education Briefing is to comment upon the construction and role of the ca... more Purpose-The aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned. Design/methodology/approach-This Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market. Findings-Looking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models. Practical implications-The choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question. More transparent markets can benefit from the use of explicit models but where information is less available, such as the Maltese market, implicit models may be considered more robust at estimating market value. Originality/value-This is an Education Briefing discussing the construction and applicability of implicit valuation models using a market capitalisation rate.
Journal of the Interbational Masonry Society, 2018
The Maltese archipelago has been inhabited since 3000BC and the evidence of occupation is preserv... more The Maltese archipelago has been inhabited since 3000BC and the evidence of occupation is preserved within the fabric of the cultural heritage. It is not clear whether it was the central Mediterranean location of the limestone resource which attracted the Temple Builders around 3000BC and resulted in the high concentration of Neolithic temples. Malta's stable semi-arid Mediterranean climate resulted in durability for its compact limestone resource the use of which followed the tradition of excavated burial chambers and the many centuries of use of caves by the Maltese as residences. A French study defines a compact stone having a crushing strength lying between 10N/mm 2 & 40N/mm 2 , a soft stone <10N/mm 2 , and a hard stone > 40N/mm 2 [1]. There is little preservation of structures from the Arab occupation from 870 up to 1090. However the construction methods in vernacular construction used in Malta from this point to the mid-20 th Century derive from the methods first introduced at this time. Some of this early work which included weak rubble construction was destroyed in the earthquake of 1693. The expertise of the military engineers of the Knights of St. John who began to build Valletta in 1570 was shared with Maltese masons and led to significant structural improvements. The British period 1813-1964 brought along the Corp of Royal Engineers and introduced the neo-classical/gothic into masonry constructions. Steel joists were introduced and widely utilised in this period, embedded in masonry floor slabs. Building regulations were also introduced which had an effect on floor plans, with the traditional central courtyard layout overtaken by construction with a backyard. The British masonry codes of practice resulted in the construction of up to 8-storey cellular residential constructions rather than the previous maximum of 5 storeys. The aesthetics together with the sound reverberation proportions of masonry spaces is introduced. The role of the structural engineer in designing a building is to establish their numerical competence with respect to both the aesthetic proportions and the impact which these have on the "reverberation" characteristics. A comparison is then drawn between the BS & EC masonry codes with the characteristic strengths for the Maltese masonry building block outlined in the respective codes. The seismic rigidity of the Maltese masonry constructions is then outlined according to EC8. The effect of blast loadings is then also considered. It is found that a only a small number of buildings in structural compact masonry 8 stories high, with ages just exceeding 100 years conform with the characteristic strengths in the EN masonry codes. The rigidity of these regular planned masonry constructions is subjected to low seismic risk is confirmed as adequate, however this is not so as when subjected to blast loadings. An appendix is provided which introduces a calculation for the verification of thin masonry slabs, which was an important Maltese building element up to the mid-1960s. The importance of this structural check becomes necessary, when the building use is to be changed resulting in additional loading.
This article provides an outline of forthcoming European codes of practice (Eurocodes) for struct... more This article provides an outline of forthcoming European codes of practice (Eurocodes) for structural design of buildings and civil engineering structures. The common basic rules of structural design follow the requirements for public safety and serviceability of structures based on the principle of risk in terms of reliability conditions. The codes have existed as European pre-standards for some years and are now being converted to full European standards. The codes cover basis of design; actions on structures; design of concrete structures; design of steel structures; design of composite steel and concrete structures; design of timber structures; design of masonry structures; geotechnical design; design of structures for earthquake resistance; and design of aluminium structures. Issues contained include safety, serviceability and durability; risk management; loading combinations; geotechnics; partial safety factors; and seismic resistance.
Note a plea in The Structural Engineer, the flagship journal of The Institution of Structural Eng... more Note a plea in The Structural Engineer, the flagship journal of The Institution of Structural Engineers that outlines the importance of utilising the structural seismic resilience of masonry constructions. This truly advocates the use of lean structural design by impacting lower embodied carbon footprints to our constructions, whilst in the same instant avoiding unnecessary deaths during a seismic event. Its buildings that generally kill people not the seismic strike that could be rolled over.
Journal of Property Investment & Finance, Mar 10, 2023
PurposeThe aim of this Education Briefing is to comment upon the construction and role of the cap... more PurposeThe aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned.Design/methodology/approachThis Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market.FindingsLooking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models.Practical implicationsThe choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question. More transparent markets can benefit from the use of explicit models but where information is less available, such as the Maltese market, implicit models may be considered more robust at estimating market value.Originality/valueThis is an Education Briefing discussing the construction and applicability of implicit valuation models using a market capitalisation rate.
International Journal of Housing Markets and Analysis, Mar 8, 2011
PurposeThe paper aims at analyzing trends and principal causes of developments in‐house prices in... more PurposeThe paper aims at analyzing trends and principal causes of developments in‐house prices in Malta over the past 26 years, with a specific focus on the issue of affordability. This focusing on the strong demand for home ownership and interest from foreign buyers, supply availability together with its relationship to the high vacancy rate existing. Also delved into include the distortions in the rental market, sustainable housing measures, housing densities and high‐rise developments. Finally, noted is the implication on the use of housing as an investment asset in relation to trading on Malta's Stock ExchangeDesign/methodology/approachA long‐term approach has been utilized to arrive at deductions. Comparisons undertaken taken mostly with small states.FindingsThe present global credit crunch can offer some relief with regard to housing affordability for first time Maltese home buyers. Updating of restricted home rentals can lead to an improved working for the Maltese property market, with some of the large proportion of vacant units being released onto the market.Research limitations/implicationsBased on data collected from National Statistics, together with data bases held in the practice of DHI Periti.Practical implicationsIt derives projections for likely future developments in this context and in the light of this discusses some policy options.Social implicationsAn improvement into the quality of life for Maltese households delved into, whilst providing measures for households not to fall below the poverty line also indicated.Originality/valueGives original views on projections for the housing affordability index, together with noting that a large vacant property market for the Mediterranean region possibly creates minimal damage to its proper functioning.
PurposeThe aim of this Education Briefing is to comment upon the construction and role of the cap... more PurposeThe aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned.Design/methodology/approachThis Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market.FindingsLooking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models.Practical implicationsThe choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question...
Purpose-The aim of this Education Briefing is to comment upon the construction and role of the ca... more Purpose-The aim of this Education Briefing is to comment upon the construction and role of the capitalisation rate in the valuation of property assets and how the implicit assumptions of growth are market derived and may be considered more robust than the use of growth explicit discounted cash flow (DCF) models where explicit growth assumptions can be questioned. Design/methodology/approach-This Education Briefing will look at the role of analysing initial yields to derive market capitalisation rates, and it will look at component parts of the yield to isolate growth assumptions and compare property returns to the government bond market. Findings-Looking at the Maltese market, the briefing shows that the valuer needs to be aware of the advantages and disadvantages of implicit and explicit valuation models. Practical implications-The choice of valuation model is dependent upon the availability of suitable comparable information and the appropriateness of the model for the market in question. More transparent markets can benefit from the use of explicit models but where information is less available, such as the Maltese market, implicit models may be considered more robust at estimating market value. Originality/value-This is an Education Briefing discussing the construction and applicability of implicit valuation models using a market capitalisation rate.
Journal of the Interbational Masonry Society, 2018
The Maltese archipelago has been inhabited since 3000BC and the evidence of occupation is preserv... more The Maltese archipelago has been inhabited since 3000BC and the evidence of occupation is preserved within the fabric of the cultural heritage. It is not clear whether it was the central Mediterranean location of the limestone resource which attracted the Temple Builders around 3000BC and resulted in the high concentration of Neolithic temples. Malta's stable semi-arid Mediterranean climate resulted in durability for its compact limestone resource the use of which followed the tradition of excavated burial chambers and the many centuries of use of caves by the Maltese as residences. A French study defines a compact stone having a crushing strength lying between 10N/mm 2 & 40N/mm 2 , a soft stone <10N/mm 2 , and a hard stone > 40N/mm 2 [1]. There is little preservation of structures from the Arab occupation from 870 up to 1090. However the construction methods in vernacular construction used in Malta from this point to the mid-20 th Century derive from the methods first introduced at this time. Some of this early work which included weak rubble construction was destroyed in the earthquake of 1693. The expertise of the military engineers of the Knights of St. John who began to build Valletta in 1570 was shared with Maltese masons and led to significant structural improvements. The British period 1813-1964 brought along the Corp of Royal Engineers and introduced the neo-classical/gothic into masonry constructions. Steel joists were introduced and widely utilised in this period, embedded in masonry floor slabs. Building regulations were also introduced which had an effect on floor plans, with the traditional central courtyard layout overtaken by construction with a backyard. The British masonry codes of practice resulted in the construction of up to 8-storey cellular residential constructions rather than the previous maximum of 5 storeys. The aesthetics together with the sound reverberation proportions of masonry spaces is introduced. The role of the structural engineer in designing a building is to establish their numerical competence with respect to both the aesthetic proportions and the impact which these have on the "reverberation" characteristics. A comparison is then drawn between the BS & EC masonry codes with the characteristic strengths for the Maltese masonry building block outlined in the respective codes. The seismic rigidity of the Maltese masonry constructions is then outlined according to EC8. The effect of blast loadings is then also considered. It is found that a only a small number of buildings in structural compact masonry 8 stories high, with ages just exceeding 100 years conform with the characteristic strengths in the EN masonry codes. The rigidity of these regular planned masonry constructions is subjected to low seismic risk is confirmed as adequate, however this is not so as when subjected to blast loadings. An appendix is provided which introduces a calculation for the verification of thin masonry slabs, which was an important Maltese building element up to the mid-1960s. The importance of this structural check becomes necessary, when the building use is to be changed resulting in additional loading.
This article provides an outline of forthcoming European codes of practice (Eurocodes) for struct... more This article provides an outline of forthcoming European codes of practice (Eurocodes) for structural design of buildings and civil engineering structures. The common basic rules of structural design follow the requirements for public safety and serviceability of structures based on the principle of risk in terms of reliability conditions. The codes have existed as European pre-standards for some years and are now being converted to full European standards. The codes cover basis of design; actions on structures; design of concrete structures; design of steel structures; design of composite steel and concrete structures; design of timber structures; design of masonry structures; geotechnical design; design of structures for earthquake resistance; and design of aluminium structures. Issues contained include safety, serviceability and durability; risk management; loading combinations; geotechnics; partial safety factors; and seismic resistance.
Delves into the economic importance for a country to develop a high home-ownership rate by consid... more Delves into the economic importance for a country to develop a high home-ownership rate by considering Malta's scenario. Building over a period of 40 years, it notes the property wealth of the present baby boomers, presently in their pensionable age, translating into a good quality of life in their later years. It advocates that Gen Z should not postpone to get onto the property ladder, to reap their property benefits in later years.
Following its 2019 note having presently received more than 1,750 downloads on Research Gate, Dhi... more Following its 2019 note having presently received more than 1,750 downloads on Research Gate, Dhiperiti decided to update the note, according to further European research since. The technical note should provide guidance to practicing structural engineers in Malta on how to guide their clients on what should be acceptable to counteract the seismic risks of the Maltese Islands. Government funded projects & those acquiring European funding are to abide by the Structural Eurocodes, in particular Eurocode 8 and Malta's National Annex. On the other hand private projects/developments are not required presently to abide by above requirements. This note should guide the local practitioner following upon his/her research on which construction methodology should be acceptable to undertake. This note delves mostly on the seismic capabilities of structural masonry buildings, as adopted in Malta.
This synopsis delves into why Malta's improving housing affordability up to 2014, has deteriorate... more This synopsis delves into why Malta's improving housing affordability up to 2014, has deteriorated, with affordable housing besides social housing in place, becoming necessary to reduce the housing burden. This is contrary to what Camilleri D., 2011, 2 had noted in that the then present low mortgage rate era and decline in property values as had occurred up to 2013 had signified that for Malta, the global credit crunch 2008-2012 was beneficial for first time homeowners. This loss in affordability was then brought about mainly due to two different causes: 1/-total de-regularization of Malta's rental market, by amendments to the Civil Code in 2009. This followed on the 1995 initial liberalization of leases. It is to be noted that Malta had the strictest security of tenure in place, with tied rentals leased out at 2%-5% of the open market rentals.
MALTA’S DECLINING HOUSING AFFORDABILTIY – due to rental deregulation?, 2020
This paper delves into why Malta’s improving housing affordability up to 2014, has deteriorated, ... more This paper delves into why Malta’s improving housing affordability up to 2014, has deteriorated, with affordable housing besides social housing in place, becoming necessary to reduce the housing burden. This loss in affordability was brought about mainly due to two different causes:
1/- total de-regularization of Malta’s rental market, by amendments to the Civil Code in 2009. This followed on the 1995 initial liberalization of leases. It is to be noted that Malta had the strictest security of tenure in place, with tied rentals leased out at 2%-5% of the open market rentals. The Maltese Courts had resisted changes to this security of tenure, which however had been overturned by the European Courts. So this security of tenure is now also being rejected by the Maltese Courts, with rulings dictating that the present tied rentals have to be upgraded to present market rental conditions, together with backdating of rental arrears due. These rental arrears are being paid out by the Government, however pensioners or low paid persons are finding it impossible to pay these market rents.
2/- the increase in the non-Maltese nationals has had a dire effect on the market rentals, which have increased by over 175%, over the past 5-year period. The present rentals in place, which are noted as unaffordable for most Maltese are also noted to impinge badly on the lower paid sector of the non-Maltese nationals. These in turn have tackled this dilemma by living in an apartment rented out to 6 separate individuals, considering their stay in Malta not to be permanent.
Paper also delves into the effect of the Covid_19 pandemic on Malta's residential market.
Masonry buildings in basic engineering principles had led to acoustically pleasing spaces, even t... more Masonry buildings in basic engineering principles had led to acoustically pleasing spaces, even though reverberation theory was not available as yet, in the same way that structural engineering was still at its infancy. Towards the end of the 19 th century Sabine published reverberation theory, which is a property of how sound decays in a space, thus placing acoustics within an engineering field. The discussion of aesthetics, proportion and acoustics can also guide today's structural engineer, given his expertise in numeracy. As Pevsner quotes in his Introduction a bicycle shed is a building: nearly everything that encloses space on a scale sufficient for a human being to move in is a building. Thus the maxim for structural engineers to design in elegance and economy, is relevant and certainly also in masonry. If, for example, a structural engineer is commissioned to design an assembly hall of plan dimensions 6m X 10m. By applying the golden rule to the diagonal plan dimension (8m) an aesthetically proportioned building height is calculated to be at 5m. Having established the volumetric proportions of the designed space, the structural engineer can then, by undertaking simple reverberation checks, be in a position to advise his client on the sound suitability for the use of the space being designed for, whether a living room, warehouse, or assembly hall. A short reverberation time in the region of 0.5sec-1sec is more conducive to speech intelligibility, whilst a long reverberation time in the 2 sec region increasing to even 9 sec in Gothic Cathedrals improves on the quality of the music. If the reverberation time in a lecture hall is higher than 1sec, the listener will have to contend with multiple words at a time. Figure 1: Early 15 th century Bir Miftuh Chapel Malta-6.7m span X 14.5m depth X 6.7m height. The simple equation established by Sabine in the early 20th century notes the reverberation time as being directly proportional to the space enclosed and inversely proportional to the absorptive characteristics of the enclosed surfaces multiplied by a factor of 0.161. The more absorptive the materials used on surfaces together with the presence of an audience, the quieter the space becomes. Thus the above proposed assembly hall with an enclosed volume of 300m 3 and enclosed surface area of 280 m 2 , with an assumed average absorption coefficient for surfaces at 0.3 taken as at 500Hz, gives a reverberation time of: 0.161 × 300/(280 × 0.3) = 0.575sec. Today various calculators are available online, whereby the reverberation time is calculated, with the various absorptive coefficients for the various wall or ceiling surfaces given, thus reducing the design time involved. In the case of party walls WHO/Europe's guidelines for night noise, published in 2009, note annual average night exposure should not exceed 40 decibels (dB), corresponding to the sound from a quiet street in a residential area. Persons exposed to higher levels over the year can suffer mild health effects, such as sleep disturbance and insomnia. Long-term average exposure to levels above 55 dB, similar to the noise from a busy street, can trigger elevated blood pressure and heart attacks. If safety of ear damage from impulsive noise is to be considered, than any single impulsive noise should not exceed 140dB. For airborne sound insulation assessment tests involve measuring the noise level created by a loud sound source in one room and comparing it with the resulting noise level in the adjacent receiver room. The 'sound reduction index' (in dB) of a sample is a measure of the ratio of the sound energy incident on the sample to that transmitted through it.
This is the latest update on the Maltese Islands' seismic vulnerability which may be considered a... more This is the latest update on the Maltese Islands' seismic vulnerability which may be considered a low seismic risk but a high vulnerability due to additional floors being added onto existing masonry buildings. These may also suffer from irregularity in plan & elevation, whilst probably also having a soft storey at ground level, overlying basement parking floors.
Manual for the design of plain masonry in building structures to Eurocode 6 (Second edition) , 2018
A Eurocode Handbook publication on structural masonry to EC6 from the Institution of Structural E... more A Eurocode Handbook publication on structural masonry to EC6 from the Institution of Structural Engineers.
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It advocates that Gen Z should not postpone to get onto the property ladder, to reap their property benefits in later years.
The technical note should provide guidance to practicing structural engineers in Malta on how to guide their clients on what should be acceptable to counteract the seismic risks of the Maltese Islands. Government funded projects & those acquiring European funding are to abide by the Structural Eurocodes, in particular Eurocode 8 and Malta's National Annex.
On the other hand private projects/developments are not required presently to abide by above requirements. This note should guide the local practitioner following upon his/her research on which construction methodology should be acceptable to undertake.
This note delves mostly on the seismic capabilities of structural masonry buildings, as adopted in Malta.
1/- total de-regularization of Malta’s rental market, by amendments to the Civil Code in 2009. This followed on the 1995 initial liberalization of leases. It is to be noted that Malta had the strictest security of tenure in place, with tied rentals leased out at 2%-5% of the open market rentals. The Maltese Courts had resisted changes to this security of tenure, which however had been overturned by the European Courts. So this security of tenure is now also being rejected by the Maltese Courts, with rulings dictating that the present tied rentals have to be upgraded to present market rental conditions, together with backdating of rental arrears due. These rental arrears are being paid out by the Government, however pensioners or low paid persons are finding it impossible to pay these market rents.
2/- the increase in the non-Maltese nationals has had a dire effect on the market rentals, which have increased by over 175%, over the past 5-year period. The present rentals in place, which are noted as unaffordable for most Maltese are also noted to impinge badly on the lower paid sector of the non-Maltese nationals. These in turn have tackled this dilemma by living in an apartment rented out to 6 separate individuals, considering their stay in Malta not to be permanent.
Paper also delves into the effect of the Covid_19 pandemic on Malta's residential market.
These may also suffer from irregularity in plan & elevation, whilst probably also having a soft storey at ground level, overlying basement parking floors.