maltese
An Overview of the Maltese Property Market
Malta is continuing to benefit from an increase in tourist arrivals, mainly due to the introduction of more budget airlines serving Malta’s route. The islands are now being serviced by low cost airlines, flying in from the UK, Ireland, Italy, Spain, Scandinavia and Germany, with further interest being shown for other destinations. This has resulted in Malta becoming an even more desirable lifestyle and investment destination for foreigners looking to invest in overseas property.
The Mediterranean climate, good standard of living, modern healthcare and education, and low cost of living are a few of the other reasons why the Maltese Islands are well sought after by foreign nationals. In addition, Malta is one of the safest countries in the world, with English widely spoken, making it an ideal location for retirees. Other beneficial factors include the stable internal housing market, the country’s safe and growing economy, and the progressive increase in tourism figures.
The adoption of the Euro had also provided a major stimulus to the economy and further advantages are expected to come from reductions in personal taxation and pressure for a reduction in interest rates.
Foreigners looking to purchase property in Malta can choose from a wide selection of properties, whether town houses, farmhouses, maisonettes, sea-view apartments and luxury properties such as villas and penthouses besides others.
Foreign buyers have previously targeted traditional village houses, especially in Gozo, however new beachfront developments are starting to spring up. The property market in Malta is witnessing the development of a number of major projects which are set to further increase foreign interest. A number of residential, serviced towers in the Sliema/St Julian’s area will provide stunning views of the sea and Marsamxett Harbour area.
Traditionally seen as the perfect destination for retirement, since Malta joined the EU in 2004 the property market has also started to attract younger buyers looking to invest in property. Many investors rent out their property whilst other property seekers come looking for luxury property, attracted by the excellent tax rates available to higher tax payers.
For more information please visit: www.maltapropertysearch.com
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