Malta is hot property

Malta is hot property

Increases in the number of low cost flights to Malta this year and high profile visitors as diverse as the Pope, Ronan Keating and the Prodigy mean that the this small island will be in the spotlight.

The world property down turn and bank crises have barely caused a ripple in the domestic property market.

The world of overseas property has been turned upside down in the wake of the global financial crisis. Financial difficulties continue to haunt many of the previous hotspots such as Spain, Greece Cyprus and Portugal. Excessive speculative building has of course depressed long term prices in many of those Countries.

This has prompted a search amongst some buyers for safer havens for their hard earned savings.

In the UK and Ireland, increases in taxation, low savings returns and a desire for a better quality of life are slowly bringing buyers back into the market for overseas property.

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In spite a small dip during the trough of the recession, demand and property prices in Malta have continued at a high level supported by high levels of liquidity amongst locally based banks and the relative protection of the Euro.

Ray Woods of www.maltabuyproperty.co.uk said,

“The domestic market for property in Malta has held up really well. The demand from overseas buyers has changed however and is now more diverse. The number of buyers from the UK did fall because of the steep decline in sterling and in the case of Ireland, the domestic economic situation.

However, there has remained a pent up demand from buyers in those Countries which is increasing as domestic house prices increase and the economies stabilise.

Those who cannot wait to move are renting property and this is driving up investment returns.

We have also seen increased interest from buyers in other countries. In particular, we have noted a number from South Africa concerned with their domestic security situation and the future for their families. As another example, Malta is close to Italy and is seen as a great place to invest in a second home.

Over 100,000 students from across eastern and western Europe come to Malta each year to learn English and fall in love with the lifestyle. They are becoming the overseas property buyers of the near future.

Malta’s unique combination of location, climate, low crime rate and an English speaking population have always been a magnet for buyers. The dramatic increase in low cost flights to the island from across Europe has brought a younger visitor, many of who have young families – and are envious of the quality of life on an island where children can still play safely on the streets, where they can be assured of high standards of education and healthcare and where income tax is 15%.

Air Malta the national airline, is also helping to drive visitor numbers by offering significant reductions in fares this year.”

The Pope visits Malta in April - and music icons Ronan Keating and the Prodigy will be playing to sell out concerts on the island in the same month. This will be a guarantee that the world media spotlight will be on Malta at the very start of the visitor season.

On Wednesday 30th June MTV hosts the free open air spectacular, Isle of MTV with over 50,000 young and not so young revellers expected to attend.

As if that wasn’t enough to tempt buyers over, www.maltabuyproperty.co.uk are offering £250 cash back on any property deal signed by the end of May. They operate in association with Frank Salt Real Estate of Malta and can also offer discounts on Air Malta flights for property seekers.