subject: Malta Tourism Today: Malta's Changing Economy Means Bargains For Foreigners [print this page] The island of Malta may not be a super-power or big player in world politics. Nevertheless, it holds its own even against much larger nations when it comes to the tourism industry. Malta tourism numbers remain steady despite a declining world economy.
The Republic of Malta, a member of the European Union, is located in the Mediterranean off the coast of Sicily. The country is actually an archipelago of seven small islands. It is located in prime Mediterranean territory, which is one factor that makes it such an appealing tourist destination.
Malta has long relied upon tourism as a driving force in its economy. Tourism dollars, in fact, are what keep it thriving. Good weather is often what draws first-time tourists to the area. A significant percentage of first-timers end up returning not just for the weather. Malta is rich in history, culture and activities which appeal to a wide range of travelers.
Malta tourism hasn't always been the country's economic staple. The country has been known for a number of industries throughout the last few centuries. Cotton and tobacco were once prominently grown. The next era saw shipping and trade as a driving force.
However, Malta's economy began to decline in the 1940's. It was then that the Maltese government began to shift its focus toward generating a sustainable economy through tourism. Malta entered the tourism market as a force to be reckoned with. Little has changed in that regard since.
Today Malta tourism remains a top economical factor, though the country also has a thriving limestone production industry. Tourists continue to flock to the islands for the balmy climate, sandy beaches and gorgeous scenery.
Malta, like many tourism-dependent countries, watched closely as the world economy took a nosedive over the past few years. The government and tourism promoters waited anxiously to see if the economic downturn would collapse it.
Some changes have been reported in Malta tourism trends and patterns over the past year. However, much of these have been minor. Many businesses in the islands still report a steady flow of foreign visitors eager to spend money on their Mediterranean holidays.
One side effect of the economic downturn has been in the Maltese housing market. A government initiative to get more locals into home ownership in the 1980's appears to have led to a surplus in houses today.
The program was aimed at reducing the need for social housing. Its mission was to see more working people and families able to afford their own homes. Cheap land and accessible loans helped thousands of middle-class working Maltese purchase homes.
The country enjoyed several years of prosperity, until the world economy collapsed. Housing starts in Malta have dropped considerably in recent years. Not only are new homes not being built, existing homes are sitting empty. Many who got into the market during the housing initiative have moved or passed away. Many of these properties have simply been left vacant for lack of local buyers.
While this phenomenon has been detrimental to the local housing economy, it may mean deals for foreign visitors. Some property owners have turned to renting out vacant homes to tourists. An abundance of economical rentals has been one catalyst in Malta tourism in 2009.
It may also mean good deals for foreigners looking to purchase property on the island. Malta is home to ex-patriots from both Europe and the rest of the world. It is also a second home or vacation home-away-from-home to many regular and long-term visitors.
Malta tourism officials may focus on the housing situation as one way to turn its economy back around. Marketing vacant homes to foreign buyers and renters may be one small way to keep visitors coming back.
by: Henry Ashworth
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