Why should I buy property in Malta now?
Why should I buy property in Malta now?
There has never been a better time to buy property in Malta. After a slight slowdown during the last couple of years, Malta property is now showing a strong resilience in the property market. Prices have now stabilised and residential properties in good residential areas and developments are now in great demand.
The benefits of buying property in Malta, and its neighbouring island of Gozo, are plentiful. Great weather, a low crime rate, political stability, a favourable tax regime and good healthcare have attracted tourists for decades the fact that it is easy for Brits to buy property here just seems to be the icing on a very rich cake. This is thanks to the years of British rule which came to an end in 1969, leaving behind English as the island's main language. Friendly locals complete the picture, promising a laid-back lifestyle.
Malta is slightly smaller than the Isle of Wight, a fact that results in short journey times no matter where in the island you are travelling to or from. Such limited land mass is also promising for property prices, as developers cannot simply keep retreating further inland.
Properties in Malta with sea views command premium price tags in both Malta and Gozo. Due to the size of the islands however, there is really no such thing as an area to avoid, although there is, of course, the usual choice between the tourist resorts and traditional villages.
The capital of Valletta offers a wealth of history, but may perhaps be classed as a little too business-like for many buyers, as it has a reputation of becoming somewhat subdued at the end of the working day. If you are after something a bit more lively, try Sliema or St Julian's. These coastal destinations are Malta's main resort towns and have a wide choice of both bars and restaurants. They are also home to some of the island's newest developments namely Portomaso and Pendergardens in St Julian's.
Malta joined the EU in 2004 and this resulted in the restrictions on foreigners owning property being relaxed and easing the path for would-be home buyers on Malta and neighbouring Gozo.
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