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Malta Celebrates and Prepares for Expected Housing Price Increase - 8 February 2010
Malta is one of the top three countries in the world expected to see an increase in housing prices this year, according to a global property consultant firm, and the Mediterranean country is poised to cash in.
To prepare for and incite the influx, Air Malta, the national airline, is offering low cost flights to Malta, and real estate companies are offering cash back on property deals. Construction on the Metropolis Plaza—a €60 million mixed-use lifestyle development, which will feature the tallest building on the island—is set for midyear. MTV will also once again host its Isle of MTV Malta concert, attracting an audience of 50,000 people, this summer.
Malta, set off from Italy, has been a longtime tourist destination for travelers around the world. Outside of their native Maltese, the most widely spoken language is English. Every year, thousands of Western and Eastern European students come to Malta universities to study English, and many end up staying after graduation because of the inviting two-season climate and affordable lifestyle.
Besides the influx of youth, overseas investors in Malta property are continuing to diversify. During the recent global economic slump, when Brits and other Europeans were shying away from buying property and taking holidays, a great number of South Africans were purchasing homes in Malta, looking for safer futures for their families in the face of an unstable domestic political climate.
Unlike the rest of Europe, property prices in Malta haven’t dropped, supported by high levels of liquidity amongst locally based banks. And now that the UK’s economies are stabilizing, real estate agents are noticing that the Brits and the Irish are once again renting property in Malta, while they wait for more traditional overseas investment hotspots like Spain, Portugal and Greece to bounce back from the recession.
The destination is becoming so popular, even the Pope has planned to vacation in Malta this April.
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