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Malta’s trouble could be an overseas property bargain - 24 March 2009
Recent reports suggest that the property market in Malta is suffering quite severely in the global economic downturn. Global Property Guide has the island in the group of countries that has suffered from the most severe drops in property prices, but the turmoil in the industry could provide buyers with some of the best bargains on holiday homes in a generation.
According to the site, prices in Malta fell by nine per cent, and in the final three months of 2008 that decline in prices accelerated significantly. This, added to gloomy predictions for the rest of 2009 spell bad news for property agents and developers, but for people who are keen to own a home on one of the most popular islands for UK holidaymakers the recession could provide the opportunity to get a great bargain. Global Property Guide, along with almost every other industry watcher, doesn’t predict any significant upturn in the property market in 2009.
Property in Malta has been popular for many years, and the island’s relationship with the UK goes back to the Second World War. Flights to the island operate throughout the year, English is widely spoken and the lifestyle of the inhabitants is as relaxed and stress-free as anywhere else in the Mediterranean, making it a perfect destination for either a holiday home or for permanent emigration.
Maltese property buyer are having to deal with the fact that the Euro has gained so significantly in strength against Sterling in the past six months, so the drop in prices is likely to offset this to some extent. In addition, the possibility of a rally in the value of the Pound against other currencies later in the year should mean that property in the Eurozone becomes cheaper for UK buyers, and may help the beginnings of a recovery for property prices.
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.