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Malta warms up to low-cost - 3 April 2007
Overseas property buyers are taking advantage of Malta's year-round sun, pretty beaches and cosmopolitan culture, according to The Independent...
Malta’s accession to the European Union (EU) coupled with the arrival of low-cost airlines has seen foreign buyers investing in old townhouses, restoration projects and seafront apartments, sparking a development boom and pushing up property prices.
Anna Farrugia of Harlon Property revealed that property prices had risen 40% over two years, adding that after years of the property market being static, the rise was “too quick".
Ms Farrugia also pointed out that Malta “has a good cultural mix and is a comfortable place for people from the UK to be." However she noted that the island’s small size and popularity is pushing up prices. She observed: "There's a lack of land and they won't allow building to go on in the green areas. Land is becoming very valuable." She further predicted that this will cause a 15% rise in prices over the next three or four years.
Low cost airlines good for the property market
Vanessa Lupi of local agency Frank Salt expressed doubts over Malta becoming overdeveloped like Spanish or Portuguese resorts. " Malta and Gozo can't be compared to places like Spain and Portugal. When people buy here, they buy much more than just the property, they buy the lifestyle."
Ms Lupi added: "When you get low-cost airlines, you get people buying for investment. It's also easier for those who buy for their own purposes, since their holiday homes will be more accessible."
An uncontrollable property market?
Increasing property prices in Malta recently provoked a response from the Diocesan Commission. The commission voiced its concern about “endemic and uncontrollable speculative practices in the property market”.
Chairman Godfrey Leone Ganando called upon all political and social players to adopt this issue as a top priority for immediate concerted action if they truly believe in social inclusion and a sustainable standard of living.
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