Malta’s property sector is flourishing on the island under double digit inflation for house prices, tempting investors to its shores.
Figures from the European Mortgage Federation give prices of 18 per cent on the Mediterranean island, beating other EU countries including the traditional strong-markets of France and Spain.
Property experts on the island have reported a good first quarter for sales that match the official figures. Michael Johnson, managing director of Maltese property dealers Tribune, said that he had even seen a “good number of sales” for villas costing over a million euros despite a slow start to the year.
Joining the EU in 2004, Malta is opening up its English-speaking market to businesses and hopes to attract more investors, especially when its first budget-flight service starts in June.
The country aims to attract businesses through such plans as its “Smart City”, meaning that investment and property prices on the island are likely to continue to rise in the near future.
Tourism is also being targeted, so that in addition to business property, villas to rent out as holiday homes are also likely to increase their importance as a market.
Ties to the old colony means that the majority of current investors are British, but estate agents are said to report that property investment opportunities are being sought after by Scandinavians and others on the continent.
With strong current growth and good future prospects, Malta’s property market looks likely to attract more international investors to the isle in the coming months.
