Substantial growth in all 12 branches of a leading Maltese real estate agent points to 2011 being a good year for the property market in Malta. Joseph Lupi, managing director of Frank Salt Real Estate believes that whilst 2010 saw the recovery in the property market begin, 2011 is set to be even better.
British buyers again interested in purchasing property in Malta
The company saw substantial growth in all its 12 branches in 2010 and has seen interest in property almost bounce back to levels last seen before the global financial crisis.
The largest increases in business activity came from foreign buyers, with strong interest from the UK, Western Europe, Russia, Scandinavia and South Africa.
Mr Lupi told the companyââ¬â¢s annual general conference: ââ¬ÅIt is good to see that the British are once again looking at buying or renting in Malta.
ââ¬ÅNotwithstanding the adverse housing market in the UK, the drop in the value of sterling against the euro and other negative factors, the British are increasingly eager to buy property in Malta, and possibly even more than before, with the majority strongly considering the option of relocating to the islands.
ââ¬ÅThis is very positive for Malta and not only where it comes to the property market, but also when one considers the ripple effect this has on the economy.ââ¬Â
Property in Malta showing signs of stability and growth
In his speech, Mr Lupi confirmed that prices had increased above 2009 levels. He attributed these price rises to the increasing demand for buy-to-let properties, favourable mortgage interest rates and the extensive choice of great value properties.
Frank Salt saw the average values of properties rise between 2009 and 2010 and an increase in the number of Maltese properties sold to second time buyers.
