Malta & Gozo ?

[CathyO]

Hi. Can anybody tell me about the property market in Malta & Gozo?

I have a friend who is a long-time estate agent in London who is relocating to Gozo and wanting to start a real estate service there.

I have heard recently how Malta now has a music scene to rival that of Ibiza and that since the inclusion into Europe property there has skyrocketed?

Is this true? is anybody able to elaborate?

many thanks in anticipation of your help

[propertyforum]

Malta just like you said "now has a music scene to rival that of Ibiza"

[fidelio]

Hi CathyO,

I am Maltese and emigrating to the UK next month.

Property in Malta has seen a boom in the late 90s. However the rate of growth has declined considerably in the last two years as salaries in Malta are amongst the lowest in Europe whereas property has appreiated well beyond the average citizen's means. 10 years ago a 2 bedromed apartment would have set you back Euro40 000 in an average town. Today expect to pay more than double for such property. Salaries have remained pretty much the same and both spending and borrowing power have decereased considerably. So much so that for the first time ever property supply has exceeded demand.

If you must invest in Malta consider upscale apartments in sliema where rent is the highest on the island. A three bedroomed seafront apartment will set you back 350 000 Euros and will rent at about 1700Euros. This was driven up by the large number of gambling companies transferring to Malta for favourable taxes. These companies brought with them workers earning 3times as much as a native.

With respect to the music scene its all concetrated in one area, thats Paceville. The rest of the island is pretty quiet. And as I have been to Ibiza I can easly confirm to you that the party scene here by no means rivals that of Ibiza.

Good luck with your investing

[JOYFUL]

I have also heard that the property in Malta has tripled in value in just the last few years. A few years ago, most people had not even heard of Malta. We are interested in visiting there and seeing what's happening there, in the next 18 months. I met someone who was born there, and in her opinion, the best values are already long gone.