Published on 06 October 2005 at 02:51 pm
Filed under: Europe:- Malta Property Guides » Malta Property Investor’s Guide:
The small Mediterranean island of Malta has long been a property investor’s paradise, but certain market and geographic conditions exist currently that make this haven an even more tempting choice for those seeking to capitalise on any investment made in international property over the medium to long term.
Malta’s economy, the country’s strategic position, the fact that it was a former British colony and is today considering the prospects of petroleum exploration are all unique features that contribute in one way shape or form to its intense attraction for property investors, second home hunters and those hoping to make their place in the sun pay with buy to let property investment.
The economy of Malta is being artificially restricted by the overall slow down in the European economy. Unrestricted, the economy of Malta is strong and built on incredibly sturdy and sustainable foundations including foreign trade as a freight trans-shipment point, tourism and manufacturing. The tourism market in Malta and on the neighbouring islands of Gozo and Comino attracts increasing numbers of visitors from around the world annually. The attractions of Malta, Gozo and Comino are manifold…
Firstly the stunning scenery, beautiful Mediterranean Sea and striking architecture make these islands visually very attractive. Secondly Malta enjoys a beautiful climate which is hot in the summer and temperate in the winter and which allows for a year round holiday market. The Maltese are welcoming and friendly and happy to share their island with visitors and foreign residents, the quality of food and drink available locally is sumptuous, the range of leisure activities and beaches is fantastic and of course Malta is close to many other European countries making it very easily accessible for a large number of people.
Because the appeal of the island is classic and timeless, the opportunities for those who wish to buy to let investment property in Malta are great. Well positioned and appointed apartments and villas can be let out year round and those with good facilities achieve very high average rental yields.
The country’s strategic position has meant that it has been invaded, conquered, ruled and inhabited by many nations in its 7000 year history. This makes the island particularly rich in historic and social culture as well as architectural beauty, and Malta has a very laid back and open feel. It’s a country with relatively low unemployment, relatively high GDP and one that will undoubtedly benefit substantially from its membership of the European Union over the medium to long term. Property investors who enter the real estate market in Malta today will benefit from any EU financial aid, likely improvements in infrastructure and in the predicted period of economic growth that Malta is expecting.
One particular avenue that more international real estate investors are exploring today is the retirement home market in Malta and in particular the British retirement home market. Until 1963 Malta was a British colony and its British heritage attracts a very high number of UK based tourists every year and a lot of these people seek retirement homes in Malta annually. As a direct result there is a substantial amount of potential in the British retirement home market in Malta as well as in exploring the general appeal of Malta as a retirement destination as soon as the country signs up the EU Schengen Treaty which allows for residents of another EU state to live unrestricted in the country.
And finally, the last unique quality that Malta has that points to a long term upturn in the economic fortunes of the island is the fact that together with Tunisia, Malta is discussing the prospect of examining the feasibility of petroleum exploration and subsequent exportation from the two countries’ shared continental shelf.
These unique features combined with the fact that Malta is restricted geographically as it is such a small island and only has so many housing units available for sale or rent make this Mediterranean island gem not only a good solid market for international property investors cashing in on the obvious demand over supply situation, but an emerging real estate market in terms of its long term potential for economic growth.
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