Property in Malta is considered to be a good investment; even with the global recession, prices haven’t dropped significantly and have now almost stabilised. The Malta real estate boom started in the 1960’s, with large scale development and the building of newer towns such as Santa Lucija in the vicinity of Paola and Tarxien in the south of the island. With the island being small, one of the smallest countries in Europe bar the Vatican and Monaco, land is at a premium and properties have significantly increased in value over recent years. Malta’s population density is one of the highest in the world.
There are a wide variety of types of property, from apartments and flats, to town houses, houses of character and villas. Most properties are bought and sold via real estate agents, although in the past couple of years a free magazine launched called Owner’s Best which allows buyers and sellers to connect directly. In addition, some private sellers advertise their properties in the daily press such as The Times of Malta and the classified section of The Sunday Times. There is some degree of regional variation between prices, but less so than elsewhere in Europe. Real estate prices in Gozo tend to be lower than in Malta, and the south of Malta and The Three Cities generally offer better bargains than the north. The most expensive areas tend to be Sliema, St. Julians, Madliena and Mellieha.
A relatively new phenomenon – luxury, upscale “lifestyle” developments – are being built in premium areas. Residents in these communities tend to be local business people or foreigners with business interests in Malta. There is quite a demand for such high-end living spaces due to the amount of foreign companies located in Malta, especially in the IT and iGaming sectors. The first development of this kind was the Portomaso complex in St Julians, and this has been followed by Tigne Point in Sliema, Madliena Village and Tas-Sellum residence in Mellieha. All these communities have the use of pools and other facilities such as gyms.
For more information on buying or selling property in Malta, visit a branch of one of the estate agencies, such as Frank Salt, RE/MAX, Dhalia or Sara Grech.