When it comes to building property in Malta, there is only a limited amount of land one can build on, and the prices of property in Malta are fairly safe even when other areas look likely to dip into recession. Official figures just released have shown that the Mediterranean island of Malta enjoyed a rise in property prices of over 7 per cent in 2007 compared to 2006. Property investors have done well on the Mediterranean island in recent years, with good annual increases in prices over the last ten years.
While some analysts believe that since entering the Euro prices have been spurred further, it’s also possible that this will be offset by recession elsewhere in Europe, especially if the key UK economy slows down in the next twelve months.
The good news though is that tourist numbers for Malta are rising, and tourists often turn into holiday home buyers, with others liking the island and ready to buy property in Malta and move here fulltime.
Estate agents on the island though seem fairly confident that this rise will continue for a while yet. One factor that investors could be taking into account when looking at the possibility of purchasing property in Malta is that since the island joined Euro zone this January this has been something that has caused other countries’ real estate market to gather pace in the past.
Malta’s has no property rates or council taxes and this makes it increasingly appealing towards attracting new residents this year. With tax at less than half of many other EU countries, buying property in Malta often makes economic sense, as well as being a home in the Mediterranean for many. Buyers from the UK in particular often cite Malta’s low tax regime as one of their primary motives for moving to the island.
Ryanair’s new routes from London and Dublin to Malta have proved a success both for the airline and for the island since the launch in November 2006 of their Luton flights. Ryanair has also started other cheap Malta flights from different airport destinations. Easy Jet another cheap airline is also operating to Malta and offers 12 flights a week to Luqa from London Gatwick with another flight a week from Manchester airport. Air Malta, the island’s national airline, has run a successful campaign to sell seats and runs flights from six different UK airports.
Close relations with Britain go back to the year 1800 when Lord Horatio Nelson came to the aid of the Maltese and blockaded the French garrison in Malta until they surrendered. Other advantages Malta has for UK and Irish visitors is that they drive on the same side of the road and English is spoken everywhere and for non British Isles visitors Malta has well known language schools where they can learn English.
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