Although property prices have reportedly gone down in certain segments of the market, the National Statistics Office has reported that registered property sales have been steady throughout the year and almost at par of what was registered last year. The Global Economic crisis has done little effect on the Maltese property market with great thanks to the solid banking institutions in Malta who have been conservative but shrewd in their business practices.
In what has been a year of misery for some European countries, the Maltese Government has continued to invest heavily in ICT, Gaming and other Industries and is seeing the fruit not only from the number of companies interested in setting their businesses up in Malta but from current economic activity from licensed companies that has generated a multiplier effect throughout the economy which has specifically affected the property market not to mention other industries that has said to have generated over € 15 million in revenue.
With the consistent flow of licences being granted, natural human habit of upgrading accommodation and the turn over of staff within the industries, the demand for rental properties is high and constant. Few higher grade employees prefer to invest in property in Malta.
Single expatriates coming from all walks of life seem to prefer to stay a stone throw away from the night life and entertainment area of St. Julian’s. This demand has encouraged Maltese investors to upgrade their own properties in Malta or purchase more property to accommodate for a lack of supply. Families tend to seek out their homes in the neighbouring cities of Sliema, which is a few hundred yards to the east of St. Julian’s along the promenade and some prefer Swieqi as an area that includes the suburbs of Ta’ L-ibrag, Victoria Gardens, High Ridge and Madliena which is also a few hundred yards away from St. Julian’s. The Portomaso and Tigne Point condominium developments located in St. Julian’s and Sliema respectively are ever so popular amongst both the single and family household.
Whereas in Sliema one will find only apartments on and off the seafront as a rule, in the suburbs of Swieqi one will find apartments, maisonettes as well as luxurious villas and bungalows with or without pool. There is always a small demand to live outside of these areas where one will find popular villages of Gharghur, Naxxar and San Pawl Tat-Targa amongst other.
There is a high quality standard of properties available for rent and for sale in Malta. The rental market is vibrant and the property sales market is steady and looks positive for the future.
The persistent Maltese Government with the assistance of their very capable and reliable departments are making strides to improve systems and attract further investment to our Islands. The industry also invests back into the industry through overseas marketing events such as EIG, IcE to mention a couple and local events such as the Malta iGaming Seminar held at the Le Meridien last October in St. Julian’s. This proactive however joint determination amongst its stakeholders breed’s confidence throughout the economy.