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28
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PEOPLE Whats going on in... Malta? www.opp.org.uk
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FEBRUARY 2010
WORDS
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Alex Evans Continuing our series
Y
off ering brief insights into
the residential tourism
INDUSTR
markets OPP readers are
talking about, this month
we focus on Malta…
PEOPLE
s
h
o
t
M
a
r
k
e
t
S
n
a
p
TION
One of the few leisure resort destina- from EU countries (see table).
DESTINA tions in the Mediterranean to see a Sales to domestic buyers represent
steady fl ow of sales in 2009, a total of a substantial proportion of second
12,190 deeds were registered in 2009 home activity. David Grech of Duplex
according to the Ministry of Finance. Real Estate Branding, organisers of
Malta’s Central Bank observed that the successful HSBC Malta Property
lower asking prices were the biggest Expo (pictured above), confi rmed that
factor in maintaining sales, with domestic buyers made up the majority
Malta’s tourist market
residential property prices falling by of its 6,000 visitors last year. In addition
6% overall by end of June (a smaller to government agencies such as MEPA
January/November 2007/8/9
decline than nearly 10% in the fi rst exhibiting at its event in March this
BUSINESS
quarter) and 28% fewer homes be- year, Grech says it will be presenting Total
1,191,978 1,245,717 1,133,164
ing advertised. Apartments in shell products and services for fi rst time buy-
tourists
form and houses of character saw ers - such as special off ers from banks.
the steepest declines of 20.4% and Of the 242 apartments sold so far at
Austria 19,678 19,434 19,363
16.2% respectively. Midi plc’s luxury Tigne Point project,
Belgium 25,540 29,116 22,353
However, data from Malta’s 40% were to foreign buyers. There has
National Statistics Offi ce shows been a lot of interest, domestic and for-
France 72,971 79,258 70,616
that sales were on a par with 2008, eign, in Metropolis Plaza - a fl agship de-
Germany 123,523 146,482 119,699
helped in no small measure by velopment for the regeneration of the
government initiatives such as its Gzira marina district that was approved
Ireland 27,214 29,319 23,824
OPER
Residence Scheme. This has at- by the Malta Environment and Planning
Italy 108,968 138,093 151,433
VEL
tracted foreign buyers who can take Authority in March last year. Occupying
DE
advantage of a low income tax rate a footprint of 7,000sqm, it will comprise
Libya 8,500 8,733 10,693
of 15% on income received in Malta ‘sky villas’, penthouses, commercial and
Netherlands 33,723 35,417 32,512
and no real estate tax if they pur- retail units, with residential units sup-
chase or rent an apartment in Malta. ported by concierge services. Russia 22,253 22,971 16,663
Incentives for businesses have also Despite the island’s size, there is
Scandinavia 83,779 83,178 64,693
created a market for professional room for growth. Up and coming areas
lets, with the capital Valetta (pictured) include St Julians/St Georges for
Spain 34,975 48,277 41,980
drawing most of the executive trade. younger buyers or lets because of its
Switzerland
While the number of tourists fell clubs, casino, restaurants, and shopping
21,416 21,491 21,594
TING
by 9% up to November last year, complex – boasting high quality
UK 463,391 437,019 396,634
with fewer visitors from Britain, Ger- developments with penthouses and
ARKE
many and Scandinavia, an estimated some of the big 5 star hotels in the area.
USA 19,735 17,074 12,884
M 1,133,164 visited the island accord- Bugibba is more family-oriented or
Other 126,312 129,855 128,223
ing to the NSO – with an increase more suited to retirement, as is the
in the number of Italians coming to much quieter island of Gozo which has
Source: Malta National Statistics Offi ce
Malta. Most of Malta’s tourists come a much slower pace of life.
FEB10_OPP_MAG.indd 28 28/01/2010 15:20
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