Low taxation, good location, low crime rate, sun, seas and friendly people – no wonder the Libyan jets headed for Malta says one overseas estate agency (with tongue slightly in cheek!)



You will never see Malta in the top ten places to buy a property overseas – this island gateway to the Med. is too small to figure in the rankings with much larger Countries. However, not many locations can point to YOY increases in property sales of around 18 - 20% in the last 18 months.



Discerning property buyers from across the World continue to beat a path to this island retreat aided by a host of low cost flights, but not since the second world war in military jets! Ryanair, Easyjet and BMI Baby have proved more popular with UK travellers.



UK buyers lead the way but increasingly, they are alongside Scandinavians, Russians, Italians, French, Germans and South Africans. Why is this? A leading internet based Malta property specialist explains.



Ray Woods has been helping prospective buyers of property in Malta since buying his own holiday home 8 years ago. This followed a love affair with Malta that began over 30 years ago when he visited the island with Elaine his wife. Their Company www.maltabuyproperty.co.uk is now the major UK based agent for Frank Salt Real Estate, the largest agency on Malta – with a very extensive range of sale and rental properties. They feature on all major property portals and have clients from around the World, including Malta itself.



Ray says,

“Malta has changed physically out of all recognition since we first visited in the early 70’s. However some things remain unchanged – the fabulous all year climate, genuinely friendly people – who all speak English (and many of whom also speak Italian and other languages), the great location - not just for the UK but as a jumping off point to the whole of Europe and – as we have seen graphically demonstrated -North Africa.



A low crime rate, an excellent health and education system, an absence of property taxes and low rates of personal and corporate taxation are all contributory factors.



Add to that the opportunities for all kinds of watersports such as sailing and diving, a wealth of history and you begin to understand why Malta has more than held its own.



The Malta property market obviously felt the backwash of the World recession, but a strong banking sector and domestic property market meant that this was quite short-lived. Maltese Banks continue to lend freely up to 80 or 90% of the value of a property. The process of buying a property is very straight forward and easy to understand for foreign buyers.



Tourism did take a hit but has more than recovered in the last 18 months with a shortage of properties for both short and long lets.



Tourism has changed as it has done elsewhere. The traditional two/three star package holiday has declined and the growth in the self booking of flights and accommodation has led to demands on the property market itself and an increase for example,in the number of developments with communal pools.



Tourism in the old days was largely confined to the north of the island and this remains very popular. However areas such as St Julians, Sliema and even Marsascala and Marsaxlokk on the southern coast have seen increases in private investment albeit in privately owned properties rather than hotels.



Property sales are up and this is reflected in prices with less room for haggling.



Ray believes that there is a counter reaction taking place to the doom and gloom of the last year or two.



He says,

“People are fed up –particularly in the UK. Their savings are being eroded, taxes are increasing and public services are declining. They fear a knock on effect into higher and higher crime rates.



In the last few years, commentators have been queuing up to decry property as an investment.



Property however has of course always been a long term investment and you do have to look at the fundamentals. Malta as an example is a small island with development land fast running out and an increasing population - bolstered by buying from overseas. It did not have the great speculative property bubbles of Spain, Cyprus and elsewhere. The Maltese people themselves have a home ownership rate of over 95%



For many a move to Malta is also the route to a better quality of life in retirement or increasingly, earlier in life. We are seeing younger and younger people making the move particularly young skilled professionals being hit by higher marginal tax rates.



As long as buyers are not looking to make a quick buck, investment in property in Malta has a great track record – with an average 8% return over a 50 year period.”



Ray will be on the Frank Salt stand at a ‘Place in the Sun Live’ at London’s Earl’s Court from 11th to 13th March 2011 inclusive.



ENDS



Issued by Ray Woods of www.maltabuyproperty.co.uk in association with Frank Salt Real Estate of Malta. Call Freephone: 0808 1972 484(UK only) or 00 44 121 373 2440.



Free tickets for the show are available to bona fide journalists.

