As a popular tourist destination and with many foreign companies setting up business in Malta, the country has also become popular for its property market.
The property market in Malta is extremely competitive, compared to other European markets. The Property Market went into a boom particularly between 2000 and 2008. Subsequently, there was about 10% decline in prices in 2009, due to a global crisis and complete slowdown of all economies. However, it quickly recuperated. During the crises, property prices fell slightly in Malta, but were still relatively high – but still in line with similar islands in the Mediterranean.
Post global crisis property market in Malta shows significant growth with increased demand both for residential and rental properties.
The property market took another hit in first and second quarter 2020 (March-May) due to COVID-19 pandemic, which brought worldwide economies to a standstill. Swift reaction of Maltese government bringing encouraging measures in lower taxes when purchasing property, have helped market recuperate fast.
If you are on the look out for a property, it is recommended to seek the assistance of an estate agency. The estate agents would be able to assist you not only in finding the right property for your needs, but also guiding you throughout the whole process. Our expertise will make it easier for you, especially if you are a first time buyer or if you are relocating from another country.
Even though you might know what you want if it is your second home, or if the property is for investment purposes, the estate agent will still be of great help because it is his daily job, he follows markets more than 8 hours a day, every day… and an agent always knows the market better than anyone who is not in that business. The property market is ever changing, with new trends and new developments coming up daily.
In the last couple of years, properties in the areas of Sliema and St. Julian’s have seen strong increase in price, follwed by booming St Pauls Bay and Qawra area boasting with multicultiral environment where many foreigners found their new home.
This was due to the fact, that several gaming countries have set up business in Sliema and St Julians, and foreign employees relocate in those areas to be able to walk to work. Similar situation is with northern region of St Pauls Bay and Qawra where numerous hotels and tourist destinations attracted many foreign workers to choose these areas for their home.
Recently we are seeing strong movement on the South of island, where the Marsasscala area became another lively hub attracting many Maltese and some foreigners to live there. South of Malta still has slightly more affordable prices than Central or North areas, while offering beautiful beach and numerous amazing restaurants.
The influx of foreign companies, and consequently workers, has seen an increase in demand for apartments in all areas of Malta. Hence, we have seen new developments, not only for accommodation purposes but also office space.
The property market in Malta, is in constant evolution and moving according to demands of the economy. 2020 has hit global economies, and subsequently the rental property market in Malta, however with return of tourism, this sector will get back on its feet in no time.
Properties for sale that attract mainly local population haven’t seen any change in prices so far.