Maltese property market in 2018

When the financial crisis hit the global market, Malta's economy remained relatively stable, as did its property market

The Maltese property market has gone from strength to strength over the past couple of years, with 2017 being one of its best performances, and with 2018 shaping up to be another bumper year.

More units are being built, and some of the island's biggest property projects now in the pipeline, investment in property is still one of the most solid and attractive types of asset.

Returns on property across Malta are in the region of 7-9 per cent, while rent prices have continued to grow too, as supply is currently only just about meeting demand. These patterns are set to continue well throughout 2018 and for the foreseeable future as the Maltese Islands continue to attract international attention.

On the other side of the channel, Gozo has also experienced an increase in sales, and also in the number of property transactions on the island from that of two years ago.

Projections for the next few years are encouraging. With the letting market being so strong, many people are choosing to invest their money in property. This in turn has boosted the property sales market; and while Malta's size restricts development zones, it is safe to assume that property on the island is highly unlikely to ever outstrip demand.

In fact, 2018 will definitely be a great time for locals looking to buy a summer home on Malta's greener and more rural sister island,Gozo as the government has decreased the stamp duty charged on these properties from five to two per cent.

This applies to those purchasing residential property in Gozo by the end of 2018. The promise of sale agreement must be registered with the Inland Revenue Department by the end of the year for the offer to apply.

As things stand, Malta's property market remains a safe investment for both local and foreign investors, with property prices still being affordable for most.

Moreover, as Malta continues to expand its business portfolio, with big names in the financial sector, iGaming companies, pharmaceuticals and aviation firms choosing to be based here, it is relatively safe to assume that the property market's positive trend is not expected to slow down any time soon.

30 Mar 2018

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