Most people will have heard of Malta, but how many will have heard of Gozo, its smaller sister island?
Residents are known as Gozitans rather than Maltese – and are regarded as a rather strange bunch by the mainland residents of Malta itself. But the island is good place for property investment, according to Maltese agents.
Gozo has an impressive climate and scenery, with historical churches, the oldest freestanding temples in the world, and lots of restaurants and clubs, giving the island strong tourist appeal. As visitors from Europe, Scandinavia, the Middle East and US have grown, driven by a new network of low cost air flights, the property rental market on Gozo has strengthened too.
The economy has been enjoying a sustainable level of growth over the last 10 years that is reflected in property prices – and is well-placed to withstand the current turmoil in the EU.
"Gozo remains an undiscovered haven for many potential investors and those looking for a retirement or holiday home. Its' quiet rural location does not appeal to everyone, but for those who seek privacy and relaxation, it is perfect," explains Ray Woods of Malta Buy Property.
"Off plan developments exist, such as one at the popular seaside resort of Marshalforn. With most properties enjoying sea views, 107,000 euros for a 2 bed apartment represents excellent value – but remember that you will have to pay the finishing costs," he adds.
"Finance is readily available on Malta and Gozo – subject to status and the banks are in good shape. Both HSBC and The Bank of Valletta (BOV) offer competitive finance."