Interest in Malta property increases

Malta property

Photo credit: Giorgios 

Interest in Malta property is increasing, according to one agent.

Malta Buy Property has seen the number of enquiries soar over the past 12 months, receiving 12 per cent more in the year to-date compared to 2010-2011.

The rising demand follows Malta's ranking among the top 10 destinations for British property buyers by A Place in the Sun magazine. Indeed, in April 2012 the tiny island returned to's 10 most popular property destinations for the second time, receiving the eighth-highest number of enquiries that month.

Ray Woods of Malta Buy Property comments: "It is no surprise to us that Malta was voted one of the top ten destinations for buyers of overseas property earlier this year. This helped to fuel increased interest in both residential and commercial property purchases and rentals. This dramatic increase in the value of the £ against the Euro has also helped – leading to an effective reduction in prices for UK buyers of around 20%.

"However, we have seen a continuing growth in interest in Malta not just from the UK, but from the rest of Europe, the US, Australia, Canada, Germany, Portugal , Scandinavia, Spain, South Africa, The Middle East and even Russia. The relative buoyancy of the economy in Malta is one of the key factors in attracting clients both young and not so young. Malta is very business friendly and offers major tax advantages for entrepreneurs."

Woods explains the other factors to contribute to Malta's wide-ranging appeal: "The absence of Council Tax or any equivalent and savings on heating costs means that those living on a pension have more left over for themselves. Malta is also one of those rare places these days where the banks are still prepared to lend up to 75 or even 80% subject to income. The low crime rate and high standards of healthcare and education also appeal to buyers of all ages. This is not to forget the mild climate, warm seas and good travel access to a wide range of destinations."