The market joined a swathe of overseas destinations enjoying rebounding demand, as economic conditions and confidence improved significantly in 2014. Malta
Grahame Salt, director of Homes of Quality – part of the Frank Salt Real Estate Group – recorded a rise of 60 to 65 per cent in sales, with national sales jumping by an equally impressive 40 per cent.
“I would say the high-end market has experienced growth at a similar ratio,” he told Property Showrooms .
“It is not a case of ‘if the property is expensive, then it is a home of quality’ but rather the evaluation is based on the quality of the property itself.”
Foreign buyers have been a major factor in the market’s rising sales, with almost half of transactions going to international buyers in 2014. Indeed, the island has enjoyed success with its “Golden Visa” scheme, which offers residency to non-EU buyers in exchange for €350,000 minimum investment.
“The majority of foreign buyers in Malta are British,” adds Salt, “but there are also a number of French and Italian buyers, Russian buyers due to the citizenship scheme as well as Dutch and South Africans but it heavily depends on where we’re promoting at a particular point in time.”
Demand remains “consistent” in 2015, say the agents, despite a shortage of property.