malta property regains competitiveness with overseas buyers
News Posted On: 01 June 2009
A combination of the credit crunch and infrastructure developments could bring Malta to the forefront of overseas property investment, it has been claimed.
The submarine cable link to Sicily, which is now likely to include a gas pipeline to fuel Maltese power stations, as well as the price drops caused by the international downturn make Malta an equally good short term opportunity to many of the emerging markets, according to Les Calvert, director of overseas property portal Property Abroad.
"Malta had its overseas property investment boom when it joined the EU, and prices grew rapidly during 2003 and 2004. The trouble being, prices grew so rapidly that Malta quickly lost the ability to compete with the new EU members and those coming onto the fringes of becoming members. The credit crunch has caused prices to fall and once again Malta is competitive price wise," he said.
"Combine that with the fact that the downturn has changed the way people look at overseas property investment; looking at individual properties, and the immediate area that the property is in to assess the growth potential and determine their exit strategy. The Malta cable link and possible gas pipeline will bring employment and cash into that region, and those who invest today can sell or rent to the people employed on the pipeline and in the power stations," he explained.
Property Abroad are currently advertising dozens of properties for sale in Malta, prices start from £75k.
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