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FROM THE MALTA INDEPENDENT August 2010

Tourism up by 11% in first six months

by Scott Grech


 

550,680 tourists arrived between January and June this year, tourism parliamentary secretary Mario de Marco announced yesterday.

This figure does not include cruise liner passengers, whose stay in Malta is limited to less than one day as the ship berths in Grand Harbour , but includes visitors who have stayed one night or more in Malta .

136,758 tourists visited Malta in June alone this year, making it the best June ever and an increase of 20 per cent when compared to the same month last year, with Dr de Marco stressing that the introduction by Irish airline Ryanair of six new routes to Malta which came into effect at the beginning of May being the main reason behind this upsurge in visitors.

With the introduction of routes to Seville and Valencia , Spanish visitors in June increased by 133.7 per cent in comparison with the same month last year.

The other main markets where the majority of tourists hailed from in June were Scandinavia , France , Italy , UK and Germany .

The Malta International Airport (MIA) also announced that passenger movements in and out of the airport increased by 15.8 per cent in July when compared to the same month last year.

In fact, 401,951 passengers arrived and left Malta last month.

Malta is now directly linked to 76 airports, the highest it has ever been and a significant leap when compared with 2009, when Malta was linked to 57 airports.

“This statistic does not include charter flights and other one-off services operated from time to time,” said Dr de Marco.

Despite the efforts of the Malta Tourism Authority (MTA) to make Malta a more appealing country to youngsters, the majority of tourists who arrived in Malta once again fell within the 45-64 years age bracket.

“Nevertheless, between January and June, total nights spent by tourists increased by nine per cent, which is equivalent to 4.1 million nights, while nights spent in collective and private accommodation went up by 10 and seven per cent respectively.

“Even though tourists are spending fewer nights in Malta , with the average length of stay in 2010 standing at 7.5 nights, less that 0.1 per cent over 2009, total tourist expenditure was estimated at €397 million, a growth in expenditure of 11 per cent over 2009 levels.

“The average tourist in Malta spent approximately €721during the first six months of the year,” said Dr de Marco.

Latest Malta and Gozo Property News from www.maltabuyproperty.co.uk....

  UK EXILES MAY SEE MALTA PROPERTY LESS TAXING
   MARCH 2010

The UK is likely to see a flurry of exiles heading for sunnier and less taxing shores like Malta, predicts one property specialist - who says that this small English speaking Mediterranean island offers a warm welcome only 3 hours away from the UK.

Recent changes in UK taxation have seen a new tax rate of 50% on incomes over £150,000 and the abolition of tax allowances on incomes of over £100,000. In addition, the freezing of tax allowances will mean that thousands more will be paying marginal tax rates of 40% over the next few years. On top of all that, there have been increases in Council (property) tax and in national insurance contributions.

So how does this compare with places like Malta?

There, income tax is a flat 15% and there is no property tax - as local councils are funded by block grants from the Government.

If you want to buy a property, it will cost you around 6.5% of its value which compares well with many other countries.

Property is not cheap but local mortgage finance is readily available at favourable terms – and the investment outlook is strong, with long term demand exceeding supply – bolstered by an exponential growth in low cost airlines, not only from the UK but from across Europe and the rest of the World..

There are no death duties in Malta.

Many Companies have relocated to Malta - which positively encourages inward investment. The labour force is well educated, highly technically literate and English is a joint first language - so setting up is a great deal easier than elsewhere.

As a member of the euro zone, Malta enjoys currency stability and access to many adjoining markets such as Italy, France, Germany and Spain.

RayWoods from www.maltabuyproperty.co.uk says,

"For EU citizens such as those from the UK, permanent residency in Malta is a formality provided that you can demonstrate that you are self sufficient. For those on higher incomes in the UK, notably owner managers, it is a financial no brainer, particularly since the latest wave of tax and other increases.

Increasingly businesses are not geographically tied, driven by the growth of the internet and high quality low costs telecommunications. High marginal tax rates in some countries like the UK therefore work in favour of places like Malta where labour and employee related costs are typically much lower than.

Buying property is also a much more straight forward process than in the UK - with a 'legal handshake' operated within the notary system. This speeds up the whole thing and makes it much less stressful.

The education and healthcare systems are free and of a high standard. Crime rates are very low and children are able to play on the streets in safety - and have a fantastic quality of life. With income tax at a flat 15% and no council taxes, we expect to see a growing influx of British entrepreneurs including those with young families.

Last but not least is the fabulous weather and of course the friendly people of Malta"

For more information, go to www.maltabuyproperty.co.uk or email: contact@raywoods.co.uk.

ENDS


Gozo – Never heard of it – that's the point
February 2009

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 – and vice-versa!.
         
This is in part due to the much more rural nature of Gozo.  If quiet is what you crave, then Gozo is the place to head.

The property rental market on Gozo is strong, as the island is a magnet for both the Maltese and overseas visitors alike. Tourism in both Malta and Gozo  has seen strong growth in the last 3-4 years from across Europe, Scandinavia and even the US - driven by a new network of low cost air flights.

Off plan developments exist, such as one at the popular seaside resort of Marshalforn. With most properties enjoying sea views, 85000 euros for a 2 bed apartment represents excellent value – but remember that you will have to pay the finishing costs.

A number of very select apartment developments are also taking place on Gozo.

Stunning views are the major feature of a unique development at the historic Fort Chambray which overlooks the main harbour – that links Gozo with Malta. The Fort provides an amazing backdrop and is over 300 years old.  Prices here start from 315,000 euros for a  2 bed ground floor maisonette with pool!

A development at Tal General in San Lawrenz – has apartments that all face south and have views 'to die for' of one of the best shore locations on Gozo. Prices start from 200,000 euros for a 2 bedroom apartment..

For those looking for something out of the ordinary there are currently, a number of converted farmhouses and houses of character with pools for around 350 - 400,000 euros. These represent excellent value for those looking for traditional character in a modern setting.

Regular ferry and seaplane services link Gozo to the mainland.

Ray Woods from www.maltabuyproperty.co.uk said,
'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 well worth a visit.

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 offer competitive finance, negating the need for large capital transfers of sterling in the current climate.


English is taught as a joint first language from primary school - and this has influenced HSBC to open its Regional Call Centre and financial centre on Gozo.

The islands are members of the EU and are politically stable. The economy has been enjoying a sustainable level of growth that is reflected in property prices and is well-placed to withstand the world recession.

The proximity of Malta and Gozo to Italy and the North African Coast and mainland Europe makes them an ideal base. Sicily and Mount Etna are only an hour away by high speed ferry.

Low cost carrier Ryanair has daily flights from Luton and Dublin. The airline is also launching flights from Edinburgh and Bristol in March. Ryanair

Easyjet flies from Manchester and shortly - Newcastle.

Air Malta and the charter lines also fly from most major airports. BA flies from Gatwick.

The increased availability of lower cost flights has helped to increase demand for good quality property for rental purposes.

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Location, location, location – but how about political stability?

January 2009
Buying overseas property has become one of the defining characteristics of consumer behaviour over the last 30 years. Despite the current economic difficulties, there are still purchasers out there.