Malta Property News

COME AND FIND YOUR PLACE IN THE SUN SAY MALTA PROPERTY SPECIALISTS - WWW.MALTABUYPROPERTY.CO.UK

The UK and Ireland’s largest residential and commercial property show ‘A Place In the Sun Live’ opens on Friday 30^th March at Earls Court in London - and with over 6,000 visitors expected, it is some of the smaller expat destinations like Malta that seem to be growing in popularity – which is attributed to the triumph of quality over quantity.

Visitors to the exhibition will also have the chance to hear expert speakers and to win a free holiday to Malta courtesy of Excel Currencies and www.maltabuyproperty.co.uk.

“We are delighted that Malta was chosen by a Place In The Sun magazine recently as one of the top ten destinations for UK and Irish buyers.

We have noticed that in recent years, potential buyers have rightly become more discerning, with issues such as long term growth potential, taxation, language considerations and travelling time becoming more important. This has benefitted some of the less well known ex-pat destinations such as Malta.

We are seeing a growing interest not just from individuals, but from Companies wishing to base themselves in Malta where both the Company and their employees can benefit from generous tax regimes, good location and transport links and of course the absence of a language barrier for English speakers. March has been Malta month at nearby Harrods and we hope that this will have stimulated interest in this exhibition.

Shows like this present potential buyers with a great opportunity to do their research. Of course the numbers of potential buyers has declined in recent years for reasons we all know, but the changes do seem to represent the triumph of quality over quantity. At Earls Court last year, there were many more cash buyers than previously.

We will be offering a range of advice and materials to assist both companies and individuals. Together with our currency associates, Excel Currencies, we are offering the chance for visitors to enter a free draw for a holiday in Malta.* We can also help clients with introductions to local banks and through our insurance associates Intasure, we will be offering comprehensive polices for second home owners. Materials will also be available from the Malta Tourist Authority.

Buying a property overseas either as a holiday home or as a permanent home is not like buying a property in the UK nor is it the same as being on holiday. It needs to be treated with the same rigour as investing in a business.

We encourage potential buyers to make several property finding visits and see as many properties as possible so that they get a sense of comparative value from one property to another. It may seem obvious, but the most expensive properties do not always represent the best value.

Shows like a Place In the Sun and the seminars that the hold at the exhibition, do a good job in getting buyers to think about the long term and take the rose coloured spectacles off!

We often get approached by potential buyers looking at a number of countries, but bemused by the choice on offer at exhibitions like this. We provide them with a check list similar to the one that my wife and I used to buy our holiday home 10 years ago. Often it emerges that couples have different views on the best spot for them –and this needs to be resolved before they plunge into a home search in a serious way.

We also encourage clients to have a Plan B from the outset – as personal circumstances can change. The health of loved ones, financial circumstances or even just having the feeling that you don’t fit in – all can mean that an overseas property ceases to be the priority. At this point, it becomes evident that a property is only worth what you can sell it for – or at the least, rent out! Buying cheaply may seem a good idea until the client wants to get their capital back out.

There are some clients who can over –research of course, spending years looking at properties on the internet, but never really committing themselves to buying, so a property of their own remains a distant dream. If a client is not prepared to come and look at property, I would question whether they really have a plan or just a dream. The internet is useful for getting an overview, but it is no substitute for viewing – and at different times of the day!”

www.maltabuyproperty can be found at Stand D25 at the exhibition which takes place from Friday 30^th March – Sunday 1^st April at Earls Court, London. To book a consultation and receive free tickets call 00 44 121 373 2440

Familiarisation visits are available for bona fide journalists for agreed features.

www.maltabuyproperty.co.uk was founded in 2004 by husband and wife team Ray and Elaine Woods - who after a love affair with the island that began nearly 40 years ago, purchased their own holiday home on the site of Fort Pembroke a large colonial garrison. They work in association with Frank Salt Real Estate, the largest agency on the island and both sell and rent residential and commercial property.

A Place In The Sun Live – Earls Court London Friday 30^th March – Sunday 1^st April

Over 6,000 visitors are expected to attend the UK’s premier property exhibition.

Malta Enterprise is the agency responsible for the promotion of foreign investment and industrial development in Malta. Its mission is to sustain Malta’s overall competitiveness to create the right environment for successful enterprise in Malta. It offers assistance and advice to those who seek to learn more about the multitude of business and investment opportunities available on the island. Likewise, Malta Enterprise offers investors the best possible service before, during and after they decide to invest. Malta offers a highly competitive investment location for niche manufacturing as well as the services sectors

BUSINESS MORE THAN USUAL FOR MALTA – LATEST MALTA PROPERTY AND ECONOMIC NEWS - MARCH 2012

Despite the doom and gloom in the rest of the southern Mediterranean, one small island’s economy remains vibrant .

Bloomberg noted late last year that the number of hedge funds located in Malta had grown from 165 funds with less than €5 billion under management in 2006 to more than 500 with $10.7 billion

Only a month ago, Malta was chosen as one of the top ten destinations for UK and Irish property buyers looking to purchase abroad by A Place In The Sun magazine. It is also popular with film makers with recent activity featuring both Brad Pitt and Tom Cruise.

Speaking ahead of a series of Malta business networking seminars at Harrods in London- and also the launch of ‘ A Place In the Sun Live residential and commercial property show at Earls Court - a UK based Malta property specialist pointed to a host of positive indicators that are helping to sustain a buoyant local property market.

“Malta is primarily a knowledge and service based economy, with tourism a major component -thanks to its glorious weather and great location. The Maltese are a nation who have survived and grown prosperous over thousands of years - thanks to their belief in education and their willingness to work both harder and smarter.

The use of English as a joint first language has given Malta a huge commercial trading advantage and also provides a haven for English speakers looking to live and work overseas, but desperate to avoid ex-pat ‘ghettos’.

Malta’s use of its tax system to attract both commercial investment and permanent residents has also proved a winner.

In the 7 years that we have been helping clients to buy residential and commercial property in Malta there have been major changes. We have seen a growth in flights to and from Malta to all parts of the world and a real reduction on travelling costs. We have also seen an increase in tourism and a greater diversity in the geographical backgrounds of those earning their living on Malta, those relocating there and those acquiring holiday homes.

Each year, Malta plays host to over 100,000 students keen to learn English and take advantage of its other facilities!

We work in association with Frank Salt Real Estate of Malta and our traditional residential property business has been enhanced more recently by an associated increase in the number of commercial enquiries.

Geographically, Malta remains a bridging point between Europe, the Middle East and Africa and many professionals rest up there, often deciding to make it their permanent home.

Whilst events in other parts of the Eurozone and in the UK have obviously impacted on Malta, the property market has remained relatively robust and without the catastrophic collapses seen in countries like Cyprus, Greece Spain and Portugal and the UK. Bank lending for private and commercial purposes has remained strong.”

Malta is proving to be one of the most attractive investment locations in the area. Record levels of investment are flowing into Malta as the international business community discovers the advantages of doing business from this Mediterranean island. Proof of this are the major accomplishments of winning much coveted investments from Dubai Internet City’s Tecom and Lufthansa Technik, puts Malta at the top of its class. This activity is reflected in relatively low unemployment levels and growing opportunities for married women to help expand the work force.

Malta offers a highly competitive investment location for niche manufacturing as well as the services sectors, particularly in Bio-technology,Pharmaceutical & Healthcare, Automotive ,Maritime Activities - Transport & Logistics, Call Centres ,ICT and Electronics ,Financial services , the Furniture Industry and Real Estate. The island is the main centre of manufacturing for the highly successful Playmobil range and has a strong local food and drink manufacturing sector.

A feature of recent high profile investments in real estate on Malta is the mixing of commercial and residential developments to provide balanced communities.

SmartCity a planned technology park on the models of Dubai Internet City and Dubai Media City, will cost at least €275 million, create over 5,600 jobs and eventually cover an area of 360,000 m2. It is expected to be fully completed by 2021. It will when completed, feature a state-of-the-art ICT and Media Business Park, tourism accommodation, entertainment areas, shops and a recreational area taking up around one-third of the area

Pendergardens Is a prestigious self-contained development covering an area of 18,500m2 strategically located close to busy shopping and entertainment areas, offering all the amenities of a metropolitan centre, yet with all the comforts and security of an exclusive community, where everything is within easy reach.The development ranges from low rise 2 storey buildings to exclusive high rise residential towers. Plots for semi-detached villas average 215m2 with only 40% of the overall area being built on.

Tigné Point in located in the second largest coastal town Sliema drew a step closer to completion recently - with the planning authority giving the green light for substantial elements in Tigné North. The full development permit is for 103 apartments in two blocks and for a 16,000 m2 business centre that will consolidate Tigne’ Point project’s vision as a holistic mixed-use development that brings together residences, shops, leisure areas, restored heritage sites and business in a prime location served by ample underground parking. For further information, go to http://www.maltabuyproperty.co.uk/maltaproperty_news.html.

Recently completed, the Skyparks Business Centre is located at Malta International Airport with a total rentable area of 11,000 m2, a total floor area of 21,465 m², 2 floors of underground parking and a total of 7 floors with office space, food and commercial outlets and numerous services.

ENDS

A Place In The Sun Live – Earls Court London Friday 30^th March – Sunday 1^st April

Over 6,000 visitors are expected to attend the UK’s premier property exhibition.

Business seminars focussing on opportunities for overseas companies primarily in the financial services sector in Malta, are being sponsored by the Bank of Valletta.

Works on the much awaited Tigne’ Point Business Centre soon underway

The development at Tigné Point drew a step closer to completion with the planning authority giving the green light for substantial elements in Tigné North. The full development permit for 103 apartments in two blocks and for a 16,000 m2 business centre will consolidate Tigne’ Point project’s vision as a holistic mixed-use development that brings together residences, shops, leisure areas, restored heritage sites and business in a prime location served by ample underground parking.

Whilst the total buildable area is the same as that originally envisaged in the 1999 Outline Development Permit, the number of blocks to be constructed in the north phase are now less but higher due to the reduced footprint that became available as a result of the preservation of the Garden Battery, a series of 19th century British gun emplacements that snake across the northern shore of the site.

This preservation of the Garden Battery compelled Midi plc to divert the planned vehicular tunnel opened for public traffic last summer to pass under the battery and to completly re-design their original plans for the north side of the Tigne’ Point peninsula.

The final stage that will complete all the works in Tigne’ Point will be the large open public space situated north of The Point Shopping Centre which will contain two pavilion style catering establishments with outside dining, as well as a tree-lined open pedestrian boulevard adjacent to the historic seafront battery.

This last phase will conclude a development which to date has achieved success in different fields. All the retail outlets within The Point shopping mall have been rented and are now well established in meeting the demands of thousands of shoppers who flock to Tigné Point every week. The parking facilities at Tigne’ Point have been a welcome addition to the otherwise limited car parking spaces in Sliema, meeting the needs of shoppers and visitors to other parts of the locality. The residential arm of the project has also fared exceptionally well with all but four of the 260 finished apartments sold to a mix of local and foreign buyers, with 11 apartments ranging from €210,000 to €1,350,000 sold in the last 8 weeks alone. These properties are being bought as luxurious homes or as rental investments with the latter earning amongst the highest rents on the island.

The recently approved commercial centre in the Tigné North phase is expected to generate further business for the retail, catering and rental sectors of the project. With a pronounced shortage of good quality, contemporary and efficient office space in Sliema, the Tigné Point business centre is set to become a highly sought-after address. This new office development will tick the right boxes for potential tenants looking for a prime location, easy access, high-tech specifications, leisure amenities and the convenience that this new-town office development can offer its residents and tenants – excellent shops, restaurants and services in a unique car-free environment. This allows businesses or organizations to attract and retain a better level of staff who are in turn drawn to the benefits of quality offices and an appealing supporting environment.

The addition of such commercial centre, will also augment the rental investment opportunities for residences at Tigne Point. These are not only all luxuriously finished and set in one of Malta’s most prestigious location, but they are also very much in demand amongst foreign national professionals working in the area. The addition of the 16,000 m2 business centre will definitely see a surge in demand for properties to let and the expected rental return which at for Tigne Point residencies currently stands at around 4% to 5% per annum.

The Malta Tourism Authority is planning to import sand to replenish and extend the small sandy beach at Xemxija.

The proposal has been presented to Mepa in a Project Description Statement (PDS) and follows the lines of the St George's Bay project.

ADi Associates, which submitted the report on the MTA's behalf, said the MTA had embarked on a national strategy that aims to study the possibility of and eventually replenishing existing or former beaches in a number of tourism strategic localities.

the proposal for Xemxija beach replenishment project is to recreate the former beach in this bay. The replenished beach, which will most likely require the use of coarse sand, will have a potential area of 6,000 square metres (a 25m wide dry beach across the width of the bay) with direct access to the water.

The replenishment of Xemxija, though the costliest of the options, was identified as being the project that provides the highest value from a tourism and recreation potential. The replenishment of Xemxija would create a national facility at a par with Golden Bay and Mellieha Bay.

Malta has been chosen as one of the top ten destinations for UK and Irish property buyers looking to purchase abroad.

The list has been drawn up by ‘A Place In The Sun’ Magazine’ which is associated with the well-known Channel 4 television programme.

Full details will be published in the magazine which is out at the end of January 2012.

It will feature contributions from UK based company www.maltabuyproperty.co.uk and their associates, Frank Salt Real Estate – the largest agency on Malta

www.maltabuyproperty.co.uk was founded by husband and wife team, Ray and Elaine Woods who established the Company after buying their own holiday home in Malta 10 years ago.

They work exclusively with Frank Salt Real Estate who were founded in Malta over 40 years ago and have become the major agency on the island.

www.maltabuyproperty.co.uk will be present at the UK and Ireland’s longest established and largest property show – at Earls Court, London from 30^th March – 2^nd April 2012.

“It is no surprise to us that Malta has been voted one of the top ten destinations for buyers of overseas property.

Buying a home overseas either as a permanent residence or as a holiday home is a serious investment decision .

We have seen a continuing growth in interest in Malta not just from the UK and Ireland but from the rest of Europe, the US, Australia, Canada, Germany, Portugal , Spain, South Africa and even Russia.

One of the factors that has emerged recently is the relative buoyancy of the property market in Malta and the economy generally.

Clients say that they are tired of the doom and gloom in the UK and Ireland and many other parts of Europe. They want to relax and enjoy themselves whilst enjoying the fabulous weather and water sports such as diving and yachting.

English is a joint first language in Malta and this has always been a big factor for many – particularly as English tends to be the international language of business. It helps buyers avoid the pitfalls of living in closed ex-pat communities as well as making day to day business and domestic life so much easier.

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.

It is politically stable and doesn’t suffer from the extremes of weather and geophysical instability of many areas.

It is really simple and easy to buy property in Malta and the costs of doing so, tend to be amongst the lowest in Europe.

There are no annual property taxes, no inheritance tax and VAT is lower than in the UK and Ireland.

That is why we expect to see many existing and new clients at ‘A Place In The Sun Live’ at Earls Court, London in 2012.

Film star Tom Cruise is reported to be looking for a property on the small Mediterranean island of Malta – where fellow film star Brad Pitt also has a home. Requirements apparently include six bedrooms, a swimming pool and a gym - as well as a 200 square foot living room!

A report in The Times of Malta suggest that he fell in love with the island when he visited Brad Pitt earlier this year.

Mr Cruise is reportedly returning to Malta for filming at the end of 2012, but prefers to buy a property, rather than rent.

His arrival on the island takes place in a year when the European Film Academy Awards are taking place on the island.

Malta is also beginning preparations to be the European Capital of Culture in 2018.

Chelsea owner and Russian tycoon, Roman Abramovich's super motor yacht ‘Eclipse’ is one of those based on the island.

Tom Cruise’s decision to buy in Malta may have been influenced by Malta’s generous tax treatment of high earners and those in the performing arts says Ray Woods of www.maltabuyproperty.co.uk.

“The island does not have many natural resources, yet its economy is holding up well against the backdrop of the problems in the rest of Europe.

The Malta Government recently reiterated its commitment to the film industry by allocating a further 250,000 euros to its development – a sizeable amount for such a small island.

The island has high levels of technical literacy and has been successful in attracting many from the digital arts field and recently widened the scope of its special residency taxation scheme to digital game directors, designers and academics who can benefit from 15% income tax rates.”

Ray is keen to emphasise however that you don’t have to be rich or a famous film star to enjoy life on this sunny Mediterranean isle.

“Increases in flights to Malta have made it a destination for those on all levels of incomes. And from all countries – particularly those in Europe, the US, Scandinavia and South Africa.

Over 100,000 students a year come to Malta to learn English which is also taught as a joint first language throughout the school years.

Malta is a mecca for those with an interest in diving, yachting and al forms of water sports.

Property starts from around 100,000 euros and there are no annual property taxes.

Favourable treatment is given to those wishing to set up companies or start their own businesses on Malta.

Unemployment is amongst the lowest in Europe at just over 6% and home ownership amongst the highest.

Healthcare is free to EU nationals and the island has one of the most modern hospitals in the Mediterranean.”

“Our typical clients’ needs may be more modest than Tom Cruise, but we still aim help them receive the film star treatment in finding THEIR dream home!”

http://www.timesofmalta.com/articles/view/20111213/local/Star-Tom-wants-to-buy-new-mansion-in-Malta.398145

http://www.dailymail.co.uk/news/article-2029182/Roman-Abramovichs-1bn-yacht-dock-Saudi-princes-boat-parked.html

Overseas buyers acquiring a property on Malta as a holiday home must pay a minimum price for property. This has recently been reduced from 110,000 euros to 98,000 euros for an apartment and from 183,500 euros to 164,000 euros

The residency rules have also now been clarified for higher earners wishing to avail themselves of the special 15% income tax rate. EU citizens can qualify if they acquire a property of at least 400,000 euros and agree to pay a minimum of 20,000 euros per annum in tax. There is also a one-off registration fee of 6,000 euros. Other conditions apply for non EU
citizens. Further details are available from our independent tax advisers.

The latest published economic statistics showed that unemployment was at 6.5% - one of the lowest in the EU with the growth rate amongst the highest. Maltese based banks continue to offer mortgages up to 75 or 80% of the property value repayable up to age 65.

Two countries have tied for first place with the best climate on earth in this year’s Quality of Life Index, published earlier this year in International Living magazine. Climate is one of nine categories that go in to calculating the countries with the best quality of life in the annual International Living index. Sharing top scores for climate in the 2011 index are Malta and Zimbabwe. Frost and snow are mostly unknown in Malta, and the temperature nudges 70 degrees Fahrenheit even in November
Of the two, Malta is our favorite, says International Living magazine Editor Eoin Bassett. “But with 5.2 hours of sunshine a day, a stable government and economy,

Malta is a very strong draw for expats. And it’s English-speaking.”

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.