Malta’s Real-Estate market has been through a roller-coaster ride of ups and downs in the past 20 years. The last decade observed the biggest rise in the country’s Property market. If you are thinking of investing in the Real-Estate sector, then this is the perfect time. If you are looking for a property, then this is the perfect time for you as well. In the upcoming years, there will be immense rise in the market price. Now is a great time to get some amazing deals in them.
Malta is a great place for people who love colonial architecture. Malta’s property is mainly composed of mesmerizing Terrace houses, Penthouses, Duplex, Villas, Farmhouses, Maisonette and so on. The gothic and British touch of these properties makes them picturesque.
Malta’s Real-Estate market history
Humble beginnings: Malta’s property market was undeveloped before 2000. 2004 was marked as the most crucial year. The second quarter of this year observed the biggest boom in Malta’s Real-Estate sector. The housing price increased by almost 37%. Also, it helped to increase the residential mortgage debt to around 35% of GDP from 19.6% of GDP in 2002. This boom continued till 2007.
Epic crash of the industry: Then in 2008 came the World’s biggest financial recession. Which proved to be a terrible year in Malta’s overall economy, not to mention the property market was also affected tremendously. The economy experienced a contraction of 2.5%. Malta is famous for travel and tourism across the world. Recession ceased those sectors as well. These components all together devastated the property market. There was a sharp fall of 4.5% in the house price index.
Rising from the ashes: The Real Estate market finally stood up in 2012. Although the price index had a 2.2% decrease. From 2013, the Real estate sector started growing strongly as the Government announced the Individual Investor Program (IIP). It benefitted the property sector profusely. The IIP opened doors for foreign investors in Malta, although each foreigner could only buy only one property in the country, this boosted the income from the housing sector.
Prospering Real Estate industry: 2018 was the best year for the property sector of Malta. The total number of newly made housing units increased to 12,885 across the country. Previously this was 11,343 in 2011 and 2012. 2018 also observed immensely increased demands for permits to develop terraced houses, condos and studios and apartments. The demand for permits for terraced houses increased to 43%. Whereas for condos and studio apartments it went up to around 75-80% in the same financial year. This year the growth of the Real Estate industry turned out even better than experts’ predictions.
Current Scenario: 2019 and the beginning half of 2020 also gave similar outcomes in the housing sector. The commercial Real Estate sector also flourished tremendously due to travel and tourism initiatives taken by the Government.
Recent developments include innovative ideas from entrepreneurs to create a perfect cocktail of technology and colonial architecture. With the perfect blend of art, technology and style Malta’s Real Estate sector is getting shaped up nicely each year.
Malta has begun to show the world that they can be a small country of Mediterranean coastal Europe, but their aspiration and passion for the development of the Real Estate sector is as powerful as the bigger countries if not more.
Choosing Malta for your adobe is truly the wisest decision as you can get mesmerizing views of the Mediterranean, complete immersion of your soul with the quaint coastal communities on one hand. On the other hand, you can have you do your work in the ever bustling business districts.