| Steep price rises for Malta property is being | | | | |
| predicted by two leading international | | | | Malta has received praise recently from a US |
| property agencies. | | | | travel writer, who placed the island in her |
| | | | top five safest travel detsinations. |
| Revealing their thoughts about European | | | | |
| property for 2007, Knight Frank have placed | | | | In her report Laura McKenzie says of the |
| Malta among a list of 7 European countries | | | | Mediterranean holiday island 'In Malta there |
| anticipated to see property inflation of ten | | | | is no such thing as a dark and uninviting |
| per cent and more. | | | | alley, while the police force is one of the |
| | | | oldest in the world'. |
| While Malta could see a rise of 12.5 per | | | | |
| cent, other countries on the list are | | | | The report also praises New Zealand, |
| Croatia, Cyprus, Estonia, Poland, Romania, | | | | Switzerland, Monaco and Singapore as safe |
| the Slovak Republic and Turkey. | | | | destinations. |
| | | | |
| Commenting on the report, a Malta property | | | | The news of low cost flights to the island is |
| company say they are not surprised at Knight | | | | welcome after a travel report earlier in the |
| Frank's price rise forecast. | | | | year forecast Malta as being a more expensive |
| | | | destination than her Spanish island rivals |
| 'Some estate agents on the island have | | | | for tourists. |
| doubted that the arrival of new low cost | | | | |
| flights to Malta would have much of an impact | | | | 'When people visit Malta for the first time,' |
| on the island's property prices as there is | | | | comment the Malta property company, 'it's not |
| an oversupply of houses. Unfortunately some | | | | normally to buy a property, it's for a |
| island estate agencies are a little insular | | | | holiday. But a good few like the island so |
| in their thinking, and find it difficult to | | | | much they want to move to Malta full time or |
| see the bigger picture. There is a | | | | buy a holiday home. If the number of tourists |
| possibility that quite a few more | | | | fall, so will the number of overseas property |
| international buyers will consider Malta as | | | | buyers. The low cost flights could reverse a |
| low cost flights make a three or four day | | | | decline in tourisnm next year, and that will |
| trip and long weekends to their holiday home | | | | be welcome news for the Malta property |
| a real possibility. You only need to look at | | | | industry'. |
| how property prices have increased elsewhere | | | | |
| in Europe where the low cost carriers are | | | | Another area where the company see a rise in |
| flying to to understand that there is a | | | | property prices is the tax haven of Monaco. |
| reasonable chance of Malta being part of that | | | | |
| trend'. | | | | Studio apartments are already at over US |
| | | | $1,000,000, but Monaco property prices could |
| Commenting on the seven countries anticipated | | | | still rise steeply in the next couple of |
| to see double digit property inflation in the | | | | years, and Europe's favourite tax haven could |
| next year, Tribune include Malta as one of | | | | be out of reach for some millionaires |
| three destinations regarded as mainstream by | | | | according to a local travel guide. |
| the UK property buying public, the largest of | | | | |
| the island's property industry overseas | | | | Different recent surveys have all been good |
| markets. | | | | indicators for Monaco, showing more people |
| | | | likely to apply for residency and buy |
| 'We often speak to UK buyers who have | | | | property in Monaco. Buyers from the UK in |
| whittled down their choice to Malta and | | | | particular are expected to rise in number. |
| Cyprus, and both islands have seen inward | | | | |
| investment from property buyers for some time | | | | One survey says that the number of |
| now. Turkey has also seen quite a few buyers | | | | millionaires in the UK will increase four |
| as the prices are normally lower, and there | | | | fold in the coming years, and the UK has |
| is still some countries in Europe who might | | | | become a very important market for Monaco |
| oppose Turkey joining the EU, which often is | | | | real estate recently and will boost prices as |
| a catalyst to property investment. Croatia, | | | | the demand feeds through. Another survey |
| Poland, Estonia, Romania and the Slovak | | | | coming out of the UK predicts that house |
| Republic are fairly new to the game, where | | | | prices will rise by 70 per cent over the same |
| prices are considerably cheaper. Of the seven | | | | period. Inheritance tax in the UK is a big |
| we regard Malta and Cyprus as having the most | | | | issue as many more people are above the |
| sustainable property prices medium and long | | | | government threshold due to their house |
| term'. | | | | price, and in Monaco there is no inheritance |
| | | | tax, which gives an added incentive for some |
| Holidays in Malta | | | | to move to a tax haven. |