Property in Pembroke

The first buildings in Pembroke, two watch towers, were built by the Knights of the Order of St. John to safeguard the coast of Bahar ic-Caghaq. Yet, major developments were done by the British in the early 20th century who built a military base with training grounds for their soldiers.

Pembroke served as a military base until 1977 and as evidence of this one can find many colonial buildings. The oldest colonial building is Fort Pembroke which was completed in December 1879. The purpose of this fort was twofold; to protect the Grand Harbour and, to defend the right flank of the Victoria Lines. Today, the fort has been converted to an international school hosting hundreds of foreign students every year. There is also a Military Cemetery which hosts the victims of the first and second world wars.

Today the area has developed into a proper residential town. Many of the colonial buildings such as the military barracks were converted into apartments and offices for Maltese residents.

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Is buying luxury property in Malta the best investment?

If you are looking to invest in property in the Meditteranean, according to local reports Malta’s real estate industry is still one of the only markets that is stable and reaping fruits.  According to James Vassallo, Sales and Marketing Manager of Tigne Point Malta, one of Malta’s most prestigious developments, sales of their developments have remained stable throughout 2009 and are still encouraging in 2010.  Claims are out that now that Tigne Point have opened their shopping facilities which also includes beautiful cafe’s and restaurants the project is finally coming together and throughout 2010, sales may pick up faster than projected.

The luxury property market in Malta has always seemed to do generally well with interest combined from both locals and foreign investors.  Nationalities like South Africa find Malta the best and the easiest EU country to apply for residency and therefore with the obligation of buying a property in Malta to become a resident, the Real Estate industry benefits as much as the potential resident.  Having said that if you are moving to a country to become a resident why wouldn’t you want to buy a property there is you plan on being based there.  Brick has always been the best age old investment one can buy.

Villas for sale in Malta are also ever so popular.  Malta’s unique spacious villas can be very attractive compared to the common European sized houses.  They are almost like palaces and often come with breath taking views. In Malta, villas can have a floor plan of even 1000Sqm including pool area. 

Its always important to do your homework.  Speak to someone that knows the dos and donts, someone that can possible provide you with the Legal and Tax implications (or benefits) 

 

Make a move on Malta, Property Market still stable

The Pope is due to visit next month, but that’s not the only reason Malta is stepping into the limelight.
Those in search of second homes are waking up to the idea that properties here make for good investments. English is spoken everywhere, and the climate, cafe culture and relaxed atmosphere have always made this small island attractive to British visitors. 

However, the renewed interest in the property market is down to other factors. ‘There’s more demand than land available, ‘ says Ray Woods, of Maltabuyproperty.

‘Malta has never been part of the great property bubble and the domestic sector has held up well, representing 70 per cent of the market.

‘It has not suffered the financial meltdown experienced in other countries, and local banks are offering 90 per cent mortgages.’   Another point in Malta’s favour is easy access. It is well served by low-cost airlines: easyJet and Ryanair fly there; Bmibaby is introducing a service from east Midlands airport from the end of May; and Air Malta is flights from Gatwick or Manchester from just £89 return.

Interest is also fuelled by improvements in the British property market.

‘This recovery is giving British buyers greater confidence to take the plunge and go for their dream property abroad,’ says Nick Bilocca, of Frank Salt (Real estate) Ltd.

‘They tend to prefer apartments, ideally close to the sea, and Malta has a good selection of properties at excellent value.’

Malta comprises just 122 square miles and so the sea is never far away, but you’ll pay a premium for uninterrupted views.   ‘Sliema and St Julians are popular, and 1,615 sq ft resale two-bedroom apartments close to the seafront start from about £156,164,’ says Trafford Busuttil, of Property-line International.

Valletta, the capital, is a World heritage site, and walking through its narrow streets is like stepping back into history.  Old buildings are being regenerated and transformed into stylish apartments, subject to strict planning laws.

The successful fusion of ancient and modern is showcased in a former palazzino in the heart of the city converted into three duplex apartments.

Each has an open-plan kitchen/ dining/ living room and two double bedrooms, and the penthouse has views towards Marsamxett harbour and Fort St Elmo.

For those with bigger budgets, villas tend to be in residential areas. Most are resales, starting at around £268,000 and going up to more than £1 million for a seafront detached villa complete with pool.  The neighbouring island of Gozo is quieter and suits those wanting to get away from it all.

Converted farmhouses and period properties are particularly sought after. A fabulous home on the market in Gharb is packed with original features, has four bedrooms, all with ensuites, a central courtyard, terrace and pool.  Malta’s holiday season lasts for up to 26 weeks a year, which is good news for those hoping to earn income from holiday rentals.

‘The most popular resort with holidaymakers is St Paul’s Bay, followed closely by Valletta and Mellieha,’  When buying purely for investment, Ray Woods recommends opting for long lets.

‘These are a safer bet because rates for holiday lettings are low in some areas, so look for properties near to centres of employment,’ he says. ‘Gzira, outside Sliema, is a good choice.’

Tigne Point in Sliema is Malta’s most ambitious property regeneration project.   Across the harbour from Valetta and 15 minutes from the airport, it includes a piazza, new shopping mall and luxury apartments in landscaped gardens.

Only ten units are available, starting at £408,000 for a two-bedroom apartment. The development appealed to Andrew and Jayne Harding from Stockport, who have visited Malta 37 times.

‘ We were interested in the apartments and penthouses and asked developer Tigne Point to explain what was being built and the concept behind it,’ says Mr Harding.

‘We were also taken on a private visit to Manoel Island in the middle of Valletta’s natural harbour and saw the extensive restoration works being carried out on the 18th-century fort.