The uber-wealthy have been buying up luxury property in Malta drawn by the country’s political stability and economic growth potential.
Malta’s pleasant and warm climate with year-round sunshine together with the country’s unique culture and rich history make this an investment destination that appeals on many levels, particularly to the world’s richest.
Malta has advanced considerably in the last few years both economically and socially, largely due to its resilience to the global financial crisis and its advantageous fiscal legislation.
Around 6% of the global population of ultra-high net worth individuals (UHNWI) are expatriated. The mega-rich tend to move around and according to Sotheby’s International Realty, the main reasons are the ‘internationalisation of business holdings, educational institutions stimulating foreign demand, ease of travel and an increase in required travel as well as the rise of global citizenship investor programmes’.
Malta has high aspirations for construction, with the Metropolis development project spear-heading the country’s desire to attract further foreign investment in its property markets. The multi-million euro project has the potential to become an important business and leisure hub in Malta that will stimulate investor interest considerably.
Foreign buyers are generating significant demand for Maltese property, particularly at the high-end with almost 50% of property transactions being recorded to overseas buyers in 2014. There are a lot of locals who are looking for good quality properties and want to be treated perhaps with a little more discretion but then through online presence the country attracts a lot of interested foreign investors too.
The majority of foreign buyers in Malta are British but there are also French and Italian buyers, Russian buyers due to the citizenship scheme as well as Dutch and South Africans.
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