Best time to buy property in Malta due to weaker Euro
Why should you buy property in Malta?
There are so many reasons to take the decision to buy property in Malta- a second home, holiday flat or to finally move permanently to a place in the sun. To an island where you can count on five months of summer with no sign of rain, where winters are generally mild, where English is spoken, where cars are driven on the right – and where you can find the cleanest, clearest, blues seas in the Mediterranean.
Now there’s an even bigger plus – The Exchange Rate. This year, 2015, has delivered the best financial conditions that have been experienced in decades – a combination of low interest rates in the UK coupled with favorable exchange rates between the GBP and the Euro. This means that buying into the Euro will save you an average of 18% compared to 2014. Great news, and the perfect window of opportunity. But beware – both exchange rates and interest rates do not remain stable for long. As the Daily Telegraph reported, “there has never been a cheaper time to buy a house”. According to Bank of England figures, mortgages are less expensive than they have been in a long while and an average loan of £200,000 is currently £100 a month cheaper than last year. This is the best ever window – but, of course, it won’t last. Those perfect louvered Mediterranean shutters will slowly shut out the sunshine.
On the other hand, if you’re thinking of taking the plunge into the Mediterranean, you might be interested in buying property in Malta. The island is an EU member country which therefore guarantees both political and financial stability. It has a lower cost of living, an excellent national hospital and private medical services, schooling up to University level in English, excellent residency conditions with low taxation and no Council taxes, sports facilities including a lovely 18 hole Golf course, and a social outdoor life that brings out the best of the Mediterranean lifestyle coupled with European standards and expectations.
The ideal location in the Mediterranean
Malta, is now in the Eurozone, which means the the pound Sterling can buy much more than it has in decades – and this coincides with the island booming in business opportunities, the property and letting markets are strong, and a strong feeling of economic well-being and opportunity envelopes the bustling island. In addition, the small country is also going through a major cultural revival with events, music festivals, open-air theatre and dance, happening all summer long. A strong cultural calendar over the winter months means there’s plenty to do and to see. This art and culture explosion is particularly pronounced as Malta moves towards its 2018 European City of Culture peak.
For those with a love of the sea, both in summer and winter, you will be pleased to know that the yachting and berthing facilities are on the increase. Some spectacular marinas, such as the one in the Portomaso residential complex surrounded by high end apartments, the Hilton tower, top restaurants and cafes embrace an enclosed marina where your boat is always available and close to you. Other beautiful marinas include the one in Gozo, Malta’s smaller island, and others in Ta Xbiex and Manoel Island with spectacular backdrop of Valletta on one side and the bustling Sliema ferries on the other. Manoel Island, a tiny historic island with 15th century fortifications within the Marsamxett Harbour between Valletta and Sliema is currently being developed into one of the islands most prestigious residential areas.
Buy property to let
The opportunity of buying an apartment or villa with a pool which can be let when not in use is an interesting option. Frank Salt Real Estate offers an unparalleled service in helping you choose the property in Malta that suits your needs and budget – but more than a straightforward purchase the company can help you rent out your apartment and offers services which include year round pool and property maintenance and, should your tenants require anything, you will not have to bother with details from home since they offer 24 hour service of plumbers, electricians and others to cover any eventuality. This type of purchase offers the owner the comfort of a place in the sun with the option of an interesting return on the investment. Malta is attracting new residents and visitors from all over the world. Many are coming to work in Malta in various industries for short and medium periods of time – and this has made the property rental market very vibrant.
The combination of these factors – sun, sailing, a villa with a pool in Malta – were the dream that the Morrison family cherished since their Malta holiday with their young children five years ago. They’ve been back and tried to work out what it would cost. They visited villas and apartments with a real estate agent – but it was all too expensive. Just a little out of reach. However, the weakened Euro against the GBP created an excellent ‘time-to-buy’ exchange rate. They’d already located the villa of their holiday dreams just off St Julian’s and all it took was a call to Frank Salt Real Estate, a quick hop over to Malta on a Ryanair flight, and in no time the deed of promise of sale was signed, a berth for their sailing boat, previously berthed at Southampton, located at Ta Xbiex, and dates for their first family holiday in their own home established. They have plans to rent out the house during the winter months, which also contributes to keeping the overall expense under control.
What are you waiting for?
Malta is now so well served by a host of airlines from airports all over UK, from British Airways and AirMalta, to lost-cost flyers such as EasyJet and Ryanair, that getting there is just a hop, skip and a jump away. What awaits you, on the other hand, the sea, the hot summer weather, the restaurants, cafes, the social life … that will linger on in your memory. And perhaps, like the Morrisons, it will become your dream made real.