Malta’s Current Property Market Boom
Malta is currently experiencing a property boom and it could easily be said that demand outweighs the supply. There are so many people out there who are eager to buy, yet they are finding it hard to find their dream home or an ideal investment.
Reasons for this could be – either because properties are overpriced, badly planned or because they are inheritance properties so are proving hard to sell. In the case of the latter, recent budgetary measures have reviewed the disposal period in which the property can be transferred from 10 to three years. Another measure to reduce vacant property was to reduce stamp duty on properties which form part of the Urban Conservation Area (UCA).
The further extension of the first-time buyers’ exemption on stamp duty is another budgetary measure which is set to keep this area of the market booming. These buyers often look for something which they will want to resell after a few years, thus enabling them to move up the property ladder and possibly become second-time buyers.
Although this segment of the market is also going strong, it can be difficult to find the right property for this type of buyer. Most families are asking for outdoor space and it is becoming increasingly hard to find such properties. More mid-range houses in good areas with some outdoor space are needed.
Developers should be encouraged to really consider the needs of their target markets before starting construction and appeal to the government to embellish unappealing areas so as to make them more desirable, as has been achieved in locations such as the Three Cities.