Commenting on the news, Malta holidays guide http://www.yourmalta.com say that a double digit property inflation figure for Malta is quite possible for 2007.
'Cheap airline destinations have proved to be a magnet for UK property investors, and if that trend continues then prices will go up in the next twelve to twenty four months', they say.
'Other than the local market, the UK provides most buyers for property in Malta, and with the British economy doing well it's quite possible that the island will be seen as a good investment opportunity'.
Malta Hotels
Tribune Properties, a UK company specialising in property for sale in Malta, agree that property prices could rise in 2007.
'With lower fares, Malta becomes a destination viable for 3 and 4 days trips a few times a year from the UK, and that will attract buyers to look at Malta in the same way they do France and Spain when considering where to buy a holiday home abroad. The weather in Malta and low fares could be a magnet for buyers.'
There is a warning however from YourMalta that property prices on the island might not necessarily escalate in the same way that regions of France have seen when low cost airlines have started flying to their region.
'The Malta government has allowed more land to be used for property, and we anticipate a lot more apartment blocks being built short and medium term. Supply might well meet demand. Unless the political map of Malta changes and with it a change of policy towards her environment, there is a danger of Malta becoming the Tower Hamlets of the Mediterranean, or 1970's Spain where development spoiled much of the coast.'
Concern has also been expressed on the island about the infrastructure, with some tourists and potential property investors berating the state of the roads and - compared to mainland European and UK standards - dangerous construction sites.
'The real winners from the low cost flights could be the Malta hotels rather than the property industry', conclude YourMalta. 'We envisage a lot more people taking short three and four day holidays to Malta rather than the normal cheap holidays to Malta for a week , often booking their flights and hotels on the internet rather than via a traditional high street travel agent'.
Real estate inflation statistics in Malta could be unusually interesting in the months to come.
For flights to Malta visit http://www.yourmalta.com/airport , for Malta property http://www.maltaproperty.info
For holidays in Malta http://www.yourmalta.com/travel |
