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Malta Property Prices Rocket - Again

by Tribune2

Property prices on the Mediterranean island of Malta have risen
again, and according to overseas property specialists Tribune
Properties, there is no end in sight yet to any downturn in the
market.

Recent government figures showed a sixteen per cent rise in the
year to March 2006.

Tribune Properties say that the demand for property in Malta
remains bouyant from the UK, US, Australian and European mainland
markets, and predict a further ten per cent rise in the coming
year.

'We normally see a drop off in enquiries a few months before any
price levelling' explains Tribune's Managing Director Roger
Munns, 'But demand for Malta this year is every bit as strong as
2005 and at the moment we can only see prices going one way in
the short term at least - and that's up'.

The Malta government is expected to allow developers to utilise
more land for building, but Tribune see this as a negative rather
than a positive move.

'Malta is an island with a finite amount of land, and while the
Malta government view releasing more land for building, and more
properties as the answer to increasing property prices, we
believe this is the wrong approach', say Tribune, ' and in the
end more developments could have an adverse impact on Malta's
economy.

Tourism is an important industry for Malta, and tourists aren't
impressed by cranes and construction work while they're trying to
relax or go to see Malta's historical sights, and if it's a first
visit to the island there's an increased chance that it will be
their last, losing the Malta holidays industry repeat business.'

Malta Holidays

There has been some discontent on the island about the rising
prices of property in Malta, and with less overseas buyers the
possibility of prices falling and more islanders being able to
get on the property ladder could be welcome news, as today's
tourist is often tomorrow's property buyer.

But there has been speculation for some time now that low cost
airlines are going to start offering flights to Malta, and this
will help the Malta hotels and holiday market as more people
consider three and four day breaks instead of the traditional
week or fortnight, boosting the overall number of visitors,
especially if Air Malta and the low cost airlines bring the cost
of Malta flights to levels seen for the Spanish islands.

Malta has traditionally seen the majority of her visitors from
the UK, but this could be changing to a more diverse mix in
future years.

Last year saw a record number of visitors from Italy, and
increased enquiries have been received at estate agents across
the island from Scandanvia, Holland, France and Belgium, helping
to increase the demand for Malta properties.

A new 'Smart City' is also being planned which could see Malta
competing with the rest of Europe as a business destination for
internet and other high-tech companies. English is spoken
fluently in Malta, and coupled with relatively low salaries
locally it is hoped that inward investment and 5000 new jobs will
help the Maltese economy which in turn will boost the property,
hotel and holiday markets.

'Malta is at a turning point at the moment', conclude YourMalta,
'and whether the next few years will pave the way for economic
prosperity or gloom remains to be seen'.

Your Malta produce a travel guide for <a
href="http://www.yourmalta.com">Malta</a> and <a
href="http://www.maltaproperty.info">Malta property</a> .

For <a href="http://www.yourmalta.com/airport">Malta flights</a>
visit http://www.yourmalta.com

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