MALTA PROPERTY OUTLOOK POSITIVE Tuesday 20 November 2007 PDF Print A stagnant UK property market, worries about the security of property investment in some countries - and a booming economy in Malta points, to increasing UK investment in Malta says a property specialist. UK-based www.maltabuyproperty.co.uk has welcomed press reports highlighting an EC Autumn review of Malta - that sees strong economic growth continuing through 2008 and 2009, a reduction in unemployment, an improvement in public finances and a continuing growth in domestic demand. Ray Woods owner of the web-based property company said, “It is clear that the UK appetite for property investment is continuing. It is also clear that the Maltese economy is improving. Malta’s decision to join the EU - and then to adopt the Euro in January 2008, has provided a major stimulus to the economy. Reductions in personal taxation and downward pressure on interest rates are likely to provide further stimulus to an economy that has struggled in recent years. Meanwhile in the UK, instability in the financial services market shows no sign of deterring investment in foreign property. Our own experience suggests that buyers are joining a ‘flight for safety.’ A major property shows that we attended in September was very well-attended, with potential buyers doing their research more thoroughly than might have been the case in the past. We have seen an increase in the number of enquiries since last year. These seem to come from two kinds of buyer – those looking for safe and profitable places to invest; and others looking to improve the quality of their lives. Worries on those twin fronts about some countries, have led to renewed interest in Malta. It is regarded as a safe place to invest. Its property market has always been primarily driven by domestic demand – so improvements in the Maltese economy are also likely to feed into the property market. Despite it dependence on imports, Malta has largely weathered the increase in fuel costs. Reductions in personal taxation are likely to lead to an increase in disposable income. Its location, strong language skills when combined with membership of the Euro are likely to lead to an increase in inward investment such a the xxxx Smart City project. These improvements in the economy follow on from increases in investment in the infrastructure largely financed by the EU, an increase in air flights to the islands and a reduction in flight costs. Whilst the traditional package holiday market has declined, the reduction in flight costs has led to an increase in tourism - with increased interest in second homes and in short breaks fuelling overseas interest in property investment.” ENDS Issued by Ray Woods of www.maltabuyproperty.co.uk Tel: 00 44 121 373 2440 or 00 44 121 350 1337 See below from the Malta Government Web Site Smartcity Malta “SmartCity Malta with an investment outlay equivalent to US $300 million will transform the Ricasoli Industrial Estate in Malta into a state-of-the-art ICT and Media business community based on the successful models of Dubai Internet City and Dubai Media City. SmartCity Malta is the first project of Dubai headquartered SmartCity, the joint venture company promoted by Dubai Holding members TECOM Investments and SAMA Dubai. SmartCity Malta is the largest ever foreign direct investment in the ICT and media sectors ever made in Malta and SmartCity Malta is expected to generate 5,600 jobs and create total office space of 103,000 square metres. SmartCity Malta will create the infrastructure to develop a self-sustaining township comprising office space, residential and lifestyle elements. The Government of Malta will invest the land and retain equity of 9 per cent in the project. The first deliverables from the project will be the office space building of more than 8,000 square metres.” This press release was distributed by ResponseSource Press Release Wire on behalf of Marathana Marketing and PR Ltd in the following categories: Personal Finance, Business & Finance, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.