Every day, the British media gives pride of place to some merchant of doom – particularly in relation to the property market. Stories of crises in countries like Spain and Cyprus are also wide spread.
In Malta however, the sun is continuing to shine in every sense - according to a UK based web property specialist helping Brits to escape all that doom and gloom.
With tourism up 20% in recent months, a flood of inward investment and sustainable domestic demand for property, this small island in the Mediterranean looks the ideal location for anyone looking for safe sustainable returns.
Ray Woods of www.maltabuyproperty explains,
“It is true that the £ has, certainly for the time being, fallen against the Euro - effectively pushing up the price that has to be paid in sterling.
However, subject to normal considerations, mortgages are readily available in Malta from HSBC Malta, the Bank of Valletta and a number of other banks - and will continue to be so. Below is a statement issued only this week by HSBC Malta that confirms this.
We have helped a number of clients to buy properties in recent weeks utilising finance raised on Malta with the minimum of formality.
Secondly the outlook for property investment in Malta remains positive - with land in diminishing supply and both domestic and foreign demand growing. This is no Spanish bubble waiting to burst - and property laws provide good protection for both buyers and sellers.
Any reduction currently in the value of sterling against the Euro is likely to be outweighed within a year or so by increases in the value of the property investment. Clients who delay now are likely to find that this could cost them dearly as the value of property in Malta is increasing.
Canny buyers will find that, haggling is part of the buying process in Malta and there are plenty of good deals around for buyers who know what they want and can act decisively. This starts with doing their research properly.
We help by arranging familiarisation visits in conjunction with our associates in Malta. There is no hard sell involved however – unlike some other Countries that we can think of!
Several strategies are however worth considering:
- Borrowing money on Malta and allowing time for sterling to recover against the Euro before making any large capital transfers from the UK.
- Buying off plan, so that the initial capital outlay is small and clients are buying tomorrow’s buildings at today’s prices.
We would always recommend however that they expert financial advice and we have our own currency, taxation and investment experts who can help.”
Brits interested in relocation are finding that their money is likely to go a lot further in Malta than in the UK or some other countries despite the introduction of the Euro.
The cost of buying property is around 6-6.5% (compared with 10% in some other countries) There are no property taxes like the Council Tax - and Income Tax compares very favourably with the UK. Health and Education Services are of a high standard and crime is very low.
This week, temperatures in Malta reached 31c – so the sun really is shining there!
Issued by Ray Woods of www.maltabuyproperty.co.uk
Tel: 0044 121 373 2440 email: firstname.lastname@example.org
No major impact on HSBC from subprime credit crisis
HSBC Malta shareholders have been assured that there will be no major impact on the bank from the present subprime credit crisis or the global liquidity crisis affecting international markets.
The issue was raised during the bank's annual general meeting.
With regard to concerns of the local property market, shareholders were informed that analysts from HSBC Group stress-tested the banks Home Loan Lending Book, and the results showed that the bank had a well diversified and healthy portfolio, members of senior management said……
Mr Wallis said that last year's financial performance was transformational for HSBC with record volumes of business registered.
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