The latest medium term economic forecast published by the European Commission paints an optimistic picture for the island of Malta’s economy and a healthy climate for a property market
that remains buoyant.
Though not immune from the difficulties affecting the rest of the EU, Malta is relatively well placed compared to some of its larger neighbours, with continuing growth predicted, inflation at just over 2% and unemployment falling.
Ray Woods the head of UK based www.maltabuyproperty.co.uk says,
“The figures from the EU Commission are very encouraging in the light of the current turmoil in the EU.
Clarification of special taxation treatment for high net worth individuals by the Government has also removed a degree of uncertainty and offers an attractive regime for residency linked to Malta’s excellent geographical links.
Normal residency remains easy to obtain for all EU nationals and the easy going life style and great climate is a magnet for those looking to improve their quality of life. As long as you are not a potential burden on the state, you are very welcome in Malta.
It does not mean that everything in the garden is rosy. The Malta Government has still to sort out some big issues with Air Malta the national carrier which is losing money and a fairly chaotic re-organisation of local bus services that has not gone to plan.
However the success of low cost carriers like Ryanair and Easyjet has boosted both the tourism and property markets.
The economic fundamentals look pretty sound and provide an encouraging backdrop for the property market. Development land is in short supply and the population is increasing. Combine this with low unemployment rates, ready availability of mortgage finance and increasing interest from overseas - and the prospects for property sales and values is good.
There is plenty of cheap property around in the World at the moment including in the UK, but for discerning individuals taking a longer term view, Malta is proving a popular choice.
Many still forget that property is a long term investment - and with capital growth of 7-8% pa over a 50 year period, Malta remains a great savings opportunity as well as a wonderful place to live or just retreat to!
www.maltabuyproperty.co.uk was founded by husband and wife team Ray and Elaine Woods in 2004. The Company is based in the UK and can be contacted on Freephone: 0808 1972 484.
Issued by Ray Woods of www.maltabuyproperty.co.uk : 0044 121 373 2440 or 44 7967 686230. In association with Frank Salt Real Estate of Malta.
European Commission - European Economic Forecast Autumn 2011
Forecasts for Malta 2010 2011 2012 2013
GDP growth (%, yoy) 2,7 2,1 1,3 2,0
Inflation (%, yoy) 2,0 2,6 2,2 2,3
Unemployment (%) 6,9 6,7 6,8 6,6
Public budget balance (% of GDP) -3,6 -3,0 -3,5 -3,6
Current account balance (% of GDP) -4,0 -3,1 -2,9 -2,6
>> Full forecasts for Malta
10 November 2011 European Commission European Economy n° 6|2011
Full forecast available at:
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