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Stable Malta property prices in 2009
Country: Malta and Gozo
2 December 2008
Property prices in Malta are expected to remain stable in 2009, according to Maltese developer, Pender Ville.
Located in southern Europe just off the coast of Sicily, property in Malta has long been a popular choice, as the country offers average earners a genuine opportunity to cut their tax bill, as it is a tax-efficient destination.
Malta charges no capital gains tax on property sales after three years of ownership, but any local or overseas income brought into Malta is taxable at a rate of up to 35%. However, residents can take advantage of The Maltese Residence Scheme, which charges a flat tax rate of 15%, subject to a minimum tax liability of £3,000.
Average Maltese property prices have appreciated at annual rate of around 8% over the past few years, although annual capital growth has slowed over the past year or so, amid a property sales market slowdown.
Michael De Maria, Pender Ville’s marketing manager, said: “Since around 2003, Malta has enjoyed property price increases averaging around 8%. During 2008 this slowed and we expect prices to remain stable in 2009.
“The global downturn has affected demand, however Malta is in a strong position. It is a small island with a relatively large population and limited development opportunities. Overseas property owners are only allowed to buy properties to rent out in a few SDAs [Special Designated Area] and because of this, Malta has not experienced a buy-to-let property building boom, leading to oversupply. Altogether, this means restricted supply ensuring long-term price growth.”
Browse other Maltese property news stories, read articles about investing and buying property in Malta or view our range of property in Malta.
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