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09/11/06 -
Malta Looking Good for Price Rises in 2007 |
Confirmation of the news that low cost airlines are to
fly to Malta has given the Mediterranean island's property industry hope that 2007 could be an exceptional year for
price rises and sales.
In recent years the arrival of low cost - sometimes referred to as 'no frills' - airlines to a regional airport has
seen property prices within a two hour drive escalate in popularity and price, especially among British buyers for
France and Spain.
With the advent of these Malta flights, there is a possibility that demand for property in Malta will increase.
Commenting on the news, Malta holidays guide http://www.yourmalta.com/articles say that a double digit property
inflation figure for Malta is quite possible for 2007.
'Cheap airline destinations have proved to be a magnet for UK property investors, and if that trend continues then
prices will go up in the next twelve to twenty four months', they say.
'Other than the local market, the UK provides most buyers for property in Malta, and with the British economy doing
well it's quite possible that the island will be seen as a good investment opportunity'.
Malta Travel
Tribune Properties, a UK company specialising in property for sale in Malta, agree that property prices could rise
in 2007.
'With lower fares, Malta becomes a destination viable for 3 and 4 days trips a few times a year from the UK, and
that will attract buyers to look at Malta in the same way they do France and Spain when considering where to buy a
holiday home abroad. The weather in Malta and low fares could be a magnet for buyers.'
There is a warning however from YourMalta that property prices on the island might not necessarily escalate in the
same way that regions of France have seen when low cost airlines have started flying to their region.
'The Malta government has allowed more land to be used for property, and we anticipate a lot more apartment blocks
being built short and medium term. Supply might well meet demand. Unless the political Malta map changes and with it
a change of policy towards her environment, there is a danger of Malta becoming the Tower Hamlets of the
Mediterranean, or 1970's Spain where development spoiled much of the coast.'
Concern has also been expressed on the island about the infrastructure, with some tourists and potential property
investors berating the state of the roads and - compared to mainland European and UK standards - dangerous
construction sites.
'The real winners from the low cost flights could be the hotels in Malta rather than the property industry',
conclude YourMalta. 'We envisage a lot more people taking short three and four day holidays to Malta, often booking
their flights and hotels on the internet rather than via a traditional high street travel agent'. |
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