expats drawn to Malta

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Malta’s new high quality and value resident scheme is attracting a younger, wealthier expat base.

The bijou nation of Malta is the smallest country in the Europe, not just in size but population too.

The country’s charm is said to be what has attracted a new wave of expat investors and sets it apart from tourist heavy destinations such as Greece, Spain and Italy.

The quality and high value-added real estate development is said to have caused the real estate growth in the past 18 months, despite the country suffering a recession.

Douglas Salt, director of national agents Frank Salt, said: “Premium resort projects such as Tigne Point and Portomaso a mix of luxury homes, commercial outlets and leisure amenities are encouraging construction firms to form and emulate this type of ‘multi-tasking’ development blueprint.”

Salt continued: “Infrastructure and restoration initiatives such as the avant-garde remodelling of the Valletta Waterfront are also drawing fresh interest from overseas buyers, while Maltese banks have continued to offer home loans to foreigners, all of which is helping to sustain investor confidence.”

Malta also trumps rival relocation destinations such as Cyprus and Portugal in terms of competitive property prices.

The decline of value in 2008 and 2009 has influenced the choice of high-quality homes at attractive prices in finished forms and developments currently under construction in popular locations.

John Cutugno of Homes in Malta said: “Activity levels in the construction sector remain high despite the current slowdown in price growth.

“But the island is also looking at ways to capitalise on its already sizeable expat base - 4.5% of residential real estate is foreign-owned, a large percentage of which is British.”

The Residents Scheme is contributing to maintaining the country’s economy, but investors are also said to be looking at Malta as a business opportunity.

Transferring money to Malta

If you are looking to invest in Malta, think carefully about how you will be transferring money to Malta.

If you need to send money abroad– which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Wealthy wave of expats drawn to Malta

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