Re/Max Malta was launched by Jeffrey, Joseph and Kevin Buttigieg in 2004, and the company is the fastest-growing venture of its kind in Malta. Overseas Living caught up with Kevin Buttigeig to get the latest on the booming property market in the region, and to learn what’s next at Re/Max Malta.

What makes the property market of Malta so desirable?
There are a number of reasons why Malta is such a draw for UK property investors. Firstly, the position of Malta is excellent, as it’s located in-between continental Europe and North Africa. The history and heritage of the island is intriguing and the fact that the Maltese speak fluent English is another obvious benefit. Moreover, the quality of life is high and affordable, while the environment is safe with exceptionally low crime rates. On a practical level, the infrastructure is advanced and the schooling system excellent. There are also some attractive tax incentives in place, and the banking centre on the island is very good with many major international banks being present.

Why was the Maltese property market not hit by the global property crisis?
The reason why Malta never suffered a slump is that the country boasts so many benefits, as listed above, coupled with the fact that the properties on offer are of very high quality, particularly so at the upper end of the market. Recognising the unwavering strength in the market, investors never lost faith in the region, while the housing market took a beating elsewhere in the world. As a result, property prices kept increasing as much in the sought-after areas as in the small villages. With the recession, the prices settled a little in the less attractive areas, but have now picked up again.

How do you see the property market in Malta developing in the future?
As the market is rising in rank for so many different reasons, I’d say that success is almost guaranteed when purchasing a property in Malta. Since Malta is close to Africa, there’s been an influx of property investors moving to Malta in order to have Africa within reach. Fuelling the industry further, the yachting fraternity increasingly see the benefits using Malta as a base, and the hedge fund brigade have also started to move in. The future looks equally bright in terms of the rental market, and Malta has become even more attractive as a holiday destination due to the fact that holiday makers now travel less to troubled countries such as Tunisia. Since Malta adopted low-cost airlines, is has seen a huge increase in tourism. As a result of all these factors, I predict that the Maltese market will strengthen even further in the next 6 -12 months.

How high is the chance of making a profit from a property investment in Malta, be it from rental returns or capital appreciation?
The chance is very high, if not guaranteed, since prices are increasingly steadily. Only last week, prices at one of the harbour-side condominiums that we market went up 10 percent, so high is the demand. At Re/Max, business has increased 45 percent compared to last year, and we expect the business to grow further.

What kinds of properties are available for UK residents to buy, and what types would you personally recommend?
UK investors are invited to buy any type of property, ranging from villas and old farm houses to more commercial properties and, of course, flats. One of the latest and most sought-after areas is the condominium complex market. These types of properties hover at the very top end of the market and are only available in a few select areas. Some of the most notable condominium complexes that we market at the moment are Fort Cambridge, Tigne Point, St. Angelo’s and Portomaso.

What areas would you recommend for investors looking to capitalise on the rental market, and what returns can one expect?
St Julian’s and its surrounding areas are good spots for rental investments at the higher end of the market, and the lovely island of Gozo is another spot to consider. When purchasing a property to let, one can expect a rental return on the purchase of about five to seven percent.

When opting to purchase a property in Malta, are there any restrictions to be aware of? And if so, how can they be bypassed?
UK nationals can buy any property in Malta and any small bureaucratic obstacles can easily be bypassed if supported by a professional advisor associated with a trusted estate agent.

What’s next at Re/Max Malta?
We continue to work hard in order to move with the booming market, and we’ve recently introduced a new concept where the investor is invited to buy an ownership share in a property. RE/Max Malta is expanding and, to keep up with the demand, we’re set to open six to eight new office spaces across Malta in the near future.

RE/MAX Central, Birkirkara
T. +356 21480165
E. bkara@remaxcentralmalta.com

RE/MAX Professionals, Fgura
T. +356 23910000
E. fgura@remax.com.mt

RE/MAX Property Centre, Gozo
T. +356 21566284
E. gozo@remax.com.mt

RE/MAX Alliance, The Strand, Gzira
T. +356 22585300
E. strand@remax.com.mt

RE/MAX Alliance, San Gwann
T. +356 22488901
E. sg@remax.com.mt

RE/MAX Professionals,Sliema,
T. +356 21317740
E. sliema@remax.com.mt

RE/MAX Crown Towers, Sliema
T. +356 21342407
E. crown@remax.com.mt

RE/MAX Professionals, St. Julian’s
T. +356 25784000
E. stjulians@remax.com.mt

RE/MAX Professionals, Sliema
T. +356 21579747
E. spb@remax.com.mt

RE/MAX Prestige, Swatar
T. +356 25572222
E. info@remax-prestige.com

RE/MAX Alliance, Tigne
T. +356 22650000
E. tigne@remax.com.mt

www.remax-malta.com