In many circles, Tumas Developments is considered to be among the leaders in setting standards throughout the island of Malta. In fact, as their mission statement indicates, they “strive to be business leaders, excelling in providing quality, delivery and satisfaction to exceed the customer’s needs and enhance shareholders’ value.”

The group’s success story started back in the late 80’s, when George Fenech, chairman and managing director of the Tumas Group Malta, first proposed the ambitious idea of redeveloping the existing Hilton Hotel Site. This was a huge project to take on, and at the time was one of the largest, most avant-garde private investments ever attempted in the history of the island.

Consequently, a site in St. Julian’s was chosen, as it offered all the right components and potential to be transformed into the island’s most exclusive residential, leisure and business address. What struck the developers immediately was the site’s remarkable setting right on the sea front. Even better, it was set dead centre in the town’s residential and commercial hub. To complement all this, the size of the land was also a major consideration, being around 128,000m2 in area, and it offered a tranquil residential haven in a busy, central and commercial area. These elements proved ideal to fulfil the vision of the Group.

Past to present
Today, Portomaso offers a semi-gated, self-sufficient complex that includes a five-star, 400-room Hilton Hotel, a 23-level business tower, 420 luxury residences, a beach club, shopping complex, health club, private parking and a yacht marina. In a nut shell, it offers a lifestyle practically unknown to Malta ever before, and it stands as one of the most prestigious addresses on the island.

The beauty of Portomaso lies partially in the range of accommodation on offer. Originally it was envisaged that the typical customer would probably be an older customer, perhaps one even seeking retirement; perhaps expatriates. These assumptions proved wrong.

Portomaso attracted a great number of locals, and a typical buyer’s age is around the mid-forties. That said, many families have also opted to move to these apartments. Most are families who have lived in large houses and decided to reduce the burden of responsibilities and maintenance in favour of a comfortable and elegant apartment. There are also foreign businessmen and professionals living on site. Some of these have even decided to take the plunge and relocate their businesses here, as Malta offers various beneficial tax schemes to individuals and companies, which has had the welcome side effect of benefitting the local economy.

Then there are the smaller apartments. These tended to be sought out as investments for rental purposes or bought out by a younger age bracket as a stepping stone into the project. In fact, some 70 percent of the apartments are the owner’s principal residence.

Furthermore, Portomaso is a Special Designated Area, a location where non-Maltese purchasers may buy property with the same rights as Maltese citizens. Naturally, this is crucial for those looking to expatriate.

Buying property in Malta
- Malta’s constitution allows deeds and documents to be read and published in English.
- There are no property rates, local council taxes, property tax or
wealth tax.
- The legal purchasing process is very safe, informal and transparent. A 10 percent deposit is normally paid on the signing of the preliminary agreement, with the balance paid on final deed. In the case of a property under construction, progress payments are usually the norm. Permits, searches, bank finance and the like are procured in the period between the preliminary agreement and the final deed (usually three months).
- Legal costs are paid by the purchaser; agents’ fees by the vendors (if any).
- Purchaser’s expenses are a one-time payment of five percent (of the purchase price) as stamp duty to the Government (one percent of this amount must be paid on preliminary agreement).
- Professional fees and expenses amount to approx 1-1.5 percent and are paid to the notary public.

www.tumasdevelopments.com