We have all heard the old saying that there are only 3 important things when it comes to real estate – location, location and location.
Yes, that will always be true to a certain extend, but considering that Malta is such a unique place, there are a few other things to be taken into account.
First of all, Malta is small. Like really, really small, so everything is close. Yes, I know, try saying this to someone stuck in traffic in Birkirkara on a Monday morning when it takes about an hour to go to Valletta. Still, when you consider the distances in places like London or Paris, things in Malta don’t seem so far any more.
What does that mean in terms of real estate? Well, it means that there are more choices. Living in Attard, Rabat or Mosta doesn’t make much of a difference to many people, as long as the property is worth it.
Of course, it can be argued that places like Sliema and Valletta will always have their pull. On the other hand it is hard to imagine that Qawra and Buggiba will every be as desirable as they were 20 years ago. The Norther part of the island, with the exception of Mellieha probably, has changed drastically.
It used to be full of British tourist and a favorite place for older people from the UK to spend the winter. However, in recent years more and more flights from budget airlines from across Europe have changed not only the type of tourists these places attract, but also the people living there. Many buy-to-rent properties were concentrated exactly this area.
Gozo remains probably the last place which is considered ‘far away’. Plenty of people live there and enjoy lower cost of living, which makes little sense, but the trend shows that even there properties are becoming more and more expensive.
So, location out of the way, what are the other factors paying an important role in the decision making process? Garden or a nice balcony, you may say. And you will guess right, if you were living in a different country, but the most sought after properties for sale in Malta don’t necessarily have a nice sea view.
Everyone things of villas with swimming pools, but the facts show that nearly 80% of residential properties sold in Malta are apartments. And it makes sense. It’s a lot easier to go than buy new land.
The second most important factor is… parking! Yes, that’s right, we all know how difficult it is to park anywhere on the small island we call home. So a property with a garage or a parking space increases its desirability ten fold.
And now, for the least surprising revelation since Avatar won all the Oscars… the most important factor when buying a residential property in Malta is the price. A move to a new place in our country doesn’t mean losing touch with family and friends, changing jobs, schools and doctors. If the property is good value for money and has a garage then it doesn’t stay on the market for long.
Of course, another thing that has to be taken into account is the love of investing that all Maltese have. And there is nothing more secure than investing in brick and mortar. It’s not like we will have more land available any time soon.