Malta SIR Director shares insights on local luxury property market

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18th September 2015

Malta SIR Director shares insights on local luxury property market
In an interview given to Expat Focus, Malta Sotheby’s International Realty Director & Joint Owner Michael J Zammit commented about the worldwide luxury brand’s positioning on the local market and gave his insights about the local real estate market and how to best approach real estate locally if you’re a foreigner looking to buy. Here are the main points from the interview, introducing the company and looking back on its success story so far, summing up the key points about the local real estate market, some tips, trends and projections about the market in the near future – as highlighted by Michael as Director of the Malta office.
Sotheby's International Realty in Malta Michael joined his father’s business five years after it was up and running. After branching out from credit management and recruitment services, CSB Group became established as a ‘one-stop shop’ for foreigners looking to relocate and/or set up their business in Malta. The Group moved on to attract Sotheby’s International Realty brand as an investment in this wider development.

Malta SIR Director & Joint Owner Michael J. Zammit | Malta Sotheby's International Realty Director & Joint Owner

The setting up of the brand in Malta is aimed for highly qualified buyers who have set eyes on the Maltese real estate market, as it strives to act as a full-service agency serving the high-end sector of the market across the Maltese Islands. This is possible due to CSB Group’s years of experience with an international portfolio of clients in complementary sectors over the years. The Malta office was inaugurated in 2013 and so far the company has achieved numerous milestones, including one of its most successful sales this year. The Maltese property market in 2015 When asked to comment about the local property market and give some projections for the remaining months, Malta Sotheby’s Realty Director highlighted the continuously rising figures on Malta’s property market in terms of value and property prices. Malta registered one of the highest rises in prices across the EU with an 11% increase. From a wider perspective, the latest international luxury real estate report published by Wealth-X in collaboration with Sotheby’s International Realty demonstrates that increased demand for luxury residential property is indeed a global phenomenon. Wealthy individuals are looking for alternative locations in which to invest as a way of diversifying their assets and gain citizenship rights. It is interesting to know that Malta was also individually featured on this report and deemed to be a “good long-term investment”, particularly due to its citizenship programme coupled with a strong economic and social growth.

UHNW Residential Luxury Real Estate Index 2015 In Q2 2015, the UHNW Residential Real Estate Index rose to 115.2, surpassing
its previous high in Q1 2015 of 112.1.

This scenario sets the pace for demand to remain high, particularly from the foreign front. Those who are interested to invest in property, both as a residence and a rental investment will be keeping an eye out for good value buys on the higher end market. Demand for rentals is booming at the moment, as more and more foreigners living here are seeking out this accommodation option. Market “hotspots” Although preferred location is much subject to the lifestyle that the individual is after, certain locations repeatedly stand out over others. Sliema, St. Julian’s and even Swieqi are the areas most sought after by those who like to step out of their home and find themselves in the midst of the island’s major activities and often within walking distance of their workplace and all services and amenities. Most business, leisure and tourist activity is centered here, while transport links to anywhere around the island are regular and frequent. The market is responding by a very strong supply of modern and fully serviced rental accommodation, which further churns demand. The presence of luxury lifestyle developments such as Tigné Point in Sliema and Portomaso in St. Julian's further stimulates demand. Someone who is after something more laid back and treasures privacy and tranquillity would most likely opt for a countryside residence in one of Malta’s traditional villages such as Żebbuġ, Rabat and Naxxar or in a sought after peaceful countryside area such as Madliena or Baħar iċ-Ċagħaq.

Converted Farmhouse, Naxxar For Sale Exclusively with Malta SIR: Converted Farmhouse in the Traditional Village of Naxxar | € 1,250,000 

An interesting spot to look out for is Malta’s capital city of Valletta. Following the completion of Renzo Piano’s city gate project, the city got a major face lift and experienced a real boost in its artistic and cultural scene. This means that more business and visitors are flocking towards the city, particularly as it already enjoys the status of Malta’s administrative capital and looks forward to host the European Capital of Culture events in 2018. With all this happening, many landowners are restoring the centuries-old buildings full of character and renovating them into remarkable city homes. This market has recently rapidly starting picking up and as it is still gaining momentum, the present time would be ideal to invest in this market.

Stunning Valletta Apartment Artfully Modelled City Apartment For Sale in Valletta | € 980,000 

Advice to expats looking to buy Not knowing the ins and outs of the market is perhaps the most eminent challenge faced by expats looking to buy property in Malta – What to buy? What not to buy? What are the lcoal trends? In addition, relocating and moving overseas is a lengthy procedure requiring the individual’s attention to be split on a lot of other things. It is advisable to seek the expertise of a local, reputable real estate agent who would have the ability to understand one’s requirements and ‘shop around’ for a local property that matches the individual’s tastes and requirements. Agents are also able, most times, to offer other property-related advise such as what the buying procedure entails and point the client in the right direction to facilitate this process. It is always important to do one’s own research and familiarise oneself with the local market’s offering as well as any rules and regulations that may be applicable. It helps to have at least a clear idea of what to expect in order to be able to make an informed choice.
Malta SIR also features weekly market spotlights focusing on a particular aspect of the local market, intended to provide users with insightful knowledge about the local market and its current trends. Catch the latest one about Portomaso luxury development here and watch out for the next one! For more information about buying property in Malta, Malta Sotheby’s International Realty’s Office is situated on 200, Tower Road in Sliema and can be reached via telephone on (+356) 2010 8070, email on info@maltasothebysrealty.com or through our website.
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Malta Sotheby's International Realty

Launched on the Maltese islands in 2013, Malta Sotheby's International Realty had one clear vision and goal in mind – to offer our clients the highest level of commitment and quality of service in the high-end residential and commercial real estate market throughout the Maltese Islands. We derive our success from local expertise, professionalism, commitment, and discretion to meet any client’s needs. We understand the importance of finding a home that not only suits your needs but suits your vision for the future – a place that facilitates comfort, creativity and familiarity. We realise that a home is much more than a place to live - it is a sanctuary from where we build families and dreams. Our real estate professionals will guide you towards finding your ideal home throughout the entire buying and selling process. The culture of Malta SIR is defined by our knowledgable and dedicated diverse team which spans over multiple nationalities, whether you are a vendor or a buyer we speak your language.

The listing information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us) , we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Sotheby’s International Realty Affiliates LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.