Making moves in Malta

Whilst taking a look at Maltese property developments, Saundra Satterlee says Malta is emblazoned on the minds of many as a place of espionage and intrigue. From Guardian Abroad:

Loose fictional associations like The Maltese Falcon, alongside historical intrigues such as the Renaissance painter Caravaggio fleeing Italy to Malta in 1607 to escape a murder charge, have served to embellish Malta’s legendary status...Malta can claim to be founded on a kind of historic – albeit accidental – multi-nationalism. Its cornucopia of architectural styles spans centuries and provides a rich historical heritage – one that Hollywood has tapped for many a feature film, including Gladiator, The Count of Monte Cristo and Troy..

..Malta joined the European Union in 2004. In the lead-up to membership GDP growth faltered, but by 2005 it had recovered to a healthy 3%. In 2005 Malta joined the Exchange Rate Mechanism, and in January 2008 it will join the Eurozone. ‘This is another vote of confidence for the country’s economy. We predict that this will encourage further inward investment and increased interest in the property market,’ says Mark Bodega, marketing director at HIFX Foreign Exchange Specialists.

Over the past 15 years property prices have risen around 400%. ‘Malta has always had a very strong local property market with a good amount of foreign purchases. Over the past year prices have increased by approximately 12.6%,’ says Frank Salt, chairman of Frank Salt Real Estate, one the country’s oldest agencies. Salt has identified three new hotspot developments in St Julians and Sliema, both popular destinations for foreign nationals. Portomaso Marina and Pender Place in St Julians, and Fort Cambridge in Sliema..

With the adoption of the euro, some predict a surge in property prices. The jury is still out, but whatever else happens, as reported in the Economist, the euro will eliminate the cost of swapping into and out of a currency used nowhere else. On a practical level this will mean a saving for those who purchase property in euros. Malta is three hours by aeroplane from Lisbon or London, two-and-a-half from Munich and Paris, and one-and-a-half from Rome. Recently introduced budget flights from Europe make getting there more affordable than ever...