RE/MAX Property Centre office manager EDITH CAMILLERI highlights the latest trends in Gozo’s property market and how the pandemic has shifted the real estate dynamic on Malta’s sister island.

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“Gozo is a small island, surrounded by sea and beauty,” Edith Camilleri, RE/MAX Property Centre office manager in Gozo, says. 

“The more time you spend in Gozo, the more you realise how precious it really is. The island’s rich history and culture is everywhere, from the coastal and country walks and diverse cultural events to the summer sports and festivals. Visitors and residents really feel and appreciate the charming community spirit that still exists in the villages here – and this is what keeps people visiting and buying property in Gozo.”

The unique character and ambience of Gozo has certainly shaped the island’s property market over past decades. 

Malta’s smaller and quieter sister island has been named the ‘hidden gem of the Mediterranean’, offering a peaceful charm across picturesque views and various historical sites. Yet, this idyllic isle still boasts accessibility, with just a 25-minute ferry ride – or, more recently, an even speedier fast ferry service – connecting Gozitan residents and visitors to the bustling mainland. 

By offering such an easy commute to Malta’s employment opportunities and business centres, Gozo has become the Mediterranean destination of choice for second or holiday homes for locals and foreigners – a trend that has continued through the pandemic, Camilleri notes.

“There has been an increase in the demand for a second home in Gozo throughout 2021, with many potential buyers looking for spacious houses with outdoor areas,” she says.

RE/MAX Property Centre office manager Edith Camilleri

“While international travel restrictions during the pandemic depleted foreign property sales, the increase in the number of people working from home meant that more Maltese buyers explored relocating to Gozo. The current reduced rate in stamp duty definitely helped to increase interest in property sales in the last two years, while measures announced in the recent 2022 Budget should be an added incentive.”

This sudden shift in demand towards properties with outdoor space, where residents could safely enjoy the natural environment afforded by Gozo during the pandemic, also affected the local real estate market. 

“This is where I believe the pandemic has had a positive impact, in that Maltese families now have a renewed appetite for high quality, spacious houses of all kinds – from townhouses and farmhouses to houses of character – which have outdoor space where they can live and work in a different environment to that of the mainland,” Camilleri continues. “Of course, this meant that the property market experienced a demand for houses not matched by the supply.”

Nevertheless, Gozo’s property market remains an important cornerstone of the island’s economy. 

To support its thriving sales and lettings teams, the busy RE/MAX Malta office in Gozo makes sure to keep a diverse range of properties on its extensive database suitable for every budget and style, including affordable apartments of all sizes and the highly-sought-after farmhouses and houses of character.

“Property prices in Gozo are still very attractive for the potential investor,” Camilleri also confirms.  “The value of property is high in Gozo, with buyers noticing that potentially the price of an apartment in certain areas of Malta could also buy them a much larger home with outdoor space in Gozo. For those on a low budget, that makes a big difference.”

As Gozo’s property market continues to evolve into 2022, Camilleri hopes that the renewed buyer demand for quality over quantity will grow alongside it – while staying mindful of the island’s irreplaceable charm, history and landscape. 

“Gozo’s environment is her main and most precious resource,” she concludes.

“On one hand, Gozo needs development, but this must be done in keeping with the character of the island so that it can be preserved and protected. The way forward for Gozo should be to build quality homes that complement the traditional structures of the island we all know and love.”

For more information, visit https://remax-malta.com/gozo/.