A constant demand and quality supply makes buying property in Sliema and St Julian’s an attractive investment, says Marianne Cauchi, senior property consultant at the Frank Salt Sliema branch.
The local real estate market offers a variety of properties, from townhouses and modern developments to historic houses and luxurious properties. And despite Malta’s small size, the different localities offer their particular advantages: Valletta and the three cities have an engaging historic context, the north has stretches of beautiful countryside, the south hides undiscovered gems, and areas such as Sliema andSt Julian’s are the most happening places in Malta.
“The areas of Sliema and St Julian’s are where we record the most sales and rentals and it’s where property has the highest and fastest turnover,” says Marianne Cauchi, senior property consultant at the Frank Salt Sliema branch.
Cauchi has been working in the property business for 11 years and says that despite the challenges and the long hours, she enjoys every minute of it.
But what attracts buyers to Sliema and St Julian’s?
“We have foreign buyers who are looking for holiday homes or a property to serve as their primary residence, as they like the fact that both Sliema and St Julian’s have all amenities and provide an excellent lifestyle.
“There is also increased interest from local second-time buyers in buying buy-to-let properties. This is an attractive investment and many buyers are getting over five per cent in return.
“Rentals have also increased in price tremendously while over the past year, we have seen a boost in the sales market as well.”
There has also been increased interest from other buyers.
“First-time buyers are taking advantage of the stamp duty incentive so this has also increased sales. We have also seen an increase in local and foreign clients wanting to purchase townhouses – we are constantly looking for new registrations as there is a limited amount of townhouses for sale in these locations.”
However, it is seafrontapartments which attract themost buyers.
“There is a greater supply of seafront apartments and the interest is very healthy. We have constant requests for newly built but also older type properties as the latter tend to have more spacious rooms.
“Prices in the Sliema and St Julian’s area are always determined by the location, the street and the condition of the property. In most of the new developments like the designated areas of Tigne Point, Fort Cambridge, Portomaso and Pender Gardens, prices are nowadays being calculated per square metre: we do find that a lot of foreign buyers justify the price per square metre.
“There are always new developments in the pipeline in these areas and they will definitely continue to be as there is such a strong demand. Apart from several new blocks that are currently on plan and which will soon start being developed, there are also new phase developments in designated areas which are also on the high-end market. This is very healthy as it means that major developers are ready to invest in new projects.
“Property in Sliema and St Julian’s has always been and will always be the strongest investment in Malta as the sales and rentals turnover is fast. We will definitely continue seeing this happen in the next years.”
What is Cauchi’s advice to those looking to buy or rent property in the Sliema and St Julian’s area?
“My recommendation to first-time buyers or buy-to-let investors is to not be afraid to invest in the Sliema and St Julian’s area. Given the high demand and quality supply, you definitely have a secure investment here.”
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