As more people turned to Malta’s sister island for a quick getaway, or even a second home, during COVID-19, Marie Grech, director of Gozo’s Frank Salt Real Estate offices, tells Juan Ameen about changing trends in Gozo, tips for first-time buyers and the opening of their second Gozo office.

Gozo – a home to some and a weekend break destination to many. Over the years many Maltese have rented apartments and farmhouses to enjoy time on the more peaceful sister island.

But, over the years, Gozo’s property landscape has been evolving with many now seeking to invest there. With 32 years of experience in the Gozitan property market, Marie Grech has seen it all.“

Frank Salt Real Estate was the first to open an estate agency in Gozo. The market has grown a lot, especially over these last few years. Compared to the eighties and nineties when the size of the land was not an issue, residential properties in villages were built on larger plots and apartments on a much larger footprint than now,” she recalls.

However, Gozo properties do not exist in a bubble and were affected by various market trends. The biggest challenges that hit the Gozo property market were the 2008 recession, Brexit and, only recently, the COVID-19 pandemic. 

Marie Grech, director of Gozo’s Frank Salt Real Estate offices.

“Due to the pandemic, people are now spending more time at home and realise that they need more space, whether indoor or outdoor such as a garden, courtyard or a terrace. With the new work-from-home arrangements, clients have realised that they can live and work from anywhere. Many Maltese have opted to move to Gozo permanently rather than just having a traditional holiday home here,” she points out. 

Also, many people are now opting for buy-to-let properties in Gozo, which she describes as a “very good investment”. 

“The rental market in Gozo suffered a lot when tenants left at the beginning of the pandemic with no one replacing them. But what was lost with long-lets was then compensated for by short-lets, especially with Maltese booking their holidays in Gozo,” she adds.

This demand for property in Gozo has led to the opening of the second branch of Frank Salt Real Estate in Republic Street, Victoria, set in the middle of the picturesque It-Tokk Square. Just recently, the company’s Gozo offices also won the award of Gozo’s Best Real Estate and Property Company during the Gozo Business Awards 2021. 

The award was bestowed upon the Gozo team for their experience and dedication in dealing with their clients. They understand the island but are also sensitive to their needs and realities. 

“First time buyers, especially if they are young, should, with caution and within their means, go for the best they can get with their savings and bank finance. It is the best investment they will have for a long time,” says Grech.

And with all properties, location is key. “Always go for a good location and sizeable property even though it is not finished to your likings. When it comes to property, you can always add a bathroom in or change a kitchen and the décor. But you can never change the location,” Grech says. 

So, while things may change and develop, some basic principles that worked three decades ago, remain true today. Location remains key… and Gozo remains a great location.