From overnight visitors and weekend holidaymakers to expats and retirees, Malta’s sister island ranks highly as a desirable place for both primary and secondary homes in the Mediterranean. Michael Galea, franchise owner of RE/MAX Gozo, shares his insight into Gozo’s magnetic appeal for property investors.

Gozo captures everyone’s heart. The reason is simple: it is that peaceful holi­day feeling just a 20-minute ferry ride from urban Malta. And every visitor comes away with memories of a slower pace of life, enthralling natural beauty and a warm Gozitan welcome.

“The lure of Gozo is undeniable,” says Michael Galea, the franchise owner of RE/MAX Gozo, who is a firm believer that the island is the perfect antidote to the hubbub of cars and people in Malta.

“Gozo has been a popular spot for holiday homes for many years. It is favoured by Maltese and foreign visitors alike and its popularity has resulted in an altogether buoyant property market.

“Undoubtedly, the COVID-19 pandemic has been the source of a lot of economic uncertainty in the country but the real estate market in Gozo has not been negatively impacted. Property sales have been steady and we’re still hitting the same values we did in 2018 and 2019 – two very good years for the Maltese real estate market in general.”

This means that regardless of economic context, buying a property in Gozo has always been – and remains – a sound investment because the market is unique in its stability.

In fact, the return on investment in buy-to-let properties easily reaches between five and seven per cent, and that is without considering capital appreciation.

“There really is something for everyone here,” Galea continues.

Finding an appropriate agentin Gozo is essential because they know the ins and outs of the island’s specific scenario

“At RE/MAX Gozo, our listings cater to a range of tastes and budgets. But what all Gozitan properties have in common is that they give the buyer more bang for their buck than Malta does. Apartments and maisonettes are abundant, offering purchasers the affordability and convenience of newer builds, while the island’s townhouses feature traditional Maltese balconies and little hideaway gardens.”

Gozo’s farmhouses remain the most sought-after properties on the island.

Above all else, though, Gozo has long been renowned for its farmhouses, which remain the most sought-after properties on the island. The oldest ones often date back centuries and will have received expert restoration works in recent times. Classic features, including bare limestone arches, attractive nooks and sun-drenched courtyards, are standard, and many renovated farmhouses even have a swimming pool.

Since this is Gozo, such pull factors come at an appealing price point. The cost of real estate on the island is still much lower than comparable properties in Malta.

 “For the price of an apartment in some regions of Malta, you can find a farmhouse or townhouse with a pool in some parts of Gozo,” Galea says.

The franchise owner explains that this is where working with a real estate agent really comes in handy.

“At the end of the day, for the right choice of investment, you need the best advice. Finding an appropriate agent in Gozo is essential because they know the ins and outs of the island’s specific scenario.”

A real estate agent will bring insight into innovative ways in which buyers can invest. By way of an example, Galea explains that lately it has not been unheard of for two or three families or close friends to pool their resources and invest in a property together.

This works particularly well for holiday homes, where the buyers’ combined budgets can stretch further, giving them a large house instead of three small apartments.

“Those of us who work in the Gozitan market would like to continue seeing innovative investments of this kind,” concludes Galea, “as this supports the preservation of Gozo’s charm. More than anything, I urge buyers to see the potential in unconverted properties as, over time, their price will appreciate much more than that of a new-build apartment.

“Ultimately, the real benefit comes from keeping Gozo’s traditional identity and beauty intact. The kind of greenery found on the island is fast becoming unique in the country, which is something budding investors should not overlook. It is safe, unpolluted and replete with nature. And as a Gozitan, I’d love to see the island retain its peaceful, idyllic lifestyle for visitors both old and new to enjoy.”

For more information on real estate investment opportunities in Gozo, contact RE/MAX Gozo. Visit www.remax-malta.com.