If you’re looking for high-quality real estate amid a less hurried pace of life, the south of Malta is a good choice. RE/MAX Malta office manager for Fgura, Marsascala and Qormi, Simon Coleiro, shares his thoughts on what the island’s south has to offer to the budding property investor.
From the 5,000-year-old temples at Ħaġar Qim and Mnajdra to the buzzing fish market and popular seafood eateries in Marsaxlokk, nowhere is Malta’s evolution from prehistory to modernity more evident than in its south. Amid its display of history and culture, the southern coast is also dotted with swimming spots and its many restaurants are magnetic at the weekend.
Suffice to say, the south of Malta brims with opportunities to enjoy the island’s heritage and entertainment offerings. And yet, the area remains noticeably less busy than the country’s centre and north, so it escapes the noise and air pollution that other parts of Malta battle with. All in all, this translates into real estate opportunities that offer buyers more bang for their buck.
“The property market in the south is characterised by two things: affordability and variety,” says Simon Coleiro, who manages RE/MAX Malta’s office for Fgura, Marsascala and Qormi, together with his assistant managers Raymond Gatt and Brian Loffreda.
“Real estate in the southern region comes at a very attractive price, especially when compared to property in Malta’s commercial centre of Sliema, St Julian’s and Gżira. In fact, the cost of a two-bedroom apartment in Malta’s geographical centre, in a town like Mosta, would cover a three-bedroom apartment in the south.”
In no small part, the government’s financial incentives for first-time buyers have had a positive impact in this regard. More young, prospective homeowners are venturing into investing in their first property by taking up the government’s offer of a loan to subsidise the buyer’s deposit. With farmhouses, villas, townhouses and apartments of all sizes on offer in the south, first-time buyers and families are setting their sights on towns like Marsascala and Żurrieq to stretch their savings even further.
“The south is also a lot quieter than other parts of the island,” Coleiro continues, “and that’s a major pull factor for foreign visitors and property buyers in Malta. My non-Maltese clients repeatedly tell me that the peace they find in the south makes up for any kind of distance they may need to travel to get to work – and it’s Malta after all, so nowhere is too far!
“Besides affordable properties with good square meterage, those features of the island that people travel thousands of miles to visit and see are right on your doorstep. This is an intrinsic characteristic of the market in the south that will never disappear. It should come as no surprise, therefore, that buy-to-let properties here are plentiful and highly sought after.”
This remains the trend despite the adversity that the past six months have brought.
“There’s no denying that COVID-19 has had an impact on the real estate market but this isn’t something specific to the south or even to Malta – it’s global,” Coleiro says.
“What we saw, though, is that while the market slowed in March and April, it picked up again from May onwards. It’s the nature of the game: people don’t feel confident spending in times of hardship. Once stability and buying confidence returns, so does the purchasing of property. The reason is simple: real estate remains the best opportunity for investment in Malta, and the keen investor should keep an eye on the south.”
For more information on RE/MAX Malta and assistance in buying, selling or letting property in Malta and Gozo, visit www.remax-malta.com.