Property market in Malta and Gozo

Malta and Gozo are experiencing a significant increase in tourist numbers on the back of various low-cost airlines commencing flights to the islands.From an Irish perspective, the launch earlier this year of direct Ryanair flights has made this a far more accessible destination.

The property market in Malta and Gozo is a mature and pretty expensive one, with mortgage finance readily available from local banks. It has tax advantages for the well-heeled and has attracted considerable attention from well-to-do Irish investors. As of last week Malta is using the euro as its official currency.

Malta Gozo Property is currently promoting a development in a specially created hilltop village, with views of a country valley and the sea beyond.Madliena Village is a gated development of apartments within a short walk of the medieval hill village of Gharghur. It is located on the Madliena hillside, one of Malta’s most prestigious addresses.

The properties come with traditional balconies and terraces to make the most of the views and temperate climate. It is a secure environment, with pedestrian pathways and a condominium service to take care of maintenance and general administration.

A key feature is the large open-air swimming pool that looks out over the valley, and can be used for seven months of the year. The development is set in a quiet area a few minutes’ drive from busy shopping and entertainment centres. The choice of apartments is varied, but all come with terraces and garages.

The units will be sold ready to move into with flooring, light fittings, full air-conditioning, telecom connections and bathrooms.

Madliena Village is a special designated area, so foreigners can purchase as many units as they please.

Prices for a 74 square metre one-bedroom apartment start from just under €233,000 and details are available from 02320813 or online at www.maltagozoproperty.com.