Malta Sotheby's International Realty was proud to be a part of the 2024 MARE Summit - an event which promises to redefine the future of construction, design, and real estate. The summit welcomed more than 1000 attendees, showcasing a number of exhibitors and partners.
The much-anticipated two-day summit was held at the Malta's Fair & Convention Centre (MFCC) in Ta' Qali, Attard and boasted more than 60 local and international speakers, including Malta Sotheby's International Realty, Operations & Marketing Manager, Maxine Fraivillig who had the pleasure of contributing to the Prime Time Properties Panel: A Deep Dive into Malta's High-End Residential Real Estate with other prominent voices in the luxury real estate sphere.
The panel sought to weigh in on the ever-changing landscape of the luxury real estate market amidst a backdrop of economic uncertainties and rising interest rates with the Savills Prime Residential Index (2024) anticipating a global cool down on the market. However, coveted real estate in southern Europe is set to show remarkable resilience. This of course puts Malta's prime property at the forefront with many new residential properties set to enter the market over the next twelve months.
Fraivillig and her fellow speakers set out to unpack various market trends and the way forward when conducting property evaluations given the evolving market in the face of current global events. "The property landscape is changing across the world, but Malta is in a unique position where our private property sector has historically remained a safe and sure investment despite factors that perhaps negatively influence markets in other parts of the world," says Fraivillig.
The panel also did a deep dive into the high-end and ultra high-end real estate sphere in Malta, shedding light on questions regarding the island's current property prices, how they compare to that of mainland Europe, what buyers are currently after and what motivates their purchase decisions.
"Malta has always had a very diverse offering; our unique property practices are set up to benefit foreign investment whilst still protecting the property rights of the local population. Foreigners require special permits to purchase villa properties or real estate outside of Special Designated Areas (SDA's), which is why a number of our luxury lifestyle developments are so unique," explains Fraivillig.
While purchases in SDA's are open to Maltese Citizens, they are unique in the sense that foreigners need not require a special permit to purchase property there. These high-end developments also fulfil investors current need for turn key properties whilst simultaneously providing five-star amenities seen in major metropolises across the world.
"Those investing in high-end developments can rest assured that the amenities and features available match the circa €10,000 per sqm purchase price, with many SDA's offering concierge services, gym facilities, privacy and room service for those developments attached to hotel complexes," continues Fraivillig.
One such high-end luxury development available to consumers soon is situated in the popular area of St. Julian's, just minutes away from renowned international schools, Michelin star restaurants and blue flag beaches. The development pens itself as a green development offering a better way of living with the world at your doorstep. Large units that span entire floors are on offer along with world class amenities across 7000 sqm of public space which includes botanic gardens, fitness facilities, a luxurious spa, 12 bars and restaurants, a hotel complex, parking, concierge services and so much more.
"These kinds of developments are ideal as second homes or holiday residences for buyers and have been extremely popular with those seeking a secure and comfortable property that will not only provide a return on investment but also a wonderful lifestyle - whether they choose to spend 300 days a year in Malta or just sporadic weekends here and there. More than that, properties in SDA's also likely to meet the property requirements needed for those applying for Maltese citizenship or residency through investment, however, each application is independently assessed," explains Fraivillig.
It is clear that the strong demand for prime property in Malta, has cemented the island's appeal as a secure and lucrative investment destination with the demand for high-end turn key residences at the forefront of that.
"As global markets face increasing challenges, Malta's real estate sector remains robust, offering unique opportunities for investors and developers alike. That is why Malta Sotheby's International Realty invites stakeholders and developers to get in touch with us to discuss the current market demands and share our insights on the wants and needs of foreign and local buyers alike," concludes Fraivillig.
Originally published 5th June 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
