Maltese Living Tempts Real Estate Buyers

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Maltese Living Tempts Real Estate Buyers

by: John Palma | Total views: 5 | Word Count: 521 | View PDF | Print View
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Malta is known for many fascinating points of interest. The ruins of Malta are legendary and fascinate tourists today. Malta's magnificent architecture dates all the way back to Roman and Norman times. Malta is one of three Maltese islands in the Mediterranean. Each of the islands feature prehistoric monuments that predate the Egyptian pyramids. This is the ideal time for those who wish to purchase Maltese property.

The reputable schools located on the island are esteemed throughout Europe. Malta is also deeply connected with the United Kingdom. Malta was once a British colony. Prince Phillip and the Queen lived there prior to her coronation. Because of this heavy English culture, Malta retained much of the British influence. During World War II, Malta was awarded the George Cross for its courageous defense against invading armies.

The housing markets of both countries are currently undergoing a slight fall due to inflation. Property on Malta grew almost 10 percent between 1997 and 2005. The year of 2004 was the most impressive with a 20 percent growth. The first few months of 2007 showed a significant decline in property value. The property values have sank to 0.7 percent during the first three months of this year.

Most experts estimate that this is due to global inflation and the end of the international property boom. The economic instability currently seen has affected many countries around the world.

This also signals an excellent period to purchase Maltese property. Many people are attracted to Malta for a variety of reasons. The majority of visitors return for the beautiful weather. Malta is famous for spectacular summer weather. No freezing winds, thick mists or inclimate weather dampen the holiday spirit. Rainfall is minimal year-round.

English and Maltese are the official spoken languages in Malta. Maltese is currently written using the Latin alphabet. Due to the heavy British presence, many families still speak English as a first language. Malta didn't gain independence from Britain until the 1960s. The urbanized parts of the island feature banks and ATMs. Currency exchanges can be made at banks or at many of the hotels. Most locations in Malta accept major credit cards.

One of the most unique features of Malta is the legal system. The island makes an attractive prospect for property purchases due to the absence of taxes. Currently, Malta does not enforce taxes on wealth or property. The only way residents are taxed in relevance to their property is if they rent and make a profit. That profit is taxed. Once you have lived on Malta consistently for over five years, you may acquire more property without requiring a permit.

Malta also has other advantages for both tourists and residents. The country has a strict anti-drug system. Travel writers have placed the island of Malta as a top destination for safety.

The current Malta real estate slump is not predicted to last long. Malta's location directly on the Mediterranean Sea and it's close proximity to Europe have much potential for development and growth. The current multicultural status creates a welcoming atmosphere for all ethnicities.
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