Now that the real estate market in Malta has become quite dynamic in nature, the different sectors of the industry have experience good growth in price and sales. More and more people are getting interested in buying and investing over the properties in the hope of profit in the coming days. In some of the best designated areas they are making their choices for the purchases. Be it the designated places like Tigne Point or Portomaso, the options are open as always. You can check the real estate in Tigne Point, they offer you the best apartments and penthouses according to your taste.
The Growth Tendency
The real estate market in Portomaso recently shows a tendency to steady growth. Maltese real estate has been on the rise for the past three years. This is due to the, firstly, the introduction of the IIP program – Citizenship for Investments, which attracted the capital of large investors, as well as exemption from stamp duty for those who buy housing for the first time.
Why You Can Go for Portomaso
Real estate in Portomaso is a profitable investment: the country is experiencing stable economic growth, which affects the value of real estate. According to Portomaso’s National Statistics Office, in 2016, GDP growth amounted to 5%, which exceeds the forecasts of the European Commission. In the IV quarter of 2016, the economy increased by 5.1%. Data for 2017 has not yet been published, but experts predict GDP growth of about 3.7%, which is the third largest indicator in the EU after Romania and Luxembourg.
- Property tax in Portomaso is paid once, upon signing the contract of sale, and is only 5% of the cost of housing. No annual taxes are paid, which is rarely seen on the real estate market in Europe.
- Having a property (house, apartment or villa) in Portomaso, the owner can take advantage of one of the opportunities for temporary or permanent residence in the EU (permanent residence, residence permit, long-term visa).
- Mortgages are cheaper than real estate price gains: a loan to purchase a house or apartment in Portomaso is issued with an initial payment of 30% of the cost of housing, at 3.5-4% per annum, until the borrower reaches the age of 65 years, with the right to interest-free early repayment.
- Opportunity of income: in the complexes of improved comfort (SDA) it is allowed to own several real estate in Portomaso and letting the property out, the yield on which is from 5% to 8% per year. The cost of renting in the “top” areas of Portomaso over the past year has increased on average by 12-14%, and real estate for rent is constantly not enough.
Excellent living opportunities: there is a mild Mediterranean climate, organic food all year round, warm sea, friendly local people, direct flights with all capitals. With the properties for sale in Portomaso you can expect the best return there.
Portomaso provides unique opportunities for children to receive a quality education at reasonable prices, both in full-fledged classical French, as well as British or American educational programs, with the right to receive a certificate. Adults buying property in Portomaso may also consider opening a business in Portomaso. All these benefits have opened door for the real estate industry to invite more and more possible buyers to the city.