It’s official – Malta has the best climate on earth. Malta was one of two countries that were tied for first place with the title of Best Climate, according to the Quality of Life Index issued by International Living magazine last year. Sharing top honours was Zimbabwe.
Yet a Mediterranean climate (over five hours of sunshine a day) isn’t all that Malta has to offer. Malta’s many other virtues in the nine categories of the IL index combined to earn it third place overall, pipped to the post by the US and New Zealand. That ranking speaks volumes for the size of Malta’s quality offering relative to the island’s land-mass of just 122 square miles.
How about a stable government, economy and a modern health service? These factors carry a lot of pull for wealthy English and Europeans looking to get away from their frosty climes. In fact, frost and snow are unknown in Malta with shirt sleeve order and temperatures of 70 degrees Fahrenheit (21oC) in November. Flights to many European capitals are also just three hours away, crime is low, education levels high, the locals hospitable and English-speaking with 48 English language schools available. As a result, homes and apartments here have now attracted the international set. So have the historic harbours, five-star hotels, restaurants and summer nightlife.
But overseas domestic buyers aren’t the only ones to recognise the reputation of the island’s property potential. Malta’s success in attracting City hedge fund managers to re-domicile to the island as a result of a well regulated and cost-competitive jurisdiction has spurred more demand for high-quality homes in the sun.
Back in 2000, it wasn’t like this. Sure, the island had a loyal following of repeat overseas visitors but nothing that one could call gold standard.
Despite its geographic location and abundance of sun and sea, Malta’s lifestyle as an up-market destination had little relevance for the aspiring overseas home buyer. That was until Portomaso was built.
George Fenech, the Tumas Group’s Chairman, pioneered the lifestyle concept in Malta. He had a g140m dream. He wanted to enhance the quality of life for those buyers who could make the right investment decision. His vision of the Portomaso marina would bring Malta to the attention of the international property market with the Oscar of the property world – the Gold Award in the Best Marina Development Category in the 2005 International Property Awards. As a result, Portomaso was acclaimed the most exclusive address in Malta and became home to the well-heeled, international celebrities and footballers.
Those who bought back in 2000 have seen the value of their property rise by over 400 percent since then. Rental returns too, have risen by 10 percent to 12 percent.
Out of the Portomaso mould has been cast two more luxury developments in the north and south of the island, both a stone’s throw from the Med.
They are already reaching completion, thanks to Tumas Developments, the Group’s property arm. As both properties’ websites rather prosaically state, these two new residencies ‘offer lifestyle choices of the highest standards’. More to the point, poured into these two moulds are all those now-familiar expectations of luxury, safety, tranquillity and, you’ve guessed it, lifestyle.
Tas Sellum and Ta’ Monita have been designed to suit most pockets.
Tas-Sellum offers a one-bedroom apartment of 68sq m starting at h158,000 going up to a million plus for larger apartments whilst Ta’ Monita offers apartments starti-ng at k98,000 going up to a million-plus.
Both residences are termed Specially Designated Area, allowing the buyer to purchase more than one property in Malta and Gozo for private use or for business. Perhaps we should create a Portomaso Quality Index. Zimbabwe wouldn’t stand a chance.
Benefits of buying property in Malta
– No tax on capital gains arising out of or into Malta
– Relief through 58 double taxation treaties ratified
– No duty on importing household goods or furniture
– Free repatriation of funds
– No inheritance tax (but duty of 5% is payable on the transfer or transmission of immovable property)
– Reduced registration on importing a motor vehicle, subject to certain conditions
– You can take a mortgage to purchase a property as a non-resident of Malta
– You can rent it out to third parties if bought in an SDA
For more information email: info@tumasdevelopments.com; Tel: +356 21 386 802; +356 79 497 504; www.tumasdevelopments.com
