Real Estate Investor Magazine South Africa October 2013 | Page 63

OFFSHORE EURO 35 000. The table below illustrates the property prices in Malta. Before the global economic crisis, the Maltese property market experienced a progressive price growth. However, in recent years the various markets have suffered differently with the low to middle-end market experiencing drops in prices while the top-end properties have remained relatively stable. Benef icial to potential investors is that Malta waives property taxes on the resale of properties after three years. Purchasing property is subject to a 5% stamp duty and the country has identified significant niche market developments geared towards foreign direct investment. Typically developed around historic sites, the government allows foreigners to own more than one apartment within these complexes and specifically designated areas. Outside these zones, foreigners may only purchase one property. From a South Afric an point of view, it makes sense to investors looking to benefit from more than just a financial point of view. The GRP opens the door to more than just investing in property in Malta, allowing investors to gain freedom to move more easily within the EU. Before you invest, do your homework, make sure you qualify and that Malta is the right place for you, after all you have to spend six months a year there! Rent Per Month Range in Euros Apartment (1 bedroom) in City Centre 300.00 - 400.00 Apartment (1 bedroom) outside City Centre 400.00 - 579.00 Surprisingly enough, though there is a well-known breed of dog called the Maltese, Malta’s national dog is actually the Pharaoh hound, with a sleek tan coat and a profile resembling ancient Egyptian statues. 2 Film-lovers may recall the epic battle scenes set in Rome’s Coliseum in Russell Crowe’s Gladiator. What they may not know is that those scenes were actually filmed in a replica built in Fort Ricasoli, Malta. 3 The Megalithic Temples in Malta are, in fact, older than Egypt’s pyramids and England’s Stonehenge. 4 Many people with an interest in ancient myths and legends believe Malta to be part of the Lost City of Atlantis. 5 A predominantly Roman Catholic country, Malta has over 360 churches – that’s roughly one for every 1,000 residents. 450.00 - 800.00 Apartment (3 bedrooms) outside City Centre 1 200.00 - 350.00 Apartment (3 bedrooms) in City Centre FUN FACTS ABOUT MALTA Buy Apartment Price Price per Square Meter to Buy Apartment in City Centre 2,250.00 - 3,500.00 Price per Square Meter to Buy Apartment outside City Centre 1,100.00 - 1,600.00 CAPE TOWN Ground floor, Liesbeek House, River Lane, Mowbray PO Box 23644, Claremont, 7735 Tel: [phone] | Fax: [phone] Official South African marketing agent for LEPTOS ESTATES | www.LeptosEstates.com Contact: Jenny Ellinas | [phone] | [email protected] | www.cypriotrealty.com