Demand for high-end properties in Malta is on the rise, as applications for the Individual Investor Programme (IIP) reached 400 in less than a year.
Applicants for the scheme are required to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 p.a. – both on five-year contracts. However, according to Kevin Deguara of Re/Max, clients have spent as much €3 million to acquire a property and the average rent paid by IIP applicants is of €40,000 per year.
“If they like the property then we talk about prices. We have several who are renting but we also have those who become attracted to Malta’s lifestyle and opt to purchase a property,” Deguara said during Breakfast News on ONE TV.
Demand for these high-end properties is especially strong in designated areas such as Portomaso, Fort Cambridge and Tigne Point, though villas, farmhouses and property on the neighbouring island of Gozo are also on investors’ radar.