In one of my previous posts I wrote about how important gaming is to the Maltese economy.
The reality is that it is an important sector because the government of the day saw an opportunity and wrote legislation that took advantage of it. In a similar vein, the country has some very well known legislation that makes it possible for all types of sea worthy vessels to be registered in the country.
Over the years, Malta has become one of the leading locations worldwide for yacht registration. Needless to say, this has been an excellent source of revenue for the government and the Maltese legal profession. Plus, there other related businesses, such as those that actually operate in the yachting and shipping sectors, that have benefited. All in all, it has been a very helpful set of laws for the island’s economy.
I’m still searching through Maltese real estate, trying to find the perfect spot for me. Once you get to a certain level, prices are not cheap here, so it is important to make the decision carefully. Plus, of course, when it comes to apartments, you literally have to live with the decision…
I was writing about my thinking here, here and here.
Since then, I have also been looking into Tigne Point. It is a very high end development with some unique properties and stunning views of Valletta situated on the end of a ‘point’ in Sliema, Malta. I like the area a lot.
My search was predominantly in St Julian’s until I found these two sites here and here while doing some random googling.
Now that I have inspected a few apartments I am very taken with the area. There are many shops and cafes nearby, including Malta’s largest shopping mall – though it isn’t that large… Plus, all of Sliema is only a few minutes away on foot.
The apartments are not cheap by any standards, but they seem to be good value for money, so I am thinking very carefully about this.
As I continue to deliberate about whether or not to buy a property in Malta, in Sliema or St Julian’s specifically, I have been investigating the local economy ever more.
As I discussed here I have found nice people to work with while I search, but a key question remains about the local economy – what will happen to property prices in the next few years?
One factor that has a clear link to prices is the job market. Will there continue to be jobs in Malta for all these people in the prime areas?
One of the biggest employers is the gaming sector. Thanks to some very welcoming gaming laws there are actually more firms applying to locate themselves in Malta each year. That isn’t exactly what you might expect, but it is the reality. My feeling is that as long as these rules remain in place, that the job market will be reasonably good locally. More than anything, language skills mean that lots of those jobs will go to foreign workers, most of whom will want to live in Sliema or St Julian’s.
I am told that one of these docks in Valletta (the Grand Harbour) on almost every day of the year!
My search for property (as mentioned here) continues.
In recent days I have met with two different real estate agencies and been quite impressed with both. Their offices are actually almost next to each other in Sliema.
Exclusive and BRE are both one office firms, both seem to be full of nice people that you actually want to work with and both seem to be really trying hard to provide an excellent level of service to me. So far, I am very impressed!
The Maltese adventure continues…
In recent days I have been doing more investigation into things like business and property on the island. I blogged about some of that recently in this post, this post and this post.
As I am meeting more people, I am learning more about a wide range of topics and how the economy here really operates. Since I am in the main areas, I have been doing some reading up on the local economy of St Julian’s (here and here).
It seems clear to me that St Julian’s has a very bright future in the coming years, as has Sliema. They both seem like a great place to invest and operate from because the right type of business can work with both the local Maltese population and the large numbers of tourists that come and go throughout the year.
I’m a little surprised to say this, but I am very happy to see the start of the new football season. In France it is underway already, in England it is just about to begin.
Towards the end of last season I became addicted to a very cool fantasy football game made by a company called Oulala. It is free and works on many devices.
While I was sceptical at first because the game is a little trickier to learn to play than other fantasy football games, it is great fun and very, very addictive. I am really looking forward to playing all year.
As I am spending more time in Malta and doing more research about the island and it’s economy I am learning more (here and here).
What I had not realised, but is totally obvious with just a moments thought, is how reliant Malta is on the rest of the world. There are so few natural resources here that almost everything needs to be imported.
A significant amount of the goods in Malta come in by sea, through the freeport in the south of the country and are brought in by firms like this one. These import / export companies really do keep everyone fed and clothed and the wheels of commerce turning, though they are completely taken for granted as a cog in the huge machinery that makes up a modern economy.
Now that I have been in Malta a little longer (first mentioned here), I can understand why people are so keen to move to the tiny country – it really has it’s charms!
To that end, there has been some controversy in recent months about the new citizenship scheme introduced by the incumbent Labour government. It is now possible to obtain citizenship with a short period of residency (one year) and a number of contributions to Maltese infrastructure (residential property, government bonds and a newly setup government fund). Law firms (like this one for example) can process the application, earn a fee and help bring wealthy foreigners into the country.
It is an interesting idea, not without it’s opponents, that seems to be taking off. Only time will tell how successful it might be.
On a recent trip abroad I found myself with a short stop of two days in the lovely island of Malta in the central Mediterranean.
With little time on the island I booked into a very adequate budget hotel in Sliema. Sliema was new to me and I quite liked the outlook over Manoel Island and all the yachts moored on the beautiful blue sea. Being able to see the bastions of Valletta from a distance was also quite a treat. They are amazing!
If you have not been to Malta or to Sliema, I can recommend it for a few days. I am sure that after a time a tourist will have seen everything there is, but in the first week at least there should be lots to keep you busy.