Malta means business
Mediterranean republic seeks investors to build finance and IT hub, writes Peta Tomlinson
A recent piece in an annual retirement listing proclaimed Malta as having "the best climate in the world". In 2013, the European Union's smallest nation - the republic of Malta, comprised of three tiny Mediterranean islands, Malta, Gozo and Comino - still ranks in International Living's top 10.
Favourable weather, English as the spoken language and a relatively low cost of living for Europe has positioned Malta as an attractive retirement destination, particularly for British buyers.
Today, Malta casts its net wider, targeting a younger, cashed-up foreign buyer, and particularly from non-traditional markets. The pitch is now skewed towards the vibrant business scene: Malta as a sophisticated business hub, especially for financial services and technology.
Online forex broker RTFX describes Malta as "a tiny hive of activity", with modern infrastructure, cutting-edge technology and a stable constitution. "Despite its size, Malta has developed into a happening nucleus for retail, IT and financial services activities," the firm says.
The Central Bank of Malta forecasts that 2013 will be a year of economic recovery, with gross domestic product growth climbing to 2.2 per cent. Domestic demand and an improving export sector are underlying factors, the bank says.
A property sector brushed by global economic headwinds also seems poised for an upturn. With property prices remaining competitive compared to rival Mediterranean locations, agents and developers are wooing cashed-up foreign buyers. At a recent series of high-profile seminars in London, Malta's Frank Salt Real Estate pedalled a property market that "has not only withstood the international doom and gloom, but which today indicates a positive appreciation, notably for investment properties". For the firm and its sister company, Homes of Quality, this was the sixth roadshow in major European countries since the final quarter of 2012. The company says this outreach is a response to a "tremendous increase" in interest from European countries.