Treasure Islands in the Crystal-Clear Med—An Overview of Malta’s Property Market

From the air, the Maltese archipelago resembles tiny stepping stones that some ancient god scattered across the Mediterranean. Since antiquity, these outposts have served as a bridge linking southern Italy to North Africa—and Western Europe to the Middle East. They were inhabited way before St. Paul was shipwrecked on Malta’s western shore and early Christians burrowed under sun-baked rocks to build catacombs for their dead.

The Republic of Malta is actually three islands: Malta, Gozo, and Comino. Framed by an intense blue sea, these islands lie at the heart of the Mediterranean, just to the south of the Italian island of Sicily. And that means that they enjoy a Mediterranean climate and lifestyle. Hot, sunkissed, easy-going. The third island, Comino, is underdeveloped and sparsely populated. But, Malta and Gozo both offer many advantages to the potential investor or immigrant.

Lapped by translucent crystal waters, Malta and Gozo are both treasure islands. Ancient cities of golden stone...megalithic monuments...fertility goddesses known as Fat Ladies...the Knights of Malta...natural harbors crammed with gleaming white yachts and tiny luzzu fishing smacks painted in vibrant colors of red, blue, and yellow.

In recent years, property on the Maltese islands appreciates an average of 10% to 12% every year. Rental return is also on the increase, presently at 3% to 4% every year. It is important, however, to choose the right location and the right property, as values vary considerably between one location and another.

Whether you are looking for a two-bedroom apartment near the seafront in the popular areas of Sliema and St. Julians (prices start from around 145,996 euro)...a farmhouse with a pool on Gozo (prices start from 361,053 euro)...or an apartment in the northern part of the island, namely Bugibba, St. Paul’s Bay, Qawra, and Mellieha (prices start from 104,882from 104,882 euro), the Maltese islands could have just what you are looking for...

Areas to consider in Malta...

Sliema, the island’s main tourism center

Pronounced slee-mur, Sliema faces Valletta from across Marsamxett Harbor. Together with St. George’s, St. Andrew’s, and a bunch of other smaller towns, it forms Malta’s largest conurbation—an amalgam of modern city, commercial center, and holiday resort, with a seaside promenade running to St. Julian’s and beyond.

The heart of the commercial center beats around Tower Road (which locals call “The Golden Mile”), Cathedral Street, Bisazza Street, and the Sliema seafront. Here you’ll find banks, boutiques, bookshops, realtors, travel agencies, and many small stores.

Sliema is still the island’s main tourism center. It’s a pleasant town, and you’ll see just as many locals as tourists taking the air along the promenade, especially on Sunday, which is still a big family day in Malta. Sliema is divided into four parishes, each with its own local church: Stella Maris (the Star of the Sea), Sacred Heart, St. Gregory, and Jesus of Nazareth.

Unfortunately, Sliema’s latter-day architects didn’t have the same ideas of aesthetic beauty as the knights who built Valletta. Beyond the seaside promenade, Sliema is a built-up splodge of concrete.

A large part of the town is built around the creek leading from Manoel Island to Marxamsett Harbor, but most traditional-style houses have been bulldozed to make way for multi-unit apartment blocks.

Days of tranquillity are long gone in St. Julians

St. Julians is one of the nicest of Malta’s resort towns, but it’s not the best place if you’re looking for tranquillity. Although Malta isn’t a party-party island, it has its share of nightclubs, and most are in St. Julians’ Paceville district. The name means “Peace Town,” but don’t expect tranquillity during summer.

In July and August, music thumps out into streets into the wee hours of the morning. Housed in a 19th-century colonial mansion, there is also a gambling casino in St. Julians, the Dragonara Palace.

Its name is derived from Ghar tad-Dragun, the Dragon’s Cave. Old legends told of a roaring dragon lurking in a lair below. No dragons today, of course, but you can hear the muffled rumble of waves from the palace’s belvedere.

Bugibba, Qawra, and St. Paul’s Bay—Malta’s summer resorts

On Malta’s northeast coast, the village of St. Paul’s Bay has retained its Maltese character, but Bugibba and Qawra are essentially summer resorts. The area takes its name from St. Paul the Apostle, who was shipwrecked off this coast in AD 60. He converted the islanders to Christianity, recording the welcome he received in his Acts of the Apostles.

People do live here permanently, but it’s not a part of the island that appeals to all. The contrast is great between Malta’s beautiful golden-stone buildings from medieval times and what you’ll find here: far too many anonymous apartment blocks and down-market eateries for low-spending tourists. And no sandy beaches, either.

Despite the connection with St. Paul, it’s hard to find much here that could be described as “traditional.”

Although the village of St. Paul’s Bay has a little harbor, fishing boats, and old-fashioned townhouses along its low-rise waterfront, it has merged into the sprawling resort of Bugibba, which is particularly nasty and decrepit.

Qawra is a developing resort town and has a less run-down feel than neighboring Bugibba, though it’s hard to tell where one resort ends and the other begins. In both settlements, the emphasis is on attracting the type of British tourist who wants to drink warm, chemically-enhanced beer in British-style pubs and eat sausages, eggs, and greasy fries smothered in brown sauce.