A Market for the Taking!
It must be an inherent maltese trait. With one of the most varied property markets ever available to buyers.....and I do mean ever.......the average buyers are still twiddling their thumbs.
It must be granted that right now the media is casting a long and hard look at property prices, and questoning whether some of the price tags paraded on the papers withhold serious inspection. The ever looming Euro changeover due for 2008 is the prime culprit in bringing about such debates; as is also first time buyers' carelessness with money borrowed from the banks. With yet another Central Bank raise which hiked interests on loan repayments to nearly 5% if one were to take into consideration bank charges......the heat is on....for those who throw their money around carelessly.
However, to tackle first the first-time-buyer's market, a glance at the lower price ranges on our sales listings(http://www.62582.com/sales/index.asp ) will quickly assure you that if you scratch the surface, and delve further then the "new-on-the-market" owner listings in the local papers (which always tend to be over-priced) and beyond those listings by newly fledged and sometimes gullible agents still learning how to price correctly without feeling intimidated; there are a lot of very well priced properties available.
The luxury property market, however, can never stand proper armchair analysis. A three bedroom upmarket property (as in superior location, design etc.) may have a very standard finish; but may also be fitted with marble floors, central heating/cooling, double glazing, superior quality bathrooms, a state-of-the-art sound system piping song into every room, sound enhancing structures in the living room home theatre......and the list of gizmos and add-ons never ends.
The standard three bedroom upmarket property will probably be listed at just above a 100k, while the luxury version would fetch well over a 160k........ in the same block. Newspaper listings, by nature very brief and concise, make the difference between luxury and standard properties barely percievable given the somewhat already hyped up language used with most other average property descriptions. Unless one goes out and inspects each unit personally, a proper picture can never be built, and that is what estate agents are paid to do.
Therefore, for those with a budget, a sample of our newest listings include a fully furnished 1 bedroom in Sliema at Lm35,000, while the newly built ones are on the market at Lm45,000. There's a new 3 bedroom Gzira apartment at Lm55,800 finished without a kitchen, and upmarket 3 bedroom Msida apartment in a lovely area at Lm65,000 fully furnished to high standards, and fully equipped. Lower down on the scale we also find a Vittoriosa 1 bedroom Townhouse at Lm20,000, and an older 2 bedroom Paceville apartment at Lm26,250.
As already discussed, with regards to the luxury properties, listing any prices here won't really shed any light on the market. There are beautifully appointed apartments, and superbly converted houses of character and period houses to fit the wealthiest pockets in Europe. Indeed we are seeing a number of internationally renowned celebrities taking up residence on the island. The superb weather, the unique architecture of our main fortress cities, the cosmopolitan and friendly atmosphere, together with the political stability these islands have within the European Union, also weigh in heavily of course.
