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Malta’s Growing Economy Attracting Buyers & Entrepreneurs

Malta's economy and real estate sector set to boom.

So far in 2017, both Malta’s economy and commercial real estate markets are seeing a boom; this is an unprecedented demand.

In the last few years, the government in Malta has been working to create a destination that is extremely attractive for entrepreneurs. The hope is that Malta will become one of the first countries to embrace certain technologies, many of which are already being pursued by technology start-ups.

There are a number of benefits to Malta attracting new technology companies. As well as creating economic advantages it also brings in jobs, corporate investments and private investments. The private investments are present because there is a bigger need for offices and housing. Together, this has led to the boom that Malta’s economy and real estate sectors are experiencing.

Malta's economy expected to grow by nearly 4% in 2017

With this type of growth, Malta could become the third highest expansion of economy within the EU, following Romania and Luxembourg. Malta also has the third lowest unemployment rate in Europe in 2016, at 4.1%. Only Germany and the Czech Republic managed to achieve lower. This leads to Malta being one of the EU’s fastest growing economies, something that attracts entrepreneurs, businesses and property buyers.

As well as a booming economy, Malta also has very few empty properties which is unusual. In 2016, experts stated that only half of Malta’s 55,000 residential properties were vacant and most of these were second homes or holiday homes. This low amount of vacant properties is due to Malta cutting its stamp duty on transferring properties within urban conservation areas by half between January and December of 2016. With a lower stamp duty, more people were keen to buy.

Another factor is that the cost of renting between 2012 and 2015 rose, according to the Maltese National Statistics Office. This was due to an influx of foreign works in Malta who rented rather than bought property, and was not down to Malta’s residents not buying real estate.

ZEST technology start-up event

ZEST, one of the key events for start-ups in Malta, will take place on the 19th and 20th September of this year. This event was created by the Malta Communications Authority and it will be hosted by the Radisson Blu Golden Sands Resort & Spa, two large corporations. The Malta Times has reported that over 500 participants are expected to attend the Malta-based start-up gathering in September, a sign that Malta is no longer just a destination for those who want a holiday home. Instead, Malta is becoming somewhere that entrepreneurs are interested in when wanting a base in the EU. Attendees will range from CEOs and founders to investors and influencers. There will also be support professionals and entrepreneurs in attendance.

Many people are expected to fly in to attend ZEST, though it is thought that a number of expats and Maltese-born individuals will also attend. Attending ZEST is a great networking opportunity for those in the business world and it allows people to find new opportunities within Malta, as well as building business relationships.

ZEST is a relatively informal event, with a focus on talks that are short and to the point. It focuses on investments, business foresights, organisational culture, technologies and strategies. Some speakers have already been confirmed including Dr Ulrich Bez, Paul Teng, Jenn Hirsch and Samer Karam.


 

Aug 4, 2017 | 141 Page Views

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