| A recent travel industry survey has revealed | | | | In recent years property in Malta has been a |
| that Malta could be the third most expensive | | | | popular investment for overseas buyers, with |
| holiday destination in 2007 among her direct | | | | prices rising on a consistent basis. |
| competitors for British tourists - adding to | | | | |
| the worries for the tourist industry on the | | | | The rises have been steeper in the last |
| island who have already seen visitor numbers | | | | couple of years, with Malta joining the EU in |
| slip this year. | | | | 2004 attracting more foreign buyers for |
| | | | properties on the island. |
| Britain remains Malta's largest market for | | | | |
| the Malta holiday and hotel market, and the | | | | But with less holiday makers the number of |
| news that next season's visitors are going to | | | | properties being sold to overseas buyers |
| be paying more to visit Malta than her main | | | | could fall. |
| rivals of Spain, Portugal and Greece has left | | | | |
| the tourist industry worrying that they will | | | | 'Overseas property buyers don't often visit |
| be in a permantly declining market. | | | | for a first time with that intention in |
| | | | mind', explain a UK company specialising in |
| One local travel guide specialising in Malta | | | | property for sale in Malta. 'They normally |
| describe the news as 'disappointing' and | | | | visit first for a holiday, fall in love with |
| comment that a further decline in the number | | | | Malta, and return on a second or third visit |
| of visitors to the island could damage | | | | with the intention of buying a holiday home, |
| Malta's economy. | | | | or to move to Malta permantly. Today's |
| | | | tourist could be tomorrow's property buyer - |
| 'Unemployment is running at around 8 per cent | | | | but if the number of tourists falls, so do |
| in Malta this year, and if there is any | | | | future property sales to overseas buyers'. |
| significant decline in the number of tourists | | | | |
| visiting the island next year this could rise | | | | One benefit from declining sales to overseas |
| to near double figures, especially in the | | | | investors could be a reduction in property |
| off-peak seasons when there isn't so much | | | | prices for the local market. Some of the |
| temporay work being offered. Tourism is a | | | | islanders are finding it difficult to get on |
| huge industry in Malta and the fall out of | | | | the property ladder after repeated price |
| declining visitor numbers will be hard to | | | | rises, but if unemployment does increase then |
| escape from whatever industry you're in on | | | | there could eventually be an oversupply of |
| the island'. | | | | property, with prices dropping faster than |
| | | | anticipated. |
| Earlier this year there were reports on the | | | | |
| island that a major tour operator in the UK | | | | One bright light in an otherwise gloomy |
| was considering withdrawing Malta from their | | | | outlook is that the long awaited low cost |
| holiday brochures - the reports were later | | | | carriers are now expected to start flying to |
| denied by the company involved. | | | | Malta from UK destinations later this year. |
| | | | |
| 'When we spoke to tour operators they told us | | | | The introduction of the low cost flights to |
| that there were no plans to withdraw Malta as | | | | Malta could boost tourist numbers by ten per |
| a holiday destination', the guide say, 'And | | | | cent overall, and it is hoped in the Malta |
| we can only hope that this rings true for | | | | holiday and hotel industry that this could be |
| 2007 and beyond as well'. | | | | a move to a sustained growth in visitor |
| | | | numbers, and not just a short term revival |
| Malta Property | | | | with an overall long term decline. |
| | | | |