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Despite the very difficult international business climate, the upper segment of the island of Malta's property sector has fared relatively well over the past 18 months.
Although sales may not have been as brisk as the boom-times of the previous years the island's robust local market and appeal to those looking to relocate to the Mediterranean have enabled sales to continue steadily.
According to data from Malta's National Statistics Office, sales last year were on par with 2008 with the vast majority of deals by local buyers. Overseas purchasers, who can benefit from income tax rates of as little as 15 per cent on income received in Malta, have also contributed to the equation especially when it comes to higher-end properties such as seafront properties within the new mixed-use developments.
With incentives for businesses and ever expanding air routes also drawing interest from companies around the world, Malta aims to withstand the worst of the current economic crisis with stout resilience.
At Midi's Tigne Point, a flagship development situated on the waterfront on the northeast cost of the island, it is interesting to note that of the 250 luxury apartments already sold, some 60 per cent were to locals and 40 per cent to foreign buyers.
James Vassallo, senior manager at Tigne Point, said: "Our buyers are discerning locals and foreigners, often business leaders or world travellers, who are looking for quality, luxury and the convenience of living within a secure and managed mixed-use environment.
"It is the prime spot that has drawn buyers; the spectacular views across Marsamxett harbour and the Mediterranean proving irresistible."
Certainly location is paramount when choosing a property and the 450 million euros (BD226 million), 44 hectare regeneration project, is a prestigious and highly sought after region of Malta.
Tigne Point is easily accessible being only 20 minutes from the international airport. Owners can reach the capital Valetta by a short drive or boat ride. Situated at the eastern tip of Sliema, a commercial and residential hub, Tigne Point combines the very latest in exterior and interior design layouts in contemporary style whilst juxtaposing with the 18th Century Fort Tigne which has been restored by the developers.
The project comprises luxury apartments and penthouses plus the benefits of leisure and entertainment facilities including a spectacular foreshore pool, a health and leisure centre and a cosmopolitan central piazza lined with cafes and boutiques. There are restaurants and facilities for al fresco 'dining in style' overlooking the floodlit capital.
There is also a new retail complex headed by Debenhams coupled with welcoming gardens, shaded walkways and pretty cafes and bars dotted around the car-free centre of the development. The backdrop to life on the promontory is the beautiful, historic, World Heritage site of Valetta across the bay.
Malta has one of Europe's highest per-capita rates of home ownership and this has ensured that its property market has proved less volatile than many other Mediterranean resort destinations that are almost exclusively dependent on overseas holiday or investment purchasers.
For the business person Malta offers easy access to the Eastern and Western commercial worlds and its unique ambience steeped in history, its friendly people and laid back Mediterranean-lifestyle continue to attract overseas buyers.
The homes, state of the art offices, retail complex (a 60 store shopping mall) plus sports and leisure facilities are all within a 30-acre car-free environment.
The remaining homes comprise two bedroom apartments starting from approximately BD210,000. Open plan penthouses, each with private swimming pool start from BD766,000.
