Healthy market for luxury properties

Don't You ever wonder whether all the luxury properties marketed by real estate agents costing hundreds of thousands and even a few millions actually sell or not? Believe it or not, most of them do. There is currently a market in Malta for luxury properties and both Maltese and foreigners are buying.

There is a considerable turnover of such properties and the market is healthy, Luxury Living manager Michael Mifsud told The Sunday Times last week in his office on the eighth floor of the Portomaso business tower.

Mr Mifsud and his four-member team deal exclusively with upmarket properties.

Why do people buy this kind of property? The trend is changing. People want smaller houses with bigger outdoor spaces. People don't look for huge villas any more. Comfortable houses with spacious lounge/dining areas and extensive grounds are the most popular. Views and good location are other prerequisites.

Prime properties have kept their prices while others in particular areas have gone up. Upmarket projects like Midi in Tigné, Portomaso, Verdala Mansions in Rabat and Tas-Sellum in Mellieha have created a new style of living in Malta, with some large apartments and penthouses selling for Lm700,000 or Lm800,000.

And prices keep soaring, especially with these exclusive properties, like an apartment on Tower Road, Sliema, with a huge terrace, which is a rarity nowadays.

"For this you can ask whatever price you want," Mr Mifsud explained.

A moderately-sized villa with considerable outdoor grounds will sell fast nowadays, as long as the price is right. Often, Mr Mifsud went on to say, large luxury properties are being sold and then split into two plots.

People selling these huge villas are generally looking for a big apartment, either on Tower Road, or at Midi, Portomaso, Verdala Mansions or any other luxury project. Some don't even pocket anything in the process. They just part-exchange their villa with an apartment for the same price.

These buyers have reached retirement age and their priorities would have changed. "You pay good prices to buy spacious apartments, because there aren't many of them around. But, at least they're available, Mr Mifsud argued. Luxury Living by Dhalia was set up almost two years ago specifically to specialise in upmarket property.

"We never expected such a feedback. The response was overwhelming. It was always the vision of Dhalia's chairman and CEO Franco Valletta to have a separate unit to handle upmarket properties. Many people are looking for this kind of property today for various reasons," Mr Mifsud added.

Luxury Living has also just launched its Website - www.luxurylivingmalta.com - featuring upmarket apartments and penthouses, detached and semi-detached villas and bungalows, and beautiful houses of character, which are currently on the market, in areas like Mellieha, Bahrija and High Ridge. It will also be launching a magazine in April or May.

"Having an office in Portomaso was a strategic decision. We wanted a five-star property which clients would be attracted to. When looking for upmarket properties, the business tower offers the right ambience for clients to explore their property intersts. However, more importantly, it is the provision of a professional service to all our clients which matters," Mr Mifsud added.

The address is also popular with foreigners who, together with buying an exclusive property, also expect high standards of service. A good knowledge of the local market, good business contacts, an extensive upmarket property inventory, as well as a professional and motivated team all contribute to the high quality service offered by Luxury Living.

Luxury Living by Dhalia also carries out valuations of luxury properties free of charge