Real estate in Valletta is a unique niche market that has been trending up over the last three years. Several residential and commercial properties have been recently renovated and placed on the market for rent or sale.
Over the last few years, RE/MAX Malta has built a specialised team of sales associates that are active in this area of expertise. In fact, the company is in the process of developing a new micro-site that will be launched shortly to cater for this market.
The market is attracting particular interest from foreign couples and single Maltese individuals looking to purchase apartments with views from the upper Barrakka Gardens and Marsamxett area. These properties are few and far in between – however, when available and considerably priced, they sell immediately.
The average price for purchasing an apartment in Valletta is circa €220,000 whereas the average price for a penthouse in the same locality is circa €500,000. At the price of an apartment, one may acquire a finished one or two-bedroom apartment with or without sea views, depending on the style of finish. Penthouse properties are mostly highly finished and come with terraces that boast exquisite sea views of the Grand Harbour, Sliema Creek or the Three Cities, depending on its location.
The recent efforts by the Maltese government to rejuvenate Valletta, especially in view of the fact that it will be the European Capital of Culture in 2018, has also incentivised investors to purchase derelict townhouses and palazzi in Valletta and convert these properties for either residential or commercial use.
There are a number of townhouses in today’s market that are ideal for small and medium to large firms that are looking to relocate to Valletta. On the other hand, the discerning buyer may be interested in purchasing one of these baroque homes in Valletta for their own personal use. Prices for townhouses in Valletta start at €200,000 whereas someone interested in a palazzo in Valletta is looking at paying anywhere from €300,000 to €7,000,000. All prices listed here are average and are based on listed prices on the market.
It is understood that the real estate market will continue to mature while more interest in Valletta is being shown by investors and Maltese people wishing to live in Valletta. If you are interested in purchasing a property in Valletta, contact Reuben Cini on 7926 2400 or marketing@remax.com.mt.