|
While Malta’s property market registers an annual 15% increase in prices, Gozo too has started to experience the trend, with prices nowhere near what they were just five years ago.
Speaking to MaltaToday, prominent real estate agent Frank Salt explained that while an average property in Gozo would have been quoted at Lm50,000, today that price has shot up to between Lm80,000 and Lm90,000.
According to Salt, the increase in property prices in Gozo is mainly triggered by the demand, coupled with the “scarcity” of land to develop. Another main factor influencing the market price is the area or location.
As the debate on what is best for Gozo continues, leaving many to ponder on when will a definite decision be taken on what kind of development Malta’s sister island should focus on, Frank Salt asks the question: “What do the Gozitans really want?” adding that so far nobody has given a clear answer.
Frank Salt agrees that development in Gozo should be in tune with the island’s characteristics, however it must not stop short of the reality that Gozo is an economy that needs to survive on something.
While explaining that the Gozitan property price hike is already leaving an impact on first-time buyers, Salt revealed that through the advent of new projects earmarked for Gozo, such as the Imgarr Hotel’s conversion into luxury apartments, the island will witness for the first time prices in the range of Lm150,000 to Lm250,000.
Other similar projects, earmarked within the confines of prestigious Fort Chambray, will see properties of the same price range.
|
