MALTA PROPERTY ANNUAL 2019/2020
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
MALTA
PROPERTY
ANNUAL
2019/2020
NEWSPAPER POST €5 where sold
CONTENTS
The one thing I love most about living in Malta is…. 2
Map of the Maltese Islands 4
First things first 6
Welcome to the first edition of the Malta Property Annual 8
Supporting a buoyant property market 10
MALTA
Making Malta your home 12
It’s all about the people — Helga Ellul 14
PROPERTY A lifestyle that suits us — Silvia Bonera 16
ANNUAL Fundamentals of the Maltese property market 20
Much more than opera — Joseph Calleja 22
2019/2020 Development Focus — Mercury Towers 28
Development Focus — MIDI 30
Development Focus — Pendergardens 32
Development Focus — Piazzetta Business Plaza 34
Development Focus — The Quad Business Towers 36
Development Focus — The Shoreline 38
Development Focus — Townsquare 40
Development Focus — Trident Park 42
Innovative financial regulation 46
Estate Agency Profile — Ben Estates 49
Estate Agency Profile — Dhalia 53
Estate Agency Profile — Engel & Völkers Sara Grech 57
Estate Agency Profile — RE/MAX Alliance 61
Estate Agency Profile — Zanzi Homes & Quicklets 65
Protecting our heritage 69
Healthcare services 70
Malta as an investment migration destination 72
Where technology thrives 76
Average property prices in Malta 78
1
I’ve found the I have so many The laid back Yoga on the
sea I’ve always good friends but productive beach
wanted around me lifestyle
Antonio D. Victor G. Andrew M. Angela F.
Compliance Officer Web Developer Graphic Designer Fitness Instructor
Italy Nigeria United Kingdom Germany
I can unleash Enjoying wine
my creativity and nibbles in
freely here Valletta
Rosita G. Lily E.
Fashion Designer Event Organiser
Lithuania France
A global My amazing People from
community living multicultural many different The one thing
in harmony friends cultures living I love most
together about living
Pierre L.
Managing Director
Sweden
Sacha K.
Content Manager Simona A. in Malta is...
United States Architect
Italy
Interviewees that declined permission to use their
It’s a safe place The history
to raise my is everywhere
family you go
photo are represented by models.
Pedja M. Ingrid M.
Film Producer Aviation Engineer
Serbia Poland
The chill vibe Living life I have a The freedom
that everyone to the full good job and to love whoever
seems to have everyone is I want
so nice here
Marius C. Trudy K. Dragana V.
Photographer Radio DJ Jenny S. Senior Accountant
Kazakhstan United Kingdom Transport Co-ordinator Serbia
Philippines
The
Maltese Gozo
PIAZZETTA BUSINESS PLAZA
Islands
SLIEMA
Comin
o MERCURY TOWERS
ST JULIAN’S
PENDERGARDENS
ST JULIAN’S
The smallest EU country offering the biggest property investment returns
TOWNSQUARE
SLIEMA
With a total resident population of under
half a million people living in just 316
square kilometres, Malta is by far the
smallest country in the European Union.
M
This limited supply of land has always
kept property values appreciating.
In 2018 Malta had the fastest growing
economy in the EU with a GDP growth
rate of 6.6 per cent compared to the EU
a
lta
average of 2.0 per cent.
MIDI
MANOEL ISLAND
According to the Knight Frank Global
House Price Index, the Maltese property The real estate sector contributes about
market grew by a massive 17% from 12% of the Maltese gross domestic product
2017 to 2018, making it literally - the best (GDP) and in recent years investment in real
performing in the world. estate has exceeded €26 billion. All property transfers are subject to a
stamp duty fee amounting to a maximum
House prices in Malta are still rising this EU and non-EU nationals may purchase 5% of the purchase price (excluding
year with the Central Bank of Malta properties in special designated areas furniture and fittings). When purchasing
registering a more modest increase of (SDAs) with the same acquisition rights the primary place of residence, 3.5%
10.83% (9.51% inflation-adjusted) up to as Maltese citizens and without the need stamp duty is charged on the first
the first quarter of 2019. to obtain a permit. There is no limit on €150,000 and 5% on the amount over
the number of properties that can be €150,000. Stamp duty is normally paid at
The country’s economy is booming with purchased in SDAs, and once acquired, the notary in two stages — 1% on signing
THE SHORELINE
full employment creating more demand the owner can also lease or rent the of the preliminary agreement (konvenju) KALKARA
for residential rental properties from properties without any restrictions. and the remainder on the final deed.
a swelling multi-national workforce.
According to Eurostat figures, there are No VAT is payable on the transfer of EU citizens moving to Malta may import
now over 67,000 non-Maltese people property and there are no net worth their household goods and furniture
living in Malta, of which 57% are from taxes, real estate taxes or any taxes to without paying VAT or any import duties.
other EU member states and 43% are be paid in Malta by international people They may also register their car here
from non-EU member states. buying property here. without paying any taxes.
TRIDENT PARK
CENTRAL BUSINESS DISTRICT
THE QUAD BUSINESS TOWERS
CENTRAL BUSINESS DISTRICT
4 5
LOCATION, LOCATION, INFRASTRUCTURE
LOCATION
The country enjoys very well-
First
Malta’s strategic location in the middle maintained infrastructure for
of the Mediterranean between Italy and energy and water generation,
North Africa, makes it the ideal base transportation and logistics, as
for businesses expanding regionally. well as a hard working productive
Malta’s EU membership allows and very flexible labour force.
things
freedom of movement throughout all
of Europe and there are excellent air
OPEN FOR BUSINESS
and sea connections to major cities.
Malta has gained an enviable reputation
as a financial services hub and a
CLIMATE
first
regional centre of ICT excellence.
Malta enjoys more than 300 Several initiatives exist to incentivise
days of sunshine with moderate start-ups and international trading
temperatures and mild weather companies set up in Malta benefit
throughout year, making it an from favourable corporate tax rates.
excellent place to live and work.
ARTS & CULTURE
SCALE
Malta has a bustling contemporary
Malta has just over 300 square arts and culture scene with influences
kilometres (120 square miles) of land from British, Italian, American and other
area and all towns and villages are continental European cultures. The
within easy reach by road with relatively capital city of Valletta held the title of
short commuting times. Its small size European Capital of Culture in 2018.
also makes it an ideal location for
pilot testing of products, services and
HISTORY
concepts before international launch.
With more than 7000 years of history,
including the oldest free-standing
HEALTH SERVICE
man-made structures in the world,
Maltese nationals enjoy free healthcare Malta has so much to offer in historic
Our knowledge is
that is available from district health content from past eras including the
centres or the national hospital Mater Phoenicians and Arabs, the Romans
Dei (MDH). Employees, including expats, and the Knights of Malta, as well as
are required to pay approx. 10% of the French and British periods.
their income as national insurance
contributions to the social security fund
in order to qualify for free healthcare.
STABILITY & PROSPERITY
Malta is a Republic island state, member
your peace of mind
of the Commonwealth of Nations and
EDUCATION
the European Union, that is presently
State schools are free to all students undergoing unprecedented economic
and can be found in all the main growth and development in various
towns or villages in Malta and Gozo. sectors. The country often ranks very
Transport to and from school is also highly in quality of life surveys.
free of charge, as are books and other
school materials. Parents need to buy
their children’s school uniform. Private +356 2090 8100 Aragon House Business Centre
tuition is available for people of all ages. info@timberland-malta.com Dragonara Road, St Julian’s STJ 3140, Malta www.timberland-malta.com
6
Welcome to
the first edition of the
Malta Property Annual
P
roperty Malta is a public- sixty people to Cityscape in Dubai, United
private partnership set Arab Emirates. This included the then
up in 2017 between the President of Malta, H.E. Marie Louise
Government of Malta and the Coleiro Preca and several high-level
Malta Developers Association with the meetings were held, including with
main aim of promoting Malta’s lifestyle Sheikh Hamdan bin Mohammed Al
identity and to position the country as Maktoum, the Crown Prince of Dubai, who
a leading destination of choice with visited our stand with Her Excellency.
everyone interested in purchasing
property in the Mediterranean. This October we are heading to Expo
Real in Munich with a 120sqm Pavilion
The Foundation’s work is managed presenting no less than ten Maltese
by a board of administrators representing participants. This is the largest B2B
the partners, and brings together event in Europe and here we will also be
property developers, estate agents, launching this new magazine platform that
property owners and related service you are reading now. The Malta Property
providers to promote residential and Annual is an exciting new development
commercial properties with potential for us as we are laying the foundation
SANDRO CHETCUTI
buyers around the world. The board to create the definitive guide to the
CHAIRMAN OF PROPERTY meets very regularly and our strategy Maltese islands for international people
MALTA FOUNDATION for an effective online presence and interested in investing in our beloved
physical presence at leading property country. It is early days yet, but we are
shows worldwide, centres on the very happy with what we have managed
implementation of a marketing plan that to achieve in the past few months since
is based on national and international launching this project, and look forward
research. It is this research that has to more success with it in the future.
Property Malta Foundation helped us reliably identify our key
may be contacted by email on markets, strengths and opportunities and I would like to take this opportunity
info@propertymalta.org to steer our activities in the right direction. to thank our board of administrators for
or by postal mail on: their dedication and support, our Minister
We have been running very effective for Transport, Infrastructure and Capital
Property Malta Foundation online advertising campaigns particularly Projects, Hon. Dr Ian Borg and his staff,
c/o MDA, Triq l-Orsolini, in the UK market, giving us valuable and Parliamentary Secretary for Planning
Gwardamangia, Pietà
insight that we are now planning to adopt and the Property Market Hon. Mr Chris
PTA1227, Malta
for other campaigns in other target Agius and his staff. It is the collaborative
markets. In 2017, we set up our very teamwork we have managed to establish
Tel: +356 2033 4897
first Malta Pavilion at the International with the pro-active Government of Malta
For more information please visit: Emigration & Luxury Property Expo in that is putting Malta on the international
www.propertymalta.org Cannes, France and this yielded very property map, and the massive growth of
encouraging results for our participating the real estate and property development
partners. So much so that in 2018 we industry in Malta in the past few years
took a large trade delegation of some is the result of all this work.
8 9
Supporting a bouyant
property market
I
t does not take much to realise strong demand in the said period. Fast
that the property market sector in forward to the current scenario, it would
Ta’ Xbiex Marina. Photo by Alex Turnbull.
Malta is still very active. The surge appear to the Central Bank that the rolling
in the number of permits issued for coefficient has not been statistically
residential units by the Planning Authority significant at conventional levels and this,
has been going up since 2013. According despite, current price trends (also having
to official data supplied by the Authority, regard to household income, interest
the net increase in units reached almost rates and credit). An explanation of this is
10,000 in 2017 (compared to just over that the period we are living today is not
2,000 in 2003). Nevertheless, (and this, tantamount to a pre crisis housing boom.
based on official PA data) the housing
stock only accelerated after 2015. To This is not to say that the property
give an idea, the estimated housing market should go unchecked. If anything,
stock stood at around 250,000 units we have a duty to, if not improve,
in 2018, doubling in size since 1985. reinforce what we have. It is against
this background that, in the coming
Of course, one has to keep in weeks, Government will be launching a
HON CHRIS AGIUS MP mind that construction activity does new law to streamline persons acting
not react instantly to an increase in as intermediaries in the process of
PARLIAMENTARY demand. This implies that the activity negotiating and arranging transactions
SECRETARY FOR we are witnessing today is a result of involving the acquiring or disposing
PLANNING AND THE
the circumstances of the past years. of leasing of land. Essentially, this law
PROPERTY MARKET
shall entail the provision of a regulatory
Another interesting analysis, reported framework allowing for the licensing of
recently by the Central Bank, shows that real estate agents, branch managers
the coefficient on per capita housing and property consultants working for
stock in the house price equation real estate agents as well as property
turned positive in the early phase of the brokers. In other words, intermediaries
housing boom of the mid 2000 but the would need to further their professional
coefficient returned negative following skills, enhance their knowledge and
the correction in the late 2000s. The have a license to operate. This is our
interpretation of this is that there had next step which will certainly enhance
been speculation and anticipation of the dynamics of the market.
11
MAKING
Malta
YOUR HOME
INTERNATIONAL EXPATRIATES
ARE VERY WELCOME HERE, AND
MORE THAN 60,000 INDIVIDUALS
HAVE ALREADY MADE MALTA
THEIR HOME.
The benefits of Maltese citizenship for global
residents include:
• A stable and safe country with a superb
year-round climate
• Ideal location with excellent connections to
North African and European continents
• English is a national language together with
Maltese language
• Visa free access and freedom of movement
to the EU and Schengen area
• Superb international business networking
possibilities
• Many support and grant systems for
business investors in Malta
• Foreign-sourced income not repatriated to
Malta is not taxed
• Foreign-sourced capital-gains not taxed,
even if repatriated to Malta
• Non-domiciled citizens only pay tax on
income received in the country
• Excellent health care infrastructure and
geriatric support
• Excellent education system with public and
private multicultural options
There is no property tax, wealth tax or
inheritance taxes to be paid in Malta and
foreign nationals can become citizens of
Malta through five residency programmes
established specifically for this purpose.
13
It’s about the
easy for her to integrate, as it was a similar As we sit by the rooftop pool our she has always been amazed by the Malta’s
style of work to what she was used to conversation takes many angles and we lovely painters and musicians. ‘There is
back in Germany. She maintains ‘There talk about facing challenges, defying much more showcased nowadays than in
people
was and I believe there still is a sense perceptions, upholding values, and the past, the art and culture movements
of honour in doing business in Malta.’ having high hopes. She firmly believes are more established and the Maltese
the younger generations would benefit are becoming prouder of local talent.’
Being a small island carries its to listen and learn from those who have
peculiarities, Helga quickly learnt that in trodden similar paths before them, Helga truly enjoys the Mediterranean
Malta the lines between business and there are lessons that can be learnt social life, but above all she likes the
home life are blurred, whereas in Germany from those with experience. Thus she mentality, the values, and the openness
or any other large country you can be imparts her advice on being successful of the people. ‘You get to be known and
private about your personal life, here you in business and life by acting as make friends easily — it’s a welcoming
have to be more involved emotionally at consultant and sitting on certain boards community and this is what I love.
work. News travels fast on an island covering subjects close to her heart. Nowadays there is a lot going on in Malta
and people are interested in other especially in summer, all these activities are
easily found on social media, there is more
of a forum now. You can become a member
‘There was and I believe there of societies, NGO’s etc. such as Din L-Art
Ħelwa (about preserving the history of the
still is a sense of honour in island), there are plenty of different options
you just have to see which events interest
doing business in Malta.’
Words by Iz Collins
Photography by Jean Claude Vancell you. Go out mingle make sure you get to
mingle with the Maltese, it’s easy they will
welcome you. I find if you come here and
people’s lives. By integrating in Maltese Her daily inspiration comes from the stick with your fellow countrymen only, you
society people get to know you and colours of our surroundings, the glistening never become part of the island unless you
SITTING BY HELGA ELLUL’S ROOFTOP POOL ON A HOT SATURDAY MORNING OVER COFFEE, I AM
about you. Helga sees this predominantly yellows and soft blues, she expresses how make that effort to be part of Malta.’
KEEN TO GAIN SOME INSIGHT ABOUT HER 40+ YEARS OF LIVING IN MALTA.
as a positive aspect but it could also
H
be perceived as a little bit negative
elga grew up in the Bavaria own and look after me. It was a great more opportunities. Malta’s young are because personal privacy is diminished.
region in Germany, she insight to Maltese hospitality.’ my biggest hope and joy. The young are
recalls, ‘The Malta I bringing about a wave of change, they Playmobil became Malta’s leading
came to in 1974 is totally Naturally as a young single woman want life work balance, they want more manufacturing employer with a staff
unrecognizable now, I was a young girl she was looking to meet other like- ethical behavior, they want families again, of 1,200 at its peak, making it one of
in my early 20’s when I came to Malta minded young people. She explains, children… and a good quality of life.’ the largest private companies in Malta.
on business expecting to spend one ‘It was a different era and I wasn’t On Playmobil’s success Helga says,
year here enjoying island life, BUT the type to go out alone to bars etc. Helga has borne witness to decades of ‘The people were always the most
here I still am, over 40 years later.’ so I had to pause and think, sport! I change on the island she calls her home, important aspect to me, the company
joined the Marsa Sports Club and was there are many more foreigners working is simply its people. I believe that with
Helga was employed by the soon introduced to my now husband, here now. She recalls how in her early days the right people at the right time you
German toy manufacturer Horst who was a superb tennis player.’ here businessmen used to come to the can create the right formula. Our story
Brandstätter who had set up a small factory and request a meeting, she would is testament to this, an amazing clever
outfit in Malta, it was a time when Helga’s job was to run the turn up in her pigtails and casual wear, product designer came up with the
Germany boasted full employment administration and manage the factory and often they would state, ‘No I want to idea of adding the human element into
making it necessary to branch to which was transitioning from a typical meet with the big German woman.’ She the toys, the Playmobil figures. At the
other countries for manufacture. metal toy manufacturer to the creator of adds that she found the Maltese were same time we had just hired someone
the innovative branded toy Playmobil. more conservative and old-fashioned on the team who came from a branding
‘When I came to the island I knew than had she expected, society was very background. Prior to having this member
a handful of the Maltese employees ‘It was the 70’s and the beginning much still under the British influence with on the team we had no idea regarding
from their training time back in of Playmobil in Malta, we were really no formal events such as dinner dances, brands, we were a manufacturer and sold
Germany, they extended kind invitations more than a bunch of youngsters with a hence the approach was all very correct on numbers. Our original Playmobil toys
to their family homes, where their good team spirit. Nowadays Malta has a and orderly. This formality infiltrated the were very simple human-like figures, but This penthouse apartment which is the home of Joe and Helga Ellul is situated in a central part of Malta
with urban, country and sea views. The apartment resonates with the owners’ personalities and is full of
mamma’s used to adopt me as their lot more young companies and there are business world as well, making it very what a hit they were with the children!’ beautiful and well placed pieces of art and curiosities.
14 15
A lifestyle
Silvia takes pride in her immediate
surroundings as she loves simple
but impactful design.
that suits us
S
TAKING THE ELEVATOR IN ilvia is a woman who sees you buy them, the finishings can be
ONE OF THE NEWLY BUILT beauty in symmetry and has an as minimal or elaborate as you wish.
TOWERS, I AM RELIEVED expressive sense of style, well
planned furniture and decorative Silvia’s life in Malta is scheduled
TO ESCAPE THE SLIEMA
pieces complement each other. As a around her family’s lifestyle, she
CITY HUSTLE AND BUSTLE
woman who obviously takes pride in her comments ‘that with working parents
TO BE GREETED WARMLY
immediate surroundings, she loves simple and two busy teenage chidren, an
BY SILVIA BONERA INTO
but impactful design and has nurtured her organised life facilitates more time
THE CALMNESS OF THIS
PREDOMINANTLY WHITE
design flair and love for colour into this
orderly and compact apartment in one of
for socialising and fun activities.’ The living area is airy but intimate, she
shares her experience and ideas behind the
‘Being here makes us feel like
APARTMENT. Malta’s high rise urban developments. Making the choice to buy in a new
development was an easy one for the
interior design works, ‘when we bought it I
decided to create a separation between the
we live with extended family as
Words by Iz Collins
Photography by Jean Claude Vancell The family initially moved to Malta
from Italy in 2013 and decided to invest
family, she explains. ‘We knew it had
to be a modern new apartment as our
living and sleeping space. It was both for
practical reasons to create more storage
there are so many other expats.’
in a home here. They bought the place son began suffering asthma and so space but also because I like this style of
in 2016 and after completion of the the old limestone walled homes are wooden dividers. I designed a number of
interiors they moved into the impeccably no good for this ailment. This building furniture items and got a Sicilian carpenter Malta offers a lot to do outdoors in Silvia is also keen to explore
designed apartment in October 2016. is very well-insulated even without to work on them, sourced a metal worker the cooler hours, the apartment complex the different parts of Malta, ‘There
The attraction of these apartments is switching on the air conditioning for the steel items and chose the fabric is a large development which gives are lots of beautiful places one can
that you can define them to suit your system, it is never too hot or too cold to match across all the soft furnishings. her an international community within discover in Malta — we sometimes go
tastes, pretty much an empty box when giving us the best living conditions.’ easy access, ‘I love living in this area to the Dingli Cliffs, Gozo, or the South
Amongst what was available we liked as it’s so lively…being here makes us to get a different cultural vibe.
this place because of the services, the feel like we live with extended family as
parking, the recreational area such as the there are so many other expats. Tigne On occasions we take the ferry to
pool, also because of the 24/7 security, Piazza is very convenient for coffee Valletta across the water from the Sliema.
because I work full-time and therefore I feel or wine rendezvous. Another of my I love going to Valletta — I appreciate
safer with the children at home a few hours favorite haunts is a local Pastry Shop, and fall in love with every single detail
alone after school. Another plus point is we really like it there — it’s my go-to in Valletta, it’s continually evolving.
the fact that our friends are close by.’ place. Most people from the complex
also use the community pool, its well Silvia tells me how she has recently
Silvia exudes the sense of well-being equipped with all the mod cons you changed her job, ‘I am the only non-
which I pinpoint to her ability to recognise need for your comfort, making this Maltese there. This opened a new scenario
that she needs an orderly space and a good place to grow your network for me, previously this was different
well planned easy living to be happy. As of friends who live in the complex’. and I was like living in a parallel world.
the last of the day’s sun gently touches
the shiny white surfaces, Silvia explains During the weekends, when Now I am feeling like I am more part
how she doesn’t like too much light in the weather permits, the family of this island. Not that before I didn’t want
the morning, she chose the apartment spend the time aboard their yacht. the exposure but it was the circumstances
facing South so the sun starts at 10/11 ‘Sailing is a family passion, it is an that limited more socialising opportunities.
and as the sun moves across, she prefers endless adventure and the quality Recently I was invited to a Maltese
inside to outside on bright days. time together is priceless.’ wedding and I enjoyed myself so much.’
16 17Panorama of Ġnejna Bay and Golden Bay. Photo by Zoltan Gabor.
applicants to rent as an alternative The Brexit conundrum has left retirement or residence programmes
to owning a Maltese property? Malta well positioned as an English also often invest in property in Malta.
speaking base in the European
It is clear the Maltese property Union. Multinationals can locate their
THE MALTESE PROPERTY
market does not need the additional European headquarters or set up their
MARKET IN INDICES
push of investor visa demand for its subsidiaries, holding their Maltese-
stability and growth. Policy makers European business licences and Knight Frank’s Global House Price Index
have taken a stand that investor visa eventually passporting to the whole 2018 (Q2) has provided that residential
prices in Malta have experienced roughly
a 17% year-on-year increase, pushing
‘Malta has witnessed a growing the country ahead of Hong Kong to the
top spot for the first time ever, according
demand for property in the last 5 to the Maltese Central Bank. The report
attributes this leap to the ever-growing
years, as foreign investors look demand instigated through supply
Fundamentals of the
to the island for diverse leisurely restraints, consistent vigorous economic
growth ((6.6% GDP growth in 2017) and
and business objectives.’ booming technological advancements.
The Global House Price Index 2019
Maltese property market
(Q2) has mentioned a gentle slowdown,
programmes requiring the purchase of European Market. Such foreign direct with the growth continuing but with
property artificially impact patterns in the investment projects often create a a less accelerated pace, appeasing
property sector leading to uncontrolled new demand for property in Malta. concerns of a soaring property market.
inflation and social housing issues. The 2019 Report ranks Malta as second
Cultural, business and medical in annual % change, with an increase
tourism, education and conference of 10.8% from 12 months before. All
THE DRIVERS OF
REAL ESTATE INVESTMENT IS A KEY CONSIDERATION OF ALL INVESTOR tourism all contribute to an all-year- in all, more countries and territories,
THE MALTESE
MIGRATION PROJECTS, WHETHER IN PURSUIT OF PERMANENT RESIDENCY round occupancy and a demand for including Malta, are seeing price rises
PROPERTY MARKET
rental properties. Likewise retirees year-on-year but the average rate of
OR CITIZENSHIP. THE PROPERTY INVESTMENT THRESHOLDS FOR INVESTOR
Malta is a small island that punches who subscribe to one of Malta’s growth is consolidating significantly.
VISA PROGRAMMES VARY FROM PROGRAMME TO PROGRAMME.
above its weight in a number of sectors
that successive governments have
minimum of €350,000 or rent property at many success stories in property incentivised through government
INVESTING IN PROPERTY
a minimum value of €16,000 per annum. investment, including investors entering grants, tax incentives and a
UNDER CITIZENSHIP &
buy-to-let businesses, whether adopting general openness to business.
RESIDENCE PROGRAMMES
Malta has witnessed a growing long term or short term strategy models.
The Malta Permanent Residence demand for property in the last 5 years, The online gaming sector alone Dr Maria Chetcuti Cauchi
programme (MRVP) requires applicants as foreign investors look to the island for is one of the pillars of the economy Senior Partner, Property & Projects
FUNDAMENTALS
to buy or rent a qualifying property for diverse leisurely and business objectives. that attracts skilled labour as well as
OF THE MALTESE Dr Chetcuti Cauchi advises private and institutional
a minimum of 5 years after obtaining The real estate, development and business owners and senior business
PROPERTY MARKETS investors investing in Malta through the use
residency. The minimum purchase value construction industries have experienced executives to relocate to Malta, investing
of special purpose vehicles, structured asset
must be of €270,000 for properties a surge, and with a booming market With over 12 Investor Visa programmes in property or feeding a highly performing
plans, real estate funds and private equity. Maria
situated in Gozo and the South of Malta, comes higher demand, in terms of represented by Chetcuti Cauchi’s rental market. The same applies to the
has also been involved in various high-value
or €320,000 for properties situated in quantity and quality. This has opened immigration practice, all programmes financial services sector, the shipping,
investment projects as well as international
the rest of Malta. Minimum rental values opportunities to foreigners to invest in feature buying property prominently superyacht and aviation sectors, as well
and domestic development initiatives.
are at €10,000 per annum for properties this booming property market. Malta’s as a route to residency or citizenship. as biotech, pharma, high-tech, blockchain
situated in Gozo or the South of Malta, property market has maintained its value Indeed Greece and Cyprus require it and fintech industries. In these areas,
Chetcuti Cauchi is an international firm, with offices in Malta, Cyprus,
or €12,000 per annum elsewhere. and shown resilience, even withstanding categorically, while buying property Malta has carved important niches in
London, Zurich and Hong Kong, advising high net worth international
the financial crisis of 2008, unlike other features prominently as a route to the world economy through innovation,
families and their businesses on corporate, tax, property, residency
Likewise, the Citizenship programme property markets in the European Union. residency in Portugal. Why is it that calculated first mover initiatives,
& citizenship, financial services, fintech, yachts and jets.
requires applicants to hold a qualifying buying property isn’t compulsory competitive legislative provisions
+356 2205 6602 askmcc@cclex.com | cclex.com
property in Malta for at least 5 years. They Together with my property law for residency or citizenship in and a practical pro-business culture
may either purchase property in Malta at a colleagues, over the years I have witnessed Malta, allowing investor visa across public and private sectors.
20 21The outdoor living spaces are the main feature of this house, designed to make the most of the Mediterranean scenery.
As any parent he attempts to instill
Joseph Calleja with
in them some of his own values, Joseph ‘My house is based on my
Andrea Bocelli at his annual is of the opinion that, ‘Too many Maltese
concert in Floriana, Malta.
live sedentary lifestyles and are too car living in Malibu — the focus
orientated.’ He greatly values family
time, going for long exploratory walks is on the outdoor space.’
Much more than
in the countryside with the dogs. ‘The
Opera
countryside in Malta although not huge,
has plenty to offer, we usually go where ‘My house is based on my living in bee keeper, produce a lot more honey
not many people go and can walk up Malibu — the focus is on the outdoor than is common in Malta. At the back of
to 3 hours without seeing a soul. I am space. The nature of the site, set the house there is a very rich untouched
surprised how so few Maltese venture on a hill meant I had to build a lot of valley with a fertile ecosystem, this
out and go explore the countryside floors. When I purchased it there contributes favorably to the diversity
considering the congested towns.’ was already a house and we used of the honey the bees make.
the same footprint, the build design
When I ask what is in his opinion did not uproot any trees or pull down ‘We produce honey in a very
Malta’s most memorable feature, he is any old walls. The interior is as small sustainable manner, if we get honey
not hesitant, ‘Malta has spectacular light, as possible, but comfortable. then great, but we make sure not
O
the colours in Malta are so vibrant and to stress out the bees. We test
THE SETTING IS A HOUSE pera has an international high standard in his role as Malta’s cultural intense , the way the light falls illuminates He grows citrus trees and fruit trees, the bees and the honey diversity,
LATCHED ON TO A CLIFF appeal and Joseph’s schedule ambassador. He is a world citizen who everything and makes it so picturesque... plus he has a bee farm too, ‘I am keeping above all we are trying to give the
is a busy one, his dedication know what he likes, such as, ‘good coffee’. Ask any fine artist or photographer indigenous bees which I am told by my Maltese colonies a boost.’
FACE IN THE NORTH OF
to his art takes him to the and they will answer in a similar vein’.
MALTA THAT BELONGS TO
best opera houses around the world. His ‘I have lived much more abroad
JOSEPH CALLEJA, AKA
upcoming season sees him on tour in over the past 18 years than in Malta, Opera, he explains, encompasses
‘THE MALTESE TENOR’.
the USA, Puerto Rico, Germany, Austria, it is natural that I weeded out certain all the arts — ‘opera is as much visual
THE GLOBAL STAR WITH Russia and Singapore. He is never too cultural habits which do not suit me.’ as it is auditory, as an opera artist I am
HIS DISTINCTIVE TONE long in any one particular place. Whilst surrounded by creativity, the world
IS ALSO MALTA’S FIRST on tour he lives in hotels or short-term Whilst at home he relishes his free of opera is dramatic, with dance,
CULTURAL AMBASSADOR. rental apartments. When not ‘living time and makes certain he spends stage design, painting, costume.’
Words by Iz Collins. out of suitcase’ and when his intensive a lot of it with his two children. He
Photography from the artist. travel schedule allows it, Joseph comes strives to fits his commitments such I notice a stark contrast in the
home to his beloved Malta. Nowadays as his work for the ‘BOV Joseph Calleja minimalist house design to the
he finds it easy to travel to and fro Foundation’, around their schedule. fabricated sensational world of opera.
as the airport is well-connected. The open spaces allow a person to
‘As they grow their free time really breathe and appreciate its natural
Exposure to so many cultures decreases as they pursue their own surroundings, this house exudes a
breeds a man who has a refined sense of interests in arts and sports, so when calmness, which I am positive is a
responsibility, a man of fact who sets a I am here, I am glued to them.’ welcome change from his work life.
22 23Sustainability is paramount
these days, Joseph tells me that he
understands the need for growth —
however he is passionate that the
only way to proceed is to ensure
it is done with intelligence.
‘Malta has a stronger than
ever economy but there are some
considerations that should be at
the forefront of our minds such as,
traffic control and best practice
in build solutions. We should
be making more investment in
environmental sustainability.’ Joseph Calleja with his prolific voice has made him a global star in the world of opera.
‘Multiculturalism brings some
challenges but, controlled
and managed, it will add
value to our island.’ Real Estate Developer Suite
Loans to Finance Your Projects
‘Global warming is happening, and ‘Malta is becoming more
although climate change can be argued multicultural than we can remember
by some to happen as part of the Earth’s it to be. This is good for the country, FIMBank provides financing solutions to established developers for selected projects at competitive market
natural process, climate scientists as long as the people we welcome,
terms and pricing.
think that as a species we are almost respect our laws and we are open-
certainly accelerating this. The planet hearted. Multiculturalism brings We create funding solutions for residential, commercial and mixed use developments. FIMBank’s Real Estate
will ultimately be fine but our actions some challenges but, controlled and
can end up with the Earth shaking managed, it will add value to our island.’
team can assist you every step of the way, providing the assurance of having the financial backing to start
us off like a bad case of the fleas.’ and finish your project.
He is honoured to be Malta’s
Joseph is hopeful for Malta, he cultural ambassador and along with the Please contact us to discuss your project
ponders that maybe due to our colonial constant promotion of Malta overseas, He concludes, ‘The Maltese
history many Maltese did not feel much through the BOV Joseph Calleja are generous, warm-hearted, very
ownership and perhaps, this has led to a Foundation he is giving an opportunity hard-working and we excel on an 2132 2100 realestate@fimbank.com www.fimbank.com
lack of respect for our surroundings. This to other Maltese individuals to pursue individual level in all the plethora
has been changing with the span of time. their artistic talents professionally. of academics, sports or arts.
FIMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian’s STJ 3155
FIMBank p.l.c. is a licensed credit institution regulated by the Malta Financial Services Authority and is listed on the Malta Stock Exchange.
24Valletta. Photo by Alex Turnbull.
DEVELOPMENT FOCUS
M E R C U R Y T O W E R S
Mercury rising
MERCURY TOWERS RAISES MALTA’S SKYLINE UP TO 33 STOREYS IN A FEAT OF
ENGINEERING DIRECT FROM THE IMAGINATION OF ZAHA HADID ARCHITECTS.
M
ercury Towers is an Zaha Hadid Architects’ extraordinary
entirely rejuvenated design is an essay in organic modernism.
mercury
neighbourhood in The desirable residences within offer a
rising
Paceville, gifting a
soaring addition to St Julian’s and
rare way of living in this storied
St Julian’s destination. Whether global
creating a vibrant new cultural hub.
Mercury Towers raises Malta’s skyline up to 31 storeys in
a feat of engineering direct from the imagination of Zaha
or local, Mercury Towers presents a
ZAHA HADID ARCHITECTS
The principal tower
the principal ascends tofloors
nine sense say of occasion at every turn, with
Hadid Architects. Soaring steeply from Paceville’s streets,
tower ascends to nine before twisting “People I design architectural
45 degrees towards the Mediterranean, the better to take
floors before twisting
in its sea views. At12 degrees
ground level the development continues places
icons. to go,
If I design the unexpected
a building and it to discover,
with an impeccable reimagining of historic Mercury House,
towards the Mediterranean, the better
alongside light-flooded contemporary spaces for restaurants, becomes
sightsan to
icon,
seethat’s
and ok.”much to entertain.
bars, stores, performance venues, galleries and beautifully
to take in its sea views. At ground
landscaped public spaces. – ZAHA HADID, 1950-2016
level, the development
Mercury Towercontinues
soars above the surrounding cityscape. Zaha Hadid Architects’
extraordinary towers signal a rich reinvention of Malta’s most popular district. The
with an impeccable reimagining of
exceptional apartments within offer a rare way of living in this storied St Julian’s
destination. Flooded with natural light, these apartments are a tribute to modern design.
Mercury Towers is set to create a vibrant new neighbourhood, serving residents, the
historic Mercury House, alongside
wider community and global lovers of food,art and fine design. For more information:
light-flooded contemporary spaces for
restaurants, bars, stores, performance
For more information or viewings please contact
+356 9914 0014
E: salesoffice@mercury.com.mt
venues, galleries and beautifully
M: +356 99140014 salesoffice@mercury.com.mt
landscaped public spaces.
mercury.com.mt www.mercury.com.mt
28 29DEVELOPMENT FOCUS
skills and apprenticeships during centuries, is envisaged to be restored
the construction phase. and converted into a leading five star
hotel with the possibility of a Casino.
The result will be a largely
pedestrianised development with over Commercial
80,000sqm of public park space around An animated retail offering is sensitively
Fort Manoel and low-rise residential designed around the Island’s open public
units. A number of public squares will spaces and pedestrian streets centred
connect the streets at ground level, while around the historical Cattle Shed.
parking will be located underground for
a more sustainable car-free approach. Yacht Marina
The South shore yacht marina will
As part of its ongoing commitment be significantly upgraded to a world
to engage with and consider the class yacht marina catering for a
communities surrounding both Tigné and mix of small scale and large yachts,
Gżira, MIDI together with the Gżira Local accommodating circa 180 berths. creating a largely pedestrianised
Council, established the Manoel Island car-free streetscape.
Foundation with the specified purpose Cultural
of being entrusted with the guardianship Fort Manoel is destined to become Public Places
of the rights and obligations agreed a centre for Culture and the Arts Unique public spaces will be created
to between MIDI and the Gżira Local comprising galleries, museums, shops, at street level connecting the
Council as set out in the Guardianship restaurants and a Parade Ground for pedestrianised streets to a series
Agreement in order to safeguard the open air events, all with full public of open spaces and piazzas for the
interests of the general public. access; the Chapel will also be used enjoyment of the general public.
M I D I
for community events, weddings and
Manoel Island
Toby Blunt, Senior Partner at celebrations. This helps to ensure Public Park
Foster+Partners commented, ‘Foster+ that Fort Manoel will become one of MIDI will preserve, improve and deliver
Partners is proud to be designing the Malta’s most visited attractions. more than 80,000sqm of new green/
masterplan to redevelop Manoel Island, family park space around Manoel
a true urban oasis
which proposes to restore and breathe Car Free Island, including Fort Manoel and the
new life into the much loved historical Vehicle parking and circulation Island’s foreshore, for the general
buildings located throughout the island, will be located below ground, thus public to enjoy for the long term.
sensitively integrating them with new
T
buildings to create a destination for locals
o date MIDI has spearheaded its former glory. The conservation and and visitors to Marsamxett Harbour — a
MIDI PLC (MIDI) ACQUIRED
the mixed-use lifestyle restoration work undertaken by MIDI at true urban oasis in the heart of the city.’
THE EMPHYTEUTICAL TITLE
development at Tigné both Tigné Point and Manoel Island are
TO THE TIGNÉ POINT AND
Point, best known for its still considered the largest restoration The key components of the
MANOEL ISLAND SITES
premium seaside location and luxurious initiative of local heritage, ever carried Manoel Island Masterplan are:
FROM THE GOVERNMENT apartments. These residences are further out by the private sector in Malta.
OF MALTA IN JUNE 2000. complemented by The Point shopping Residential
mall, Malta’s largest retail centre and The residential component of the
MANOEL ISLAND
the car free Pjazza complete with The development is concentrated at the
MASTERPLAN
Centre, a business complex overlooking western part of the island and will
Pjazza Tigné and the open sea. The Masterplan for the restoration comprise a series of low rise (3 to 4 floors
and redevelopment of Manoel above the substructure) urban blocks
The extensive restoration of various Island, by the award winning and providing accommodation ranging from
important heritage sites both on Manoel internationally renowned architects, one bedroom courtyard units to unique
For more information:
Island and at Tigné Point is an on-going Foster+Partners, will deliver and three bedroom marina front penthouses.
process and to date MIDI has invested create a vibrant, sustainable and +356 2065 5500
over €12 million. Among the heritage luxurious destination and one Hospitality info@midimalta.com
sites restored, Fort Manoel stands which will significantly benefit The Lazzaretto, which has been www.midimalta.com
majestically and impeccably restored to local business, and invest in adapted for various uses across the
30 31DEVELOPMENT FOCUS
buyers may purchase more than one
property within the development or
own a second property here to place
it on the highly sought after letting
market in this locality, where many of
Malta’s five star hotels are located.
This is a self-contained development
covering a total area of 18,500 square
metres offering all the amenities of a
metropolitan centre, yet with all the
comforts and security of an exclusive 2020) and a public car park with over 5,000 square metres of office space
community where everything is within 300 spaces. A great deal more is found that is located immediately near one
easy reach. Residents enjoy a car within a short walking distance. of the island’s main arterial roads
free open space and a large private so that at Pendergardens you can
landscaped piazza creating a peaceful Seven levels within the very easily live, work and relax where
P E N D E R G A R D E N S
and tranquil environment. All available Pendergardens Tower include over everything surrounds you.
Where everything
properties enjoy far-reaching sea,
country and city views and are extremely
well lit as all rooms have outfacing
windows or balconies. Amenities within For more information:
surrounds you
Pendergardens itself include a wellness
centre, spa and gym, a large and fully +356 2248 8600
equipped supermarket, café, car rental sales@penderville.com
office, opticians and barber shop and www.pendergardens.com
an outdoor heated pool (opening in
W
PENDERGARDENS IS hen in 2005, a developments and the Pendergardens
A SELF-CONTAINED consortium of investors development was built in two phases
DEVELOPMENT OFFERING acquired 27,000 square that are now nearing full completion.
metres of prime land
A SAFE, QUIET AND
in St. Julians, the locality and all of Malta Phase One included the development
TRANQUIL ENVIRONMENT
were very different places to live in. The of 150 residential apartments, spread
WITHIN MALTA’S MOST
area was already one of Malta’s most over six low-rise blocks together with
COSMOPOLITAN, BUSINESS
bustling shopping and entertainment 406 car park spaces in an underlying
AND ENTERTAINMENT destinations but there was so much more car park. These apartments were all
DISTRICT. room for improvement of the amenities finished, sold and handed over to their
and infrastructure. The financial crisis owners by 2016. Phase Two includes
of 2008 that disrupted worldwide the development of two residential
housing markets hadn’t yet happened, blocks, a 17 floor tower and another
and although Malta was largely underlying car park. 120 apartments
unaffected by that crisis, its property are situated in two new blocks and the
market was sluggish and nowhere near upper levels of Pendergardens Towers.
as buoyant and exciting as it is today.
Still, since then parts of the land were Since the project enjoys Special
transferred for other complimentary Designated Area status, international
32 33DEVELOPMENT FOCUS
P I A Z Z E T T A B U S I N E S S P L A Z A
An address that P
iazzetta Business Plaza
is a new landmark office
development, set to open
demands attention
its doors in November
2019. Located on the much sought
after Sliema seafront, with a myriad
of amenities on site; this iconic
development is superbly accessible,
with ample on-site parking facilities
and frequent public transportation
DEVELOPED BY THE GASAN GROUP OF COMPANIES AND CONCEIVED AS AN EXCLUSIVE connections at its doorstep.
OFFICE DEVELOPMENT ON THE UPPER SLIEMA SEAFRONT, THE PIAZZETTA BUSINESS PLAZA
HAS BEEN DESIGNED TO CATER FOR THE REQUIREMENTS OF 21ST CENTURY BUSINESS. Designed as a contemporary
office block, Piazzetta Business
Plaza pays homage to the former
private residence that once stood
on this site. Elements including the
magnificently restored façade, as levels enjoy ample natural light, external Food and Beverage / Retail offerings
well as the sprawling verdant piazza spaces and outstanding sea views. within its confines. The Piazza will be
at the fore front of the development, professionally landscaped with sensitive
have been carefully integrated to The Piazzetta Business Plaza’s lighting and footpaths and will enhance
add emphasis to the development’s environment will include a carefully the appeal and feel good factor of this
presence and functionality. designed, 1,470 m² piazza, with select uncompromising development.
A welcoming and highly finished
reception lobby provides secure access
to the office levels above. Fitted out to For more information:
grade A standard, office floor plates
range between 360 and 1,120 square +356 2778 8500
meters and allow for efficient planning piazzettabusinessplaza@gasan.com
modules, supporting both open and www.gasan.com
office intensive uses equally. All office
34 35DEVELOPMENT FOCUS
T H E Q U A D B U S I N E S S T O W E R S
Setting the standards for
tomorrow’s workspaces
B
THE QUAD BUSINESS est defined through its vision: (certification of Leadership in Energy
TOWERS IS A STUNNING ‘a business address like no and Environmental Design), The Quad
COMMERCIAL other’ The Quad Business Business Towers will be a true next-
DEVELOPMENT LOCATED IN Towers is an idea borne of the generation office development. The four-
Gasan and Tumas Groups, two of the tower concept, reaching a commanding
THE CENTRE OF MALTA, THAT
most notable real estate development maximum height of 19 stories, will include
WILL SET NEW STANDARDS
groups in Malta and designed by leading over 38,000 square meters of functional
FOR TOMORROW’S
architectural firm DeMicoli and Associates. and flexible, Grade A office space,
WORKSPACES.
designed to cater for all modern business
The concept of The Quad is to needs, with efficient, secure access
create an unmatched workspace from the entrance right to your desk and
for modern, professional companies aptly supported by five levels of well-
in which to conduct business. designed underground parking facilities.
Set for completion in 2021 and projected Besides being striking from a visual
to achieve LEED® Platinum Certification perspective, The Quad has been designed
to provide top class facilities for the Located in the geographic centre of the location offers excellent main
benefit of its tenants. Mixed commercial Malta within the Central Business road connections to the rest of the
areas spread over two levels have been District - which is in its own right, island with The Quad expected to
crafted to include open spaces and a model for future business and be the iconic landmark building that
landscaped piazzas, dining and retail commercial clustering, being managed defines this modern district. The Quad
options, a fitness & wellness centre, a through the public-private partnership, Business Towers has also been granted
supermarket, a childcare centre with Central Business District Foundation, a Special Designated Area status.
a green outdoor play area, as well as
areas for meetings and conferences. All
the operators of the amenity services
are top local and international names For more information:
that are leaders in their areas; this
serves to ensure that the working +356 2778 8124
community within The Quad can enjoy enquiries@thequad.com.mt
a facilitated work-life experience www.thequad.com.mt
found nowhere else on the island.
36 37DEVELOPMENT FOCUS
T H E S H O R E L I N E
Serene lifestyle
in the South
BY FAR THE LARGEST views from spacious terraces and the
THE RESIDENCE
AND MOST SIGNIFICANT literally shoreline location of this project
Synonymous with a serene lifestyle in this is unique in the Maltese Islands, as well as
MIXED-USE DEVELOPMENT
emergent part of Malta, The Shoreline being the only current Special Designated
OF ITS TYPE IN THE
consists of a residential element of Area with significant numbers of units
SOUTH OF MALTA.
just under 370 upmarket residential available for sale, allowing both EU and
units made up of a mix of studios, non-EU nationals to purchase multiple units
1-2-3-bedroom apartments, duplexes and with the same rights as Maltese citizens.
penthouses, all finished to the highest
standards and having an assortment of Market reception has been excellent,
landscaped open spaces and community with over 160 units units already on with the authorities or under Reservation large central atrium. The Shoreline Mall is being given to optimising the brand
amenities. Most units enjoy spectacular Promise of Sale Agreements registered Agreement against holding deposits. Buyer will be offering a shopping experience selection and clustering effect in
ratios are 49% local and 51% overseas like no other in Malta in terms of order to offer the optimal mix of retail,
clients, with the Chinese and South African circulation space, feel, natural light and leisure, entertainment and catering
markets showing particularly keen interest. quality of materials, not to mention in this exciting new destination.
Given the wide selection of layouts, the three spacious levels of parking
orientations and sizes, there is a healthy that underly the whole project, giving Excavation works are currently in full
mix of investors, first time buyers, retirees, customers ease of access in a secure swing and it is envisaged that The Mall
buy-to-let clients and end-users who intend and intelligently managed parking facility will be completed and open for business
to reside permanently at The Shoreline. that is set to be one of the most modern within two and half years from start, with
and innovative in the Maltese Islands. all The Shoreline residences completed
The latest launch of another two and handed over a further one year down
upmarket blocks in June this year has Expressions of interest have been the line. It is the developers’ intention
also been well-received by discerning forthcoming from about 70% of the to build the whole project at once.
clients in search of something truly brands and operators presently in
different and special, be it the outstanding Malta, and The Shoreline is actively Live, shop, explore and dine — all
floor plans, the fantastic views or the engaged in discussions with several this and more may be enjoyed from
unique foreshore position. This is major foreign brands not yet present the literally shoreline location of this
Mediterranean living at its finest. in Malta, with a view to attracting them project, in a safe, child-friendly, car-
to The Shoreline Mall. Great attention free and unpolluted environment.
THE MALL
The retail element is composed of an
upscale shopping mall having a gross For more information:
floor area of 25,500 sqm and just over
14,000 sqm of lettable outlets that will +356 2180 8895 / 9949 7518
provide expansive retail areas over two sales@theshorelineresidence.com
double-height floors of retail space, www.theshorelineresidence.com
illuminated naturally on both levels via a
38 39You can also read
