Issue link: https://maltatoday.uberflip.com/i/1512069
3 NEWS 23.11.2023 FROM PAGE 1 e study, underpinned by data from 3,600 luxury property listings on JamesEdition and other sources, as- signed each country an "affordability score" out of 10. Malta emerged as a highly attractive destination for luxury second homes, with an affordability score of 8.4. e average price for a 3-bedroom waterfront luxury property in Malta is €635,994, offering value in a sought-af- ter location with a favourable tax envi- ronment. Malta's appeal is further enhanced by its Mediterranean climate and a short three-hour flight from the UK, with tickets averaging €146 in August. "Malta presents a unique opportuni- ty for luxury property investment, es- pecially considering the tax situation in the UK," Colin Hannan, co-CEO at Proven Partners, said. is study gains relevance against the backdrop of recent announcements in the UK. Regions like Pembrokeshire are imposing a 100% council tax pre- mium on second homes, and Scotland is set to double council tax on such properties. ese measures, aimed at addressing local housing shortages, are signifi- cantly increasing the financial burden on second-home owners in the UK. Co-CEO Ronan Hannan said that as the luxury property market diversifies, Malta is gaining attention for its com- bination of luxury, affordability, and lifestyle. "Investors are increasingly exploring options like Malta, which offer a differ- ent experience from traditional mar- kets like France and Spain," he said. Demand on the rise Since the global pandemic, there's been a noticeable uptick in the de- mand for luxury second homes, a trend fueled by changing lifestyles and the flexibility of remote work. But with luxury comes the inevitable question of cost. How does one strike a balance between indulgence and in- vestment? To shed light on this, Prov- en Partners embarked on this study, aiming to identify the most affordable countries to invest in a luxury water- front second home for UK investors out of the most yearned-for destina- tions. Their approach was twofold: first, they selected countries based on their popularity, as indicated by Google search volumes. This ensured that the list was not only data-driven but also aligned with current market interests. Secondly, the study delved deep into various affordability metrics, from property prices to fine dining costs, to paint a holistic picture of value for money in the luxury segment. For the purposes of the study, "lux- ury property" was defined to be a three-bed waterfront property listed on a luxury property website. Country Rank Affordability Score (10 = Most Affordable) Avg. Price of Luxury Waterfront 3-Bed Properties Price / Sq.ft Airbnb Avg. Nightly Revenue (During Jun-Aug) Avg. Flight Ticket Price From UK (Aug) Avg. Price of Tasting Menu At Top-Rated Fine Dining Restaurant Avg. Price For Premium Car Hire Per Day Property Tax Score (5 = Very Low Tax) Ireland 1 10 €521,879 €292 €368 €78 \ €153 4 Cyprus 2 9.3 €583,781 €331 €443 €308 €92 €145 5 Mauritius 3 8.9 €620,194 €366 €322 €1,419 €72 €117 5 South Africa 4 8.7 €634,226 €281 €262 €1,760 €120 €71 4 Croatia 4 8.7 €639,280 €437 €616 €202 €153 €104 4 Greece 5 8.6 €561,678 €345 €765 €289 €200 €254 3 Portugal 6 8.5 €574,479 €350 €438 €183 €205 €127 3 Turkey 6 8.5 €560,442 €314 €440 €468 €118 €192 3 Malta 7 8.4 €635,994 €406 €351 €146 €118 €83 2 UAE 7 8.4 €705,123 €396 €884 €492 €253 €143 5 Canada 8 8.2 €598,914 €358 €447 €969 €475 €62 3 Montenegro 9 8.1 €730,965 €520 €429 €208 €71 €210 4 Spain 9 8.1 €599,648 €431 €390 €154 €206 €140 3 Sweden 9 8.1 €721,144 €336 €314 €164 €308 €66 3 Italy 10 7.8 €617,128 €359 €541 €223 €240 €139 2 New Zealand 11 7.4 €716,587 €473 €452 €1,348 €120 €105 3 Netherlands 12 6.7 €1,081,707 €601 €370 €153 €223 €90 4 France 13 6.6 €748,950 €641 €439 €98 €283 €223 1 Switzerland 14 6.5 €1,476,406 €940 €564 €95 €275 €60 2 Austria 15 6.4 €1,030,924 €897 €705 €184 €217 €139 3 'Malta presents unique opportunity for luxury property investment' Comprehensive breakdown the study's findings, presenting each country's affordability scores alongside the various metrics TECHNOLOGY should be used to bring together the different culture of the Mediterranean, Clayton Bartolo told the Medi- terranean Tourism Forum Min- isters' Summit on Wednesday. "As Maltese, and as the Med- iterranean region, we should strive to be more innovative in the way we preserve cultural tra- ditions alongside the present and future through technology," the tourism minister told attendees. e Mediterranean Tourism Forum Ministers' Summit saw ministers and representatives from Croatia, Cyprus, Egypt, Greece, Libya, Italy, Palestine and Spain coming together in Malta. Making the industry more sus- tainable and the digitalisation of tourism were among the themes discussed during the summit. Technology should be used to bring cultures together, Clayton Bartolo tells tourism summit Tourism minister Clayton Bartolo (centre) with ministers and representatives from Croatia, Cyprus, Egypt, Greece, Libya, Italy, Palestine and Spain Mediterranean Tourism Forum Ministers' Summit brings together ministers and representatives from Croatia, Cyprus, Egypt, Greece, Libya, Italy, Palestine and Spain