Issue link: https://maltatoday.uberflip.com/i/591015
maltatoday, SUNDAY, 25 OCTOBER 2015 45 THE real estate market in Gozo is doing well at the moment, having registered steady growth over the last two years and is close to reaching pre-recession levels. The market had suffered between 2009 and 2012, the re- sult of a global financial crisis that struck almost every business sector. However, once Maltese buyers' confidence in the market returned, they began considering investing in Gozo again. Interest in Gozo never really dropped significantly, though Marie describes 'phases' within the property sector where it seemed less popular, followed by periods of increased popularity. For many Maltese people, Gozo, despite being only 20 minutes away, triggers nostalgia of happy childhood trips and holidaying away from home. It stands to rea- son that a holiday home within such easy reach would be an at- tractive prospect. What's more, a property on Gozo, like elsewhere, is considered a solid investment that they can enjoy using and perhaps even rent it out, thus earning an income from it. There is a new trend emerging too – Maltese people moving to Gozo permanently. While the is- land has always held a 'retreat' at- mosphere, telecommuting has al- lowed Maltese buyers to relocate to the sister isle for good, with flexible jobs meaning a commute to the office is the exception and not the norm. Some argue that they can still get a much better home on Gozo for their money and a better lifestyle. However much the locals love Calypso, it is foreign buyers that make up the lion's share of Frank Salt's business on Gozo. "There has always been a huge interest from foreign buyers," says Marie. "It has increased over the last couple of years after EU acces- sion. We get all types of clients, from all walks of life, some look- ing for a small apartment to use as a holiday home, whilst others are seeking much larger homes to take up residence here." British and German buyers are especially keen on Gozo but since EU accession, many other nationalities are looking at prop- erty here, with Italy, Belgium and Scandinavia having representa- tion in what is becoming an in- creasingly diverse community. Not to mention a good share of South African clients, as well as a few more from the passport scheme. The recent filming of a big- budget movie (Angelina Jolie and Brad Pitt spent months in Mgarr ix-Xini, filming their movie 'By The Sea') has also put the islands on the map and left a positive, lasting impression on international buyers. "This year has been a very good year, even better than the year before, which was already showing good results. This summer was incred- ibly good. Gozo was full of peo- ple!" says Marie. Unlike Malta, which has ob- vious real estate hotspots (and matching prices), property in Gozo sells well wherever it is. Those looking for a sea view will head towards Marsalforn and Xlendi. A quieter, more tradi- tional village atmosphere can be found in places like Gharb and Ghasri while an active commu- nity and increasingly vibrant cul- tural scene is growing in places like Qala, Nadur and Xaghra. But really, Marie explains, it is the property itself that really seals the deal for most people. At present, Frank Salt Real Es- tate have a huge supply of apart- ments across all price ranges, including luxurious ones target- ing the higher end of the market. The older properties always re- main the favourites though. Vil- lage core properties – the ones steeped in history and bursting with potential – can finally be given the attention they deserve by their new owners, who are willing to pour time, energy and money into restoring these old beauties. Having said that, Marie emphasizes the urgent need for more converted properties and villas since there is a huge de- mand for them but unfortuan- tely, not enough supply. Marie calls for more initiatives for people to purchase property on Gozo and actually live there. Infact, she has welcomed govern- ment initiatives to free up real estate tangled in family inherit- ance disputes as well as lowering stamp duty. Big projects such as the overhaul of Gozo General Hospital into a teaching hos- pital and the construction of a new yacht marina can only have positive effects on the property market. Last summer there was more demand than supply of rental properties and potential buyers should keep this in mind – Marie anticipates a boom in rental de- mand and property purchase prices are only going to rise as a result. "Property is a solid in- vestment. Over the last few years the interest rates were very low, making investing in property a viable option. The rental market is booming with rental returns currently standing at 5%" com- ments Marie. With 25 years of experience, Frank Salt Real Estate's agents have an invaluable knowledge of the sector and Marie emphasizes the importance of being sensitive to customers' needs, giving an honest service and being aware that buying a property is no small matter – this is a big investment for their clients, something that will undoubtedly change their lives. The Frank Salt Gozo team is made up of eight very hardwork- ing individuals, covering sales, letting and property manage- ment. They are lucky to receive ongoing training to make sure to offer the best service to their clients. A word of advice from Marie Grech " Always try to buy a property which has some unique qualities and of course location, location, location." Ultimately, any property in Gozo will have a buyer or a ten- ant in no time and Frank Salt Real Estate is keen to help make that happen. Marie Grech is Manager of Frank Salt Real Estate's Gozo Branch – Tel: 2210 2000 – email: gozo@franksalt.com.mt – www.franksalt.com.mt Real Estate Gozo: a sought-after destination Gozo is Malta's quieter, greener little sister and it's for this very reason that the island remains very popular with locals and tourists alike. This more relaxed approach to life has also made Gozo a competitive property market. We caught up Marie Grech, manager of Frank Salt Real Estate's Gozo branch, to find out more about this growing sector