Why buying a property in Gozo (Malta) is still a good idea?

Let’s be honest now. How many of you actually know where Gozo is? I thought so :-). Well, Gozo is the sister island of Malta and is located in the Mediterranean, about 100km south of Sicily. It was also the set for Brad & Angelina’s last movie together – By the Sea.

It’s fair to say that Gozo is different, unique and still undiscovered. And despite being well connected with Malta via a frequent ferry service throughout the day, the moment you set a foot on the island you feel like you have gone back in time. Time moves slower, the sea is calmer and there is a certain stillness in the air.

It comes as no surprise that Gozo is turning into a very popular tourist destination among foreigners and local people. Yes, that’s right, if there is a long weekend many Maltese people would rather visit Gozo than get on a plane and travel abroad. There is a great demand for traditional farmhouses in Gozo. Places for up to 16 people with a swimming pool and a lovely garden set in the quiet countryside.

There is a lot of demand for short let apartments too, which is quite evident by the growing number of properties on websites like Airbnb. So in a nutshell, if you are thinking of buying a property for investment purposes, Gozo seems like an excellent choice.

How about property prices though, haven’t they sky rocketed already? Actually, no. Compared to Malta, Gozo is a lot cheaper and similar properties can often be found for 30% less. There are a number of new developments and a number of properties in Gozo which are being sold on-plan offer absolutely amazing value for money. It’s not surprising to see a 2 bedroom flat for less than 130k Euros. Obviously if you fancy a luxury penthouse with stunning sea view and enough roof space to entertain 10 guests, you will have to pay a lot more. Still, no where near the prices in places like Sliema and St Julians.

Here are some statistics based on the recent average asking prices of properties for sale in Gozo:

1 Bedroom Apartments €116,800
2 Bedroom Penthouses €148,649
3 Bedroom Apartments €167,344

1 Bedroom Town Houses €153,000
2 Bedroom Town Houses €175,740
3 Bedroom Town Houses €299,000

There is another reason why buying a property in Gozo is a good idea. It’s a lovely place to retire. It offers just the right mix of things to do to keep you active and the peace of mind that you live in a safe place with nearly no crime. Also, when the rest of the Europe was experiencing a crisis and property prices were going down, things didn’t get that bad on the Maltese island. Yes, there was a slowdown in the market, but the prices just froze or dip ever so slightly.

Obviously, before even considering making such an important investment, you need to consult with an experience estate agent. There are a number of companies which specialize in selling real estate just in Gozo, but there are also quite a few international companies with offices in Gozo and Malta as well.

So yes, if you are thinking of buying a place in the sun, investing in holidays rental or considering your long term future, Gozo is definitely an option worth bearing in mind.