Why should one invest in a property in Gozo?
Gozo is often viewed as a more agricultural, less developed island that may not initially seem like an attractive investment opportunity. However, in recent years, development has seen the island come tumbling into the 21st century with Gozo leading the property market in January 2022.
The first and most obvious benefit of buying property in Gozo is that prices are generally more affordable than on the main island though they are steadily on the increase which is a positive sign for investors.
Across all of Malta you can expect to pay over €3,000 per square metre on a traditional Townhouse. Whereas in Gozo that figure drops to an average of just €1,736, that’s an eye watering saving of over €1,200 per square meter! If that doesn’t tempt you to invest in the sister island, then of course there’s always the lifestyle!
Greater selection of traditional property
Even though many traditional properties across Malta have been demolished and new apartments now stand in their place however, this isn’t true in Gozo. Farmhouses, townhouses and houses of character are still readily available and affordable and there is some suggestion that such houses may become rare in the future which in turn will drive the prices of those property types up thus, investing in a traditional property in Gozo will very likely pay dividends in the future.
That said, investing in a modern property in Gozo is just as wise an investment as apartments and penthouses often rent out year round.
Improved transport links
One of the key reasons property in Gozo has been cheaper than on the main island is that commuting to work in Malta can seem like a hassle; however, the new fast ferry service from Mgarr harbour can get you to Valetta in less than 45 minutes.
Even the traditional ferry service has become increasingly reliable over the past decade and queuing has reduced thanks to both the fast ferry service and the addition of an extra ferry. Roads to and from the ferry in Gozo are also well kept, meaning that commuting isn’t as difficult or as pain-staking as many imagine.
Demand for property in Gozo has increased in recent years which also points towards a sensible investment. As more people work remote jobs, live as digital nomads or simply look to escape from the built up areas, Gozo offers the perfect retreat.
One of the most notable things about demand is that many properties and businesses continued to operate during the pandemic when travel between the islands was allowed. Gozo saw scores of Maltese holidaying at home so to speak and this trend has continued.
Solid rental return
Property in Gozo generally offers a good rental return. Farmhouses with a pool yield great returns in the summer months and the smaller apartments either rent to tourists or to those who live and work on the island meaning you have the flexibility of offering short or long term lets based on your needs. Short term lets in the summer naturally bring in a larger sum compared to those who choose to let long term but long term has the benefit of ability year round in Gozo.
Lifestyle and culture
Gozo is far more laid back than the mainland and generally offers more nature, more hidden beaches and a slower, more peaceful way of life. Outdoor activities are plentiful and so are local cultural festivals and activities meaning it’s easy to stay active and entertained on the small island no matter your age. What’s more, with new restaurants popping up weekly in Gozo you’ll be spoiled for choice when it comes to leisure on the smaller island.
With development increasing and demand for traditional properties rising, investing in a property in Gozo offers a unique and stable opportunity that can provide you with a flexible, solid long term rental return or a beautiful laid back life in the sun. As transport links continue to grow and improve and the services on offer on the sister island increase then it’s obvious that Gozo makes for a wise investment. If you’re considering investing in a property in Gozo, place your trust in the experienced real estate agents at Zanzi Homes and they’ll guide you every step along the way.