Why should you buy property in Gozo? - A Blog by Josef Petroni (Zanzi Homes Gozo)

For the last decade or so, the property market in Gozo has boomed. Be it attractive prices, tax incentives, or abundant availability, many have flocked to take advantage of the Gozitan property market.

Up to a few years ago a 2% incentive was in place, and many deemed it fit to up their game and take advantage of this tax reduction. Developers delivered affordable properties on plan, which many could afford, and a trend was set.

Buying on plan was one of the best investment options, since prices could be reached by the average Joe, and the time from promise of sale to delivery, was enough to be classified as an investment, as the property is now already worth an average of 5% more than what it was bought for. In other words, it was more rewarding investing in property than keeping your hard-earned cash sleeping in a bank vault.

Why Gozo? I for one, made the move three years ago. A bargain property came along and before you know it, I packed my bags and moved. I was still working full time in Malta, but the commuting options were favourable to me, so travelling daily did not affect me that much, as long as I could reach my workplace on time. There were two options at the time, either using the fast ferry service to Valletta, then taking the Valletta – Sliema Ferry, or taking the Cirkewwa ferry then commuting to Sliema on the direct bus route. Both services were punctual, and I always got to work before 07:30am. With the introduction of the fast ferry route to Sliema via Bugibba, starting very soon, commuting will become even more easier.

Reasons for Investing in Property in Gozo

There are many reasons why one might choose to invest in property in Gozo.

Affordability

The main reason would be the price. Gozo is still affordable even though prices started increasing.

Holiday Home

Isn’t it easier to pack your bags and go to your own vacation spot in Gozo? All you need to do is pack a few things and hop on ferry. The rest of your wardrobe is waiting for you. Spend a relaxing weekend with your loved ones without being rushed to leave in the morning.

Rental Investment

Register your property for short or long lets. Control the period of rental to be able to make use of the property yourself, if you wish to.

Retirement

Move permanently away from the busy chaotic mainland. Don’t you get a constant humming in your head with all the traffic and the noise? Move to Gozo and all you hear are the birds singing, the rooster, or the donkey braying in the distance.

Greenery

Gozo is still green, and the villages are still detached. The landscape is beautiful and it is all visible from wherever you choose to live.

Types of Properties in Gozo

Apartments

Apartments may be purchased on plan, in shell form, finished, or furnished. What are the advantages?

On Plan: Buying on plan gives you time to put more money aside, especially if you are planning to take a loan. Moreover, the value of the property you are going to purchase will increase by the time you sign the contract.
Shell Form: A shell property gives you unlimited options. Many developers offer finished packages at very reasonable rates. You may either opt for the package as is or upgrade to tiles, bathrooms, doors, electricity points, etc., paying only the difference.
Finished: A finished property is ready with all apertures, tiles, bathrooms, doors, and electricity points. Just order your kitchen, bring your own furniture, and move in.
Furnished: A furnished property is just a key turn away from moving in.

Many apartments come with the option of buying a garage.

Houses of Character

This type of property has particular features which give it its charm — such as a central yard, wooden beams, rustic walls, etc. Some also come with a swimming pool, on a terrace or in the garden. These properties may be bought converted, or unconverted at a much cheaper price.

Town Houses

These houses are quite popular, and are very much in demand since there aren’t many available on the market. A townhouse is usually a house with a traditional Maltese balcony and direct entrance from the pavement. They may be already renovated or waiting to be renovated.

Terraced Houses

These types of properties have a front porch or garden and usually an interconnected garage. Built on two or three floors, these houses are very popular with locals looking to buy their matrimonial home.

Farmhouses

Typical farmhouses with low arched stone beams are very popular choices for retirement or family getaways. Most come with a garden and/or a good-sized swimming pool, and may be found anywhere on Gozo. Many buyers also look for these types of properties for subletting and short-term rentals, especially around holidays at any time during the year. With ample outdoor space, these farmhouses make the perfect holiday home.

Final Considerations

Whatever the reason for purchasing property in Gozo, it is always best to get in touch with a sales specialist, who will guide you through the whole process. Before looking at property, always remember to check with the bank if you are planning to take out a loan. Always calculate the taxes you need to pay by consulting a Notary, and also check about notarial fees. When asking an agent to look for property, always make sure that the budget you are working with is the budget you can afford on the property itself when deducting the above-mentioned fees. Agency fees are always included in the final purchase price.

Whatever your needs, get in touch with me and I will provide you with different options, tailored to your requests.