Why buying to rent could be the best option for you
That Malta is undergoing something of an economic boom is no secret, and neither is it exactly unknown that the property market in particular is enjoying an upswing lately.
While it’s true that selling your property is a more attractive option than ever now that a healthy influx of foreign workers and residents is jacking up demand, the same holds true for the rental market, for roughly the same reasons.
But it’s not just about igaming
Certainly, industries like igaming are helping to keep the number of economically ‘healthy’ foreigners arriving to our islands. And because these industries seem to be in it for the long haul, it’s only logical that employees operating in these fields quickly set about looking for property to rent or buy around the island. However, Malta’s pull-factor for foreign workers doesn’t start and stop at igaming.
A big contributor to the recent boom was – it must be said – the global recession that pushed many European economies to the brink round about 2008. And it may be insensitive to point out, but facts are facts: Malta was poised to absorb many workers from the countries that were badly affected – among them the likes of Spain and Greece – and who found respite in the island’s stable environment while the economic storm was raging elsewhere.
And there is perhaps an even older precedent to this: the film servicing industry. From Gladiator down to The Promise, Malta’s picturesque locations and generous tax breaks have continued to attract foreign film productions… and its crews obviously need a place to stay during the long weeks of grueling film production.
And those who don’t have the budget or the luxury to opt for hotels during their stay will look for more affordable rental options around Malta. Also, the sporadic nature of the film servicing industry – the amount of films set to arrive to the island any given year can never really be guaranteed – makes renting rather than buying the go-to option.
It’s also in line with the global mood
The interconnected world has helped to break down many barriers, chief of them being the communication barrier between various countries.
This isn’t just limited to chatting, however – being able to stay updated and in touch has also yielded concrete changes in the way we do things. And to extend the ‘concrete’ pun to its logical conclusion, this also applies to home ownership and rental.
Services like Airbnb have now made it easier than ever for home owners to rent out their property in short bursts to a varied clientele, and Malta’s still-strong tourist market has made this an obvious option for many.
And rest assured, the demand is across the board
Neither do you have to worry about your property being inadequate – in terms of price range – for whichever kind of renter you hope to nab. Because the class of foreign workers can range from bartenders to company directors, it means that virtually any kind of property will find its niche.
This is all the more reason for you not to be shy about either putting your property out there, or about buying strictly for the purpose of renting.
In conclusion: buying to let is the way forward
It’s clear that the market is ripe for rental to become the new property-based trend. Given the above realities, it now makes more sense than ever to squeeze all the value you can manage from any existing properties you may own. But this also holds true for any property you may wish to buy in the future.
Remember, being able to rent your property out can even help you pay your way to a new home.
Photo courtesy of Shop Slo from Unsplash