Generally speaking, the property market in Gozo has always been a buoyant one, and property bought in Gozo is an undoubtedly solid investment. There is a wide range of properties available catering to everyone’s taste and budget, and your money will usually go a little further than it might in Malta, making Gozo a highly desirable place to search for your dream home.
Gozo property prices are still a fraction of what you can buy in Malta. For the price of an apartment in Malta – you may even find a farmhouse or townhouse with a pool in certain areas of Gozo. It is always important to deal with a real estate agent in Gozo to get the best advice on any kind of investment.
There are many very good reasons to buy property in Gozo. First and foremost, the growing economy and steady influx of newcomers to Malta and Gozo create a very stable property market. Not only are you purchasing a home in Gozo, but you are making an extremely sensible investment with your money. Return on Investment can be, depending on your purchase, anywhere between 5% to 8%, if you intend on renting the property throughout the year. This is not including capital appreciation.
The real reason, however, that most would search for a home in Gozo is simply because of the utterly charming and unique atmosphere on the island. Largely unchanged in decades, the slow pace of life and breathtaking natural beauty makes Gozo a very beguiling place to spend time. Coupled this with the friendliness of the Gozitan people and you have an island that will capture your heart.
Like Malta, Gozo makes the process of buying property both easy and safe for foreign buyers. As a result, many have decided that there is no better place to retire, and they fall in love with the beautiful Gozitan scenery and laid back lifestyle. If you are a citizen of the European Union and have resided in Malta and Gozo continually for a minimum period of five years, you may freely acquire more than one immovable property without the need of a permit. If you are an EU citizen but have not resided in Malta for at least five years, you also do not require a permit, under Chapter 246 – as long as it is your intention to purchase your primary residence (take up residence in Malta and Gozo). You also do not require a permit to purchase immovable property required for your business activities or supply of services.
If you originate from outside the EU, never fear, you are not shut out of the Gozitan property market either. There is, however, a minimum price that you must pay for an immovable property to obtain an AIP (Acquisition of Immovable Property) permit, which will enable you to purchase a property in Gozo. The minimum prices vary according to the type of property. AIPs are granted by the Ministry of Finance and usually take 6-8 weeks to be issued.
There is a wide range of properties available for sale in Gozo. Whether your taste is modern, traditional, cosy or minimalist, there is something for everyone on this charming little island. Many people, however, have been drawn to Gozo over the years for its traditional townhouses and farmhouses, large numbers of which have been expertly converted over the years to provide all mod-cons and, often, private swimming pools.
Widely available across Gozo, apartments are always a popular option as they offer convenience and, generally, greater affordability. That said, there will be an apartment for you no matter what your budget or requirements.
Maisonettes offer the convenience of apartment living with the benefit of independent access to the property. Extremely popular across Malta and Gozo, maisonettes – like apartments – are part of larger buildings but have their own outside front door.
There are many charming examples in the fishing villages along the coast of Gozo, most notably Marsalforn and Xlendi. Gozitan townhouses are characterised by the traditional Maltese balcony and often enjoy a small garden. Perennially popular, they offer you space and privacy, as well as a convenient location close to amenities.
Gozitan houses of character can date back as much as 500 years and, thanks to their age and adornment with traditional architecture and original features, they are very special houses. Whether you are looking to find a property which will need a great deal of work, or hope to find something which has already seen extensive renovation, there is a range of houses of character available with RE/MAX. The result will likely be a quirky, charming property that can be grow and evolve with you over the years.
Gozitan farmhouses are arguably the most desirable properties on the island. Often several hundred years old, they have been subject to expert renovation in recent years, offering all the benefits of modern living along with all the charm and tradition of their heritage. You’ll find they have lots of wonderful features and can also be very spacious, with room for a swimming pool or lovely spots to entertain.
There are a number of new developments on Gozo that are both exciting and very sympathetic to the existing island and its history. Happily, there is a desire on Gozo to ensure that development is thoughtful and environmentally aware. Hal Saghtrija in Zebbug is one such development, where 75 luxury apartments have been built with the feel of a traditional Gozitan village. The development is characterised by an amazing number of shared facilities, which the individual property owners can all enjoy equally. These include a traditional stone oven that is ideal for traditional Gozitan cooking, wine cellars ably converted from an old war shelter, a small central square, a little chapel, a communal pool, different picnic and BBQ areas surrounded by lawn, a kids’ playing area, a horse paddock, a spa, a number of ancient corbelled huts (giren), and a traditional water feature typically known as ‘ghajn tal-hasselin’. To complete the old Gozitan village feel, the public spaces are embellished with traditional oil lamps that are hand-lit by a lamplighter at dusk each day.
Fort Chambray is another example of the flair with which property is being developed on Gozo. Situated in Ghajnsielem, strategically placed a short distance away from the tiny port of Mgarr, it is, in all intents and purposes, a fortress that dates back to the permanence of the Knights of St John on the Maltese Islands. But, inside the fortress, you will find luxury living with every possible facility and convenience you could dream about, seamlessly blending ancient and modern together. These developments and others like them make Gozo a particularly appealing property market to investigate. The RE/MAX team is expert in guiding you through the myriad options available on such a tiny island and will help you find your dream Gozitan home.