“It is slightly harder to get to than many other Mediterranean destinations as it is off the budget airline map and so it appeals to more sophisticated holidaymakers, but as it joins the EU I think that we are going to see a huge appeal. Prices for inland-facing apartments of around 70 to 500 square metres start from £223,000 and from £873,600 for three- or four-bedroomed seafront apartments.There are restrictions on non-Maltese purchasers, which will not be affected by EU membership: currently they are not allowed to buy apartments costing below £48,000 or houses below £80,000. Non-Maltese buyers can buy only one property, but there are tax-related incentives for people who chose to retire there. “The government doesn’t want local people to be priced out of being able to afford property as has happened on other islands, for example in Mallorca,” explains Lacey.County Homesearch’s Jonathan Haward was so impressed by a recent trip to the island that he reserved a new apartment for himself at new waterfront development Tign?oint, where Frank Salt is selling two-bedroomed apartments from £146,640 and where a four-bedroomed ninth-floor apartment with stunning views is on offer for £1,162,200.”The development going on there is very up-market and tasteful,” adds Haward, who was also struck by Malta’s large number of world heritage sites and by the historical nature of the island. “It’s seen off so many invaders and in the Second World War the harbour area alone suffered more bomb attacks than London.”County Homesearch are soon to open their Maltese branch to respond to growing enquiries for the island, but Haward believes that it will only appeal to selective clients.

Portomaso Marina is a new development of luxury apartments in the fashionable district of St Julian’s on Malta’s north-east coast. Along with a Hilton International Hotel, convention centre and yacht marina, the scheme will also contain shops and restaurants, and owners will also have access to an adjacent beach club. “Prices will definitely go up, although it’s not particularly cheap at the moment.” Lacey is a fan of both Malta and its smaller neighbouring island of Gozo, which is just a 20-minute boat ride away and which has a different climate. “The islands are very different: while Malta is relatively flat and arid, Gozo is much hillier and very lush, but it’s a bit too quiet for me.”Lacey finds that many buyers want to be based on Malta within the Medina “where the buildings are made from lovely sandstone”, but increasingly new developments are enticing buyers to Malta. Grahame Salt, director of Frank Salt Real Estate, says: “Malta will officially become a member of the EU in May 2004 and this means that it will become an even more attractive and stable country for British buyers looking for investments and permanent homes.

We have already seen a significant increase in demand for property and the island’s developers are constantly striving to offer better-quality homes to meet with this demand.”
Prices on the island have risen steadily over the years, on average around 8 per cent although more in very recent years. George Lacey of Lacey & Co has been selling property on the island for over 12 years but he is definitely noticing increased interest as the EU deadline approaches. “Malta is currently enjoying a boom period and the last couple of years have seen prices rising at a rate of 10 per cent per annum and even up to 15 per cent,” says Salt.Malta may be a sound investment hotspot but it’s also a place where you can find stunning homes of character. Frank Salt is currently selling a range of property including a seafront apartment in Vittoriosa, currently under construction, which has lovely views of the harbour and open sea for £200,000. In Siggiewi, a large, five-bedroomed house in a lovely part of this old village is for sale at £470,000 It has two courtyards, one of which houses its heated pool.

In the sought after village of Gharghur, a beautifully converted double-fronted house which has many architectural features, three bedrooms, garden and swimming pool is on offer for £280,000.Malta may be associated with historic buildings but the island is now seeing growing numbers of new developments under construction. Malta has always been popular with British buyers, partly because of its former military links with the UK, but as it joins the EU next month an even greater relationship looks set to develop. Many younger owners – increasingly, single women – use management companies which will take care of all holiday rentals, security, maintenance and allow them to watch their investment grow without having to handle the hassle themselves.If you choose carefully, take the right advice and buy wisely, your own island property could well allow you to have your cake and eat it – it should increase in value, provide a comfortable rental return and also be your own dream holiday home too.Bernice Davison is Property Editor of The Independent. These buyers are more likely to be looking for new investment possibilities which may offer more secure returns than their current pension provider, while at the same time providing them with their own personal bolt-hole from urban stress. Michalak missed the quarter-final win over Edinburgh with an ankle injury, and his recovery is not complete.”Fr?ric is coming back to fitness, but only slowly,” said the Toulouse coach, Guy Noves “My head tells me he will not be in our 22 for this game. You might be buying purely as an investment and need reassurance that rental income will cover your costs.