Monday, December 23, 2024

Malta property sales to IIP investors have fallen to low levels

Malta luxury property sales to Individual Investor Program (IIP) clients have declined to low levels in 2019.

 

Only 17 properties have been sold during 2018-19, shows the latest Oriip report. This is a 41% decline in luxury property sales compared to previous along with the downtrend in applications from clients.

 

The property sales reached peak in 2016/17, more than 50 properties were sold to these rich applicants who invested close to €2 million euros in malta (€1m for IIP, additional €1m for property).

 

The report said only 8% of the investors purchased properties, while 92% of applicants just rented a place.

 

Between July 2018 and June 2019 the value of the 17 purchased properties amounted to €13,7m, averaging €808,658 per property. A total of 144 luxury properties have been sold under Malta IIP investor citizenship scheme and these properties averaged €981,000 euros.

 

Properties Sold
Until 2015 9
2015-16 32
2016-17 57
2017-18 29
2018-19 17

 

IIP property sales
Source: Oriip report

 

The most popular locations to buy properties for IIP investors is at the centre of malta, of the 17 properties, 13 were sold in this area.

 

  • St Julians – 6
  • Sliema – 5
  • Valletta – 2

 

IIP Regulations require main applicants  to invest in a residential immovable property in Malta, either by acquiring and holding one having a minimum value of €350,000 OR by taking one on lease for a minimum annual rent of sixteen thousand euro (€16,000).

 

Malta IIP scheme is limited to 1800 applications and the two thirds of quota limits (66%) have already been reached.

 

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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