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 |
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.
