We are all aware of the damaging effects Covid-19 has had on economies and societies around the world. It has been a very trying time for everyone.
However as the pandemic looks to be receding, we can now start to look at the future, and all the opportunity it brings.
Prior to Covid, Malta’s economy was booming. In 2014 and 2015, Malta’s economy had grown at an average rate of 9.6%, followed by 6.3% from 2016 to 2018.
Malta’s economic growth outpaced all of its European peers due to the country's initial membership of the EU in 2004, and heavy investment in new services such as the iGaming industry, finance and IT.
Malta’s rapid change helped to attract an increase of high-net-worth individuals to the island with its rapidly growing economy and quintessential Mediterranean lifestyle.
With the distribution of emergency funds to help struggling businesses during the pandemic, Malta’s deficit rose to 9 percent from a surplus. However according to a recent report from Berlin-based Scope Ratings, the deficit is expected to return to zero by 2026.
According to a recent report from Berlin-based Scope Ratings, the risks Malta faces over the next 12 to 18-month period are “well balanced”, with debt expected to resume its downward trajectory once the country’s economy stabilises in 2022.
In the report, Scope believes that the Maltese economy is set to grow at 3.5 to 4% per year, again higher than its European peers. Real GDP is projected to exceed pre-pandemic levels by 2022.
This provides an exciting opportunity for those looking to enter the Maltese market. Whether you are looking to invest in property in Malta, or you are looking to start a business, now is the time.
Property prices in Malta did dip during the pandemic, however, it is set to continue its rapid trajectory upwards as demand once again continues to increase.
Contact John Taylor Malta to find out how we can help you to find your ideal property in Malta.