Last modified: 2011-03-08
Abstract
Since the 1960’s, Malta has experienced stable growth in “3s”-motivated mass-tourism, and following the increasing popularity, the current marketing as a leisure migration destination and its reputation as a “tax haven”, Malta is gaining the interest of foreign real estate speculators.
This study explores the property market in Malta available for the Swedish market segment. Especially it studies ways of property acquisition and how decision-making is influenced by agents, and by similarities and differences in legal, social and political cultures between the sending and the receiving areas. Through an interview study with agents and buyers, the real estate distribution system is mapped, and the procedure of real estate transfer is studied. Expected results pinpoint the mediating functions of the agents; how they promote, facilitate, and function as “gatekeepers” for real estate speculators.
Due to Malta’s historical connection to the UK, the island has a long-standing familiarity with foreign presence; however the market segment is now sought to be diversified. International real estate transfer includes high value and risk and it is information-intensive; thus it is probable that mediators play an important role in crucial aspects of the process. Given nation-specific differences in legal, social, and business cultures, the role of mediators is further promoted.
Keywords: leisure migration, real estate mediation, second homes, Malta, Sweden