Low Cost Airlines A Boon Malta Property Investment
2008 was a good year for tourism on the tiny Mediterranean island of Malta. Recently released figures show that the island had its best year yet thanks to improved marketing and increased arrivals with the low-cost airlines. It all added up to an impressive annual increase of 3.8%. In addition, two popular low-cost carriers have added Malta to their destination list for 2009, promising increased arrivals and property investment potential.
Malta has long been a favourite with retirees, particularly from the UK, but the island’s tourism demographics are changing and with the introduction of more budget airline routes and an aggressive marketing campaign from Air Malta, it is becoming the destination of choice for visitors of all age ranges, seeking the warmth of the Maltese sun.
James Gonzalez, Market Analyst at Obelisk Investment Property, says that the perception of the island is changing and this is thanks mainly to Ryanair and Air Malta with their competitively-priced flights. “The low-cost airlines are the key for both tourism and the local property market, this range of new flights can only be good news for Malta.”
The Malta Tourism Authority (MTA) also highlights the introduction of low-cost flights to the island in autumn 2006 as fundamental in turning the tide for Maltese tourism and an official commented that 2009 promises to be another good year with both easyJet and Ryanair announcing new routes to the island. EasyJet will begin a Newcastle-Malta route in April 2009 and Ryanair began flights from Edinburgh in March and will run a Bristol-Malta flight from July.
However, MTA officials are concerned about the 5.8% decrease in the number of British tourists to Malta in 2008, despite the fact that British tourists accounted for a huge (35.2%) percentage of all visitors to the island. The additional problem of the pound losing value against the euro means that UK visitors to Malta are likely to drop further, so they are now turning their sights to the euro zone and emerging countries such as Russia. The numbers of tourists from the euro zone increased considerably in 2008 with tourists from Germany and Italy – the next two biggest markets for the Maltese tourism industry – increasing by 16% and 27.1% respectively from 2007, while those from Spain increased by a staggering 32.2%.
The MTA is determined not to become complacent about the country’s excellent annual growth, particularly in the face of the global economic crisis. Their marketing strategy ensures that there is something for everyone – the island is fast becoming a significant port of call for cruise operators and the MTA is targeting specialised operators for activity and spa holidays as well as events and concert travel.
News submitted by Alison Kane, Obelisk Investment Property
