Investing in History - The Three Cities

The Three Cities were largely abandoned during World War II and I were slow to join in Malta's race for property. This has saved the historic ; area from the damage by concrete that has so cursed the rest of the island. As part of an Urban Conservation Area, no new blocks can be constructed thus preserving the historic setting.

Over the past few years the Maltese, as well as foreigners, have turned their eyes towards this charming area which is quickly becoming a property hotspot. From a previously neglected part of the island, it has become a sought-after address, with property prices soaring as interest increases. To cater for the demand, most estate agencies have appointed representatives who are exclusively dedicated to the sale of property in the Three Cities.

Although official statistics on property prices do not exist, a quick comparison provides a good picture. Estate agents estimate that the price of property is soaring by an average of eight to ten per cent per year. Up to five years ago, it: was possible to buy a small palaz in Vittoriosa with ten rooms for Eur349,OOO. Today trn same palazzo costs Eur582,343 and remains a good investment.

Claude Zammit Trevisan acquirl a property in Vittoriosa three yea ago and has nothing but praise fo this ancient city. 'Living here has been an incredible experience. It' city life without the associated problems.' It is largely a resident city with little business and no traffic or parking problems. 'Residents are the friendly peOplE you read about in travel guides bl rarely get to meet and make grec neighbours.'

The recent rehabilitation of the waterfront has given Vittoriosa a much-needed facelift. It is also k likely to have sealed the city's future as a sought-after residential area.