As European couples with no children consider moving to Malta, they often weigh the pros and cons of purchasing property in protected historic areas versus buying modern new builds.

For the discerning expat couple looking for a new home, Malta offers a distinct property market. Should you opt for a piece of history or a modern new build?

In Malta, certain areas, known as Urban Conservation Areas (UCAs), protect traditional and historic buildings from modern development.

These include the historic cities of Valletta, Mdina, and the Three Cities (Vittoriosa, Senglea, and Cospicua).

Pros

• Timeless character and charm: Owning a historic house, like a palazzo or townhouse, is an immersion into Malta's rich heritage. These homes feature unique architectural details like stone walls, internal courtyards, and vaulted ceilings that modern villas can't replicate.

• Protection from overdevelopment: The UCA designation means no high-rise or ugly new buildings will appear nearby. This protects your investment's value and ensures the surrounding streetscape retains its historic charm.

• Strong investment potential: Well-renovated historic properties often appreciate in value due to their limited availability and character. Government incentives may also be available for their restoration, making the initial investment more palatable.

• Privacy: Many palazzos and historic houses are built around a central courtyard, offering a secluded and private escape from the street.

Cons

• High renovation costs: Restoration work on historic buildings can be complex and expensive due to specialised craftsmanship and unforeseen issues. Estimates suggest renovation costs can equal or exceed the purchase price, unless the house has already been restored and refurbished.

• Higher maintenance and energy costs: Older properties are generally less energy-efficient and require more upkeep than newer homes. This can mean higher utility bills and ongoing maintenance expenses, unless restoration has also introduced insulation.

• Less flexibility: The historic nature of the property and its protected status can limit customization and renovations, particularly when it comes to integrating modern amenities.

Tips: Buying a restored property means less stress and surprises. Go for a restoration with integrated insulation. Avoid properties where the main living area is on ground floor and therefore humid.

For those prioritizing convenience and low maintenance, a modern villa or house offers a different kind of luxury.

These properties are often found in areas like Madliena, Mellieha, and new developments in St. Julian's and Sliema.

Pros

• Low maintenance: Modern construction and materials require significantly less upkeep, reducing ongoing expenses and effort.

• High energy efficiency: New builds are constructed with better insulation and modern heating/cooling systems, leading to lower utility costs.

• Modern design and amenities: Expect seamless indoor-outdoor living, open spaces, and premium features like pools, gyms, and smart home systems.

• Guarantees and warranties: New builds typically come with a builder's warranty, offering peace of mind regarding structural issues.

Cons

• Lack of character: Modern villas, while luxurious, often lack the unique historical charm and story of an older home.

• Potentially less secure investment: While new builds have a place in the market, they may decrease in value over the long term once no longer considered "new".

Risk of overdevelopment: Outside of UCAs, some areas of Malta have experienced a high rate of construction, which can be noisy and impact views.

Tips: Do your homework and make sure you get an architect to have a look at the building quality and finishing.

While modern villas offer clear advantages in efficiency and convenience, the historic house provides an exclusive lifestyle deeply rooted in Malta's identity. For couples drawn to history and character, the historic property offers a unique and potentially rewarding investment.

The compromise lies in higher initial renovation and ongoing maintenance costs, but the reward is a truly unique home protected from future overdevelopment.