In a recent newspaper interview with Mr. Edward Rizzo on one of Malta’s leading dailies The Times of Malta, the CEO of Grand Harbour Marina highlighted the successes the marina has experienced this year with the second successful sale of a 30-metre berth in Vittoriosa. In fact, these two sales generated over €1 million in revenue for the company.

The price for superyacht berthing at this fledging marina in Malta’s idyllic Grand Harbour have increased from €500 in 2003 to the current price tag of €2,000 per sq. m and to €2,250 for yachts over 60 metres.

These results prove that Malta is fast establishing a strong foothold in this sector with the central location in the Mediterranean along with an attractive financial package, proving to be an asset.

During this interview the CEO Mr. Nick Maris explained that the superyacht berths are not leased but the structure is based on deeds. “The deed provides the owner with a definite right of ownership for the duration of the contract (normally 25 years). The structure is an asset based investment that has other financial benefits to it particularly flexible financial restructuring, low acquisition and maintenance costs, low yacht registration costs, tax exemption for certain yachts, duty-free fuel for yachts under charter and other benefits”.

Despite, competition from other marinas in the Mediterranean Sea particularly French and Balearic marinas, the Grand Harbour Marina seems to have an exciting future even though some stiff competition might be on the horizon when Tunisian and other North African marinas start operating.

However, Malta seems to be riding high compared to other euro zone countries in particular in the finance and tourism sectors. This is confirmed by the pending negotiations that this marina has for yachts between 60 and 134 metres.

Malta’s relaxed atmosphere, its strategic location and its sterling service coupled with high standard infrastructure are proving to be a successful mix.