According to Statista, Malta’s real estate market is projected to grow by 3.8 per cent by 2029, which is continuing to make property an attractive investment for many. However, new property owners are often late to realise that managing their property and handling tenants is about much more than just collecting rent—it’s a demanding responsibility that requires time, energy, and expertise to ensure their investments are well-maintained and profitable.
In recent years, Victor Estate Property Management has been honing its services to oversee such responsibilities and offer clients hassle-free property management. Founded in 1966 by the late Carmelo Bajada as a property development company, the business has evolved over the past 55 years, gaining invaluable experience across the entire property sector. Now in its third generation, under the leadership of Jean Bajada, the agency is adapting to demands to provide clients with trustworthy and efficient solutions that meet current market needs.
Jean Bajada explains: “We handle everything related to property management, from A to Z. Whether it’s condominium administration for apartments, garages, or offices, or managing facilities for mixed-use properties like shopping complexes, our focus is to provide a top-tier service. Whatever the project entrusted to us, our goal is to give our clients peace of mind by ensuring their property investments are well-managed so they can maximise their value.”
Backed by a tight-knit and highly experienced full-time team, Victor Estate Property Management prides itself on handling every aspect of property management in-house. This hands-on approach has allowed them to build a formidable client portfolio across Malta, with a recent expansion into Gozo, after identifying a gap in the market.
Speaking about the secret behind their growing success, Jean notes: “Our clients know they aren’t just another number to us. We really aim to provide a personalised service, where they can reach out anytime they need. In fact, we make it a point to respond to any messages we receive within 20 minutes because we believe it’s our efficiency and attention to detail that truly sets us apart.”
The past decade or so has given rise to a trend in Malta and Gozo, where more people are looking to invest in properties for short lets and Airbnb rentals, driven by strong demand from tourists and foreign nationals working on the island.
“Many investors are attracted by the potential income they can generate but fail to consider the realities of managing such properties,” Jean points out. “We’ve been experiencing great interest in our services for short lets in recent years. In these scenarios, our team steps in to help clients get their property fully certified with the necessary permits and licenses. We even furnish it down to the smallest details, like ensuring guests are provided with hotel-quality linens and towels. All in all, we go to great lengths to maximise their property’s performance so they can continue to reap the benefits of their investment through new guests and repeat visits.”
For clients looking to long let their properties, Victor Estate even works closely with a select group of trusted agents to ensure the right tenants are matched with the right property. “We take tenant screening very seriously,” he explains. “Finding the right tenant for each property is crucial because it helps prevent a lot of potential issues from the start. We're also mindful to consider the immediate community. So, if an apartment is part of a residential block, we aim to place tenants with similar lifestyles to avoid any conflicts, like late-night parties happening in a block where young families reside. This foresight benefits everyone in the long run.”
And with more foreign owners investing in Maltese property, the agency also offers key holding services. “Some owners aren’t interested in renting out their property, but they want to ensure it stays in good condition until their next visit. So, we conduct regular inspections, manage any necessary maintenance, and take care of post and utility bills. When the client notifies us of their arrival, we make sure everything is ready for them, including stocking the fridge with groceries if they wish. That way, they can walk into a welcoming home and immediately start enjoying their time in Malta.”
It’s arguably no secret that in a rapidly evolving local real estate market, the challenges are constant, and some of these are beyond any one agency’s control. Jean highlights growing issues related to the Condominium Act, which, as it stands, doesn’t fully support fair and transparent upkeep of common areas and facades. “We’re seeing problems arise because things aren’t being budgeted properly,” he notes. “Contracts with developers often fail to address maintenance responsibilities like painting common areas or facades, and some contractors are unwilling to contribute or are requesting sums from tenants out of the blue. I feel we need more clarity for condominium management to ensure that all parties contribute fairly.”
Jean also believes that while rental demand in Malta will continue, the mindset around property ownership needs to shift. “We still have a mentality that everyone must own property, but with today’s economic realities, that’s becoming increasingly difficult. We need to adapt to a system like those outside Malta, where landlords invest in property, and others rent according to what they can afford, and move up the ladder at their own pace,” he explains. “After all, if you’re locked into a 40-year loan, it’s no longer easy to sell and move up to a bigger and better property in Malta. But renting offers greater flexibility to adapt according to change in your income and lifestyle needs.”
With a well-established client base in Malta and growing interest in Gozo, are there any plans for expansion on the horizon?
“We definitely have plans to expand into European markets,” Jean shares. “We’ve recently taken a few exploratory trips to Cyprus and see great potential there. The market is very similar to ours, and we can bring a lot of expertise to the table. So, there’s a good possibility we’ll start operations there in the coming years.”
For now, Jean emphasises that his focus remains on serving existing clients in Malta and Gozo. “I invite any property owners to visit our website to learn more about who we are and the services we offer. We’re always just a conversation away, so feel free to get in touch. We’d be happy to meet on-site at your property and discuss any solutions you may need.”
