By You’ve decided to buy a property – but what’s next? The very idea of finding a property in Malta, planning the move, legality, conventions, mortgages and expenses is enough to make anyone’s hair stand on end.
Buying a property is one of the most important financial decisions you will make in your life. This is a long and difficult undertaking that, while exciting, is often stressful and anxious. But, fortunately, there are many good tips to help you make the process of buying a property in malta as simple and hassle-free as possible. The island’s position in the heart of the Mediterranean makes buying and living in Malta affordable for Europe and the rest of the world. In fact, Air Malta, the island’s national airline, and other low cost airlines serve the island on a daily basis. If someone decides to change ownership in Malta, then resale of the property is permitted.
You can rent your property to third parties, although there are some restrictions. Repatriation of the full resale price, including profit after tax, is allowed without complications; Home loans are available for the purchase of real estate by non-residents or non-citizens of Malta residing on the islands, after obtaining permission from the Central Bank of Malta. You can borrow as much as you like from local banks, subject to established commercial terms. Ultimately, buying property in Malta makes sense from all angles.
Once you find a property in Malta that you like, which can take anywhere from a few days to many months, the process from accepting your offer to finalizing the sale can take as little as 12 weeks.
We have prepared a series of articles as a guide to buying property in Malta.
Real estate prices
One of the main drivers of rising and falling prices is the supply and demand chain. How many people are looking for the same property and in the same area you are looking for and how many properties are available according to your search criteria. If there are more buyers than sellers, prices tend to rise. If there are more sellers than buyers, prices tend to fall. However, it is not that easy as people buy and sell completely different types of properties, new and old, studio apartments, large villas, furnished or unfurnished, in good condition and those that require a lot of investment, just to name a few! If buyers only want villas in Sliema and only apartments are available, then the price of the apartments may go down and the prices of affordable villas may go up. If everyone wants to live in a particular development and there is a limited number of apartments available, as in, say, the Portomaso development in St. Julian’s, prices can rise regardless of any market conditions, as long as demand stays the same.
In order to get the property you want and reach your prerequisites, you may need to compromise on price and space, or come to terms with having to live on the outskirts of the area or live without some essentials, which may not be the most logical.
In today’s real estate market in Malta it is both a buyer’s market in some areas and a seller’s market in certain developments depending on your requirements. Some areas of homes in malta have a good selection of properties where you can get better prices. It is recommended that you speak with your local RE/MAX representative to provide you with more information about the property market and recommend properties that match your search criteria. It is important that you provide the real estate agent with as much information as possible so that they can narrow down their search and help you professionally without wasting time browsing unnecessary properties.
