With its mild Mediterranean climate, high standard of living and delicious, fresh fish, it’s simple imagine why a lot of people are contemplating making the move to Malta. It’s also among the most affordable places in Europe in terms of costs of living. This gorgeous archipelago island is a favorite destination for UK retired people, as well as foreigners looking to play, work and take in the sun.
If you’re thinking of moving to Malta it is likely that you’ll have to locate a place to reside. Find out more in our complete guide to buying real estate within Malta in the foreigner category including the average cost of property and mortgage tips, as well as tax and fees and more.
What’s the market for property similar to in Malta?
Like many countries in the world the economy of Malta – and consequently its real estate market is impacted by the coronavirus pandemic that hit the country in 2020.
For the latest property for sale in Malta, head on over to Property Market.
Prior to the health crisis in the world the Malta real estate market was experiencing a small but steady growth. price increases of nearly 11% in 2018 and 2.5 percent in 2019.
However, despite the epidemic and the property market in Malta continued to be resilient in 2020 with prices rising by 5percent. Experts are now saying that once Malta’s economy begins to recover and it opens its doors to tourists, the demand and prices for properties will increase rapidly2. Therefore, this is an ideal time to pick for a property that is less expensive.
How simple is it to purchase property in Malta as an international buyer?
It is not necessary to be an residents of Malta to purchase properties there, however, you’ll need something referred to by the name of the AIP (Acquisition of Immovable Property) permit. There is a cost to pay and you should obtain your permit within 35 days.
For foreigners as well as EU citizens who purchase properties in Malta There is a one property limit. This means that you are only able to possess one home or apartment and only if you purchase in the special Designated Area (SDA). In these luxurious areas resorts or developments which encourage foreign investment it is possible to buy as many properties as you want but without having to apply for an AIP.
Purchased a property in Malta following Brexit
The positive side is that British expatriates can still purchase properties in Malta after the UK has quit the EU.
The same rules apply to Brits like other non-EU citizens, which means you’ll have to obtain an AIP permit. You’ll be restricted to the one home, provided you narrow your search for a property on a designated area.
Can I purchase a real estate in Malta and obtain residency?
For the majority of foreign buyers, it is necessary to obtain the proper visa or permit to work in order to stay in Malta for longer than 90-days. However, if you have enough funds in your bank There is a program by which you can purchase properties in Malta and then obtain the status of a resident.
It’s also known in The Malta Citizenship by Investment Program is a program targeted towards high-net worth people. If you are able to invest between EUR600,000 to EUR750,000 under the program, you can remain for Malta during between twelve and 36 month (the greater the amount you invest, less time you’ll be needed) and then invest an additional EUR700,000 into residential real estate You’ll be eligible to apply to become a citizen and receive the possibility of obtaining a Maltese second passport within 3 to 5 years.
The best places to purchase property in Malta
If you’re in search of excellent food, shopping, and nightlife, make your way to one of Malta’s cities or towns to begin your property search. Sliema, Gzira and St. Julian’s are famous for their numerous restaurants and bars, lively atmosphere and breathtaking coastal scenery.
Do you have a bit more money to put towards your new residence? Malta’s capital city Valletta has beautiful architecture and a vibrant cultural scene. Malta’s international airport is just a few minutes from the city. You could also consider purchasing the property in Malta’s previous capital Mdina located within the Northern Region. The tourist destination has a lot of historic sites to explore and is a peaceful place due to its non-car-free city center.
If you’re looking for a relaxed, rural life should consider properties available in areas such as Zebbug and Rabat as well as the northern part of Gozo. In Gozo, you’re more likely to experience an idyllic and traditional village setting, far from the hustle and bustle that is the urban.
Where can I look for an investment property in Malta?
Agents and property agencies
There are many options to locate a property in Malta:
By contacting an estate broker
A portal online that puts owners directly in contact with potential buyers
The word of mouth, or through advertisements in the area that you’re keen on.
If an estate agent is employed, usually acts for the vendor or seller who is also responsible for commissions.
If it’s your first time you’ve bought a home in Malta or abroad, a specialist buyer agent or broker from abroad could provide valuable advice and insight on the market in Malta. There will typically be a charge for this service. You must be clear about what you’ll receive in return, since the prices may differ.
How do I pick the best property?
Types of property
You’ll find a range of modern, chic apartments, historical homes, terraced houses as well as villas, maisonettes and converted Palazzos in Malta. In the cities with a lot of construction such as Sliema as well as St. Julian’s, you’re more likely to see properties to purchase.
Outside of the most popular regions of Malta You’ll have more space and better value for money – particularly on Gozo where prices tend to be lower than in the rest of Malta.
However, if you’re looking for traditional Maltese home, go towards the southeast or south. In Maltese, you’ll find historical homes that are more than four hundred years old.
The condition of the property
It’s a smart move even though it’s not legally required, to conduct a survey for any property you decide to purchase prior to making a decision to purchase it. Particularly older homes like typical Maltese stone homes you’ll see in rural areas and villages are likely to have hidden issues that are expensive to correct. Your lawyer can help you locate a qualified surveyor.
An easy guide for buying properties in Malta as an international buyer
The process of purchasing a home in Malta is fairly simple, and is similar to purchasing an apartment in other areas of Europe. These are the main steps:
Apply for an AIP permit through the official website of the government except if you’re planning to purchase in a Specially Designated Area.
Find a notary public to hire – the person hired will be accountable to conduct searches and other legal actions to aid with the purchase process.
You might consider hiring a lawyer who specialises with property law Malta.
Begin by searching for properties by looking through properties on the market is a good starting point, however you should plan at least one excursion to Malta to gain a better understanding of the area and see homes in person.
Offer the seller a deal and accept the terms of sale. Your lawyer can assist with this.
Make a preliminary arrangement with the seller, referred to informally as Konvenju, also known as the Promise of Sale or Konvenju which is a promise to conclude your transaction in a specific period of time, and in accordance with the conditions and terms.
After signing the Konvenju the Konvenju, you’ll typically pay one percent of the Stamp Duty due and an additional 10% security deposit (based on the cost of the sale).
You can apply for a loan in case you require one.
The notary will perform Public Registry and Land Registry searches prior to drafting the final conveyance deed.
The funds used to purchase the property are transferred, and you are given access to the key for your brand new house!