With its mild Mediterranean climate, great 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 with regards to costs of living. The beautiful archipelago of islands is a favorite destination for UK retired people, as well as foreigners looking to work, play or enjoy the sun.
If you’re thinking of moving to Malta then you’ll have to locate a place to stay. Find out more in our complete guide to purchasing properties within Malta for a non-native including the average cost of property and mortgage tips, as well as tax and fees as well as other information.
What is the real estate market similar to in Malta?
As with many other countries around the world in the world, Malta’s economy and consequently its real estate market has been impacted by the coronavirus epidemic in 2020.
Prior to the health crisis in the world the Malta property market was experiencing modest but steady growth. the prices rising by more than 12percent in 2018 and only 2.5 percent in 2019.
However, despite the epidemic that ravaged the country, Malta’s real estate market was resilient throughout 2020, when prices increased by 5percent. Experts are now saying that once Malta’s economy begins to recover and it opens its doors to visitors, the demand for and the prices of property will be rising quickly2. Therefore, this is the perfect time to buy for a property that is less expensive.
How simple is it to purchase property in Malta as an international buyer?
There is no requirement to be an residents of Malta to purchase properties there, however, you’ll need something referred to in the form of An AIP (Acquisition of Immovable Property) permit. There’s a cost to pay and you should receive your permit in about 35 days.
For foreigners as well as EU citizens purchasing properties in Malta There is a one property limit. That means you’re only allowed to possess one home or apartment and only if you purchase in the specific Designated Area (SDA). In these areas of luxury resorts or developments which encourage foreign investment it is possible to buy as many properties as you want and without the requirement of 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 require an AIP permit. It will be limited to 1 property, except if you narrow your search in a Special Designated Area.
Can I purchase a real estate in Malta and then get a residency?
For most foreign buyers it is necessary to obtain the proper visa or permit to work in order to stay in Malta for more than 90-days. If you have money in your bank account there’s a plan by which you can purchase properties in Malta and obtain the status of a resident.
It’s also known by it’s known as the Malta Citizenship by Investment Program It’s targeted towards high-net worth people. If you are able to invest between EUR600,000 and EUR750,000 through the program, then you’ll be able to remain for Malta during between twelve and 36 month (the greater the amount you invest, the shorter the time necessary) and also 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 three years.
The most reputable places to buy property in Malta
If you’re in search of amazing food, shopping and entertainment, visit one of Malta’s cities or towns to begin your property search. Sliema, Gzira and St. Julian’s are famous for their many eateries and bars, vibrant vibe and breathtaking coastal scenery.
Learn more about the latest property for sale in Malta on our website.
Do you have a bit more money to invest in your new residence? The capital of Malta Valletta is a stunning city with beautiful architecture and a vibrant culture scene. Malta’s international airport is only a short distance from the city. It is also possible to purchase an apartment in Malta’s former capital Mdina located within the Northern Region. The tourist destination has a lot of interesting historical sites to visit and is peaceful due to its non-car-free city center.
People who want a more relaxed, rural life should consider properties to buy in locations such as Zebbug and Rabat as well as the northern part of Gozo. In Gozo, you’re more likely to enjoy an idyllic and traditional village, away from the hustle and bustle that is the urban.
Where can I find an apartment in Malta?
Agents and Property agencies
There are many options to search for a house in Malta:
By contacting an estate broker
A portal online that puts owners directly in contact with potential buyers
Through word of mouth or through advertisements in the neighborhood that you’re keen on.
A real estate agent, when employed, typically acts for the vendor or seller – who also pays commissions.
If it’s your first time you’re purchasing a home in Malta or abroad, a specialist buyer agent or international broker could provide valuable advice and insight to the current market. But, there’s likely to be a cost to pay for this service. You must be clear about what you’ll receive in return, since the prices may differ.
How can I select the correct property?
Types of properties
There’s a variety of stylish new-build 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 or St. Julian’s, you’re more likely to see properties to purchase.
Outside of the most popular regions of Malta You’ll enjoy more space and greater value for money – particularly on Gozo which is typically less expensive than elsewhere in Malta.
However, if you’re looking for traditional Maltese home, you should head 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 although it’s not legally required, to conduct a survey for any property you decide to purchase prior to committing to purchase it. The older houses like typical Maltese stone homes that you’ll find in rural areas and villages may have issues that are expensive to correct. Your lawyer can help you identify a professional surveyor.
An easy guide for buying properties in Malta as an overseas buyer
The process of purchasing a home in Malta is fairly simple, as is the case with buying homes in other regions of Europe. These are the main steps:
Apply for an AIP permit through the website of the government, in the event that you’re buying in a Specially Designated Area.
Find a notary public to hire – this person is responsible to conduct searches and other legal procedures to aid with the purchase process.
Think about hiring a lawyer that specializes on property law for Malta.
Begin by searching for properties by looking through the property listings is a great starting point, however you might also wish to make a visit to Malta to experience the area and see the properties in person.
Offer the seller a deal and then agree to 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 This is a commitment to conclude your transaction in a specified period of time and in accordance with the conditions and terms.
When you sign the Konvenju the Konvenju, you’ll typically pay 1percent of the total Stamp Duty due and an additional 10% payment (based on the purchase price).
Get a mortgage in case you require one.
Your notary will conduct Public Registry and Land Registry searches before drawing up an official contract of sale.
The funds used to purchase the property are transferred, and you are given you the keys for the new house!