Malta is, without a doubt, one of the ideal places in Europe to live in. Located right in the middle of the Mediterranean Sea, Malta offers an idyllic setting to call home that comes in tandem with a vibrant yet relaxing culture and a rich, diverse history.
Of course, these perks have given rise to a burgeoning market where all kinds of property are put up for sale on this island. Looking for property in Malta for sale can be undoubtedly daunting but that doesn’t mean it’s going to be that hard. To make it easier on your part, there are a few things you have to keep in mind.
Some of the Best Spots on the Island
Malta might be small, but you might just be surprised at how diverse this small island can get as far as its geographical profile is concerned.
Sliema and St. Julian’s
These towns are considered as ideal for first-time property buyers as they are the closest to the island’s many facilities. They also offer picturesque views of the entire island and the Mediterranean. The properties listed in these areas are quite diverse. You get the lower-priced options like 2-story houses and apartments located at the town centers, or the pricier villas and mansions at the outskirts.
One of Malta’s busiest districts, Valletta is ideal for those who miss the usual hustle and bustle of a medium-sized city. The only downside is that the place can get quiet as soon as night falls. If you’re used to a busy nightlife, Valletta might not have much to offer to you.
A small and peaceful island located just near Malta (but still within its jurisdiction). It offers a glimpse into the more natural profile of the region with their earthen walkways, sprawling fields, and quaint little houses near the shores. The pace of everyday life here is a bit slower than the rest of Malta but is just perfect for retirees looking for property in Malta to buy.
Buying and Selling Property in Malta: What’s the Difference?
You might be surprised at how different things are done in this island when it comes to real estate. For starters, the area is quite small and yet properties are going to be listed at different agencies.
For instance, you might stumble upon this quaint little home overlooking the Mediterranean at a cliff listed on the portfolio of an agent. When you move on to another agent, you will find the same property listed in this another agent’s portfolio. This can be confusing for newcomers to the island which is why it pays to keep track of which agency you saw the brochure for the property came from.
Once you have agreed to have a viewing, the agent will then take you to the property for an on-site inspection. Some agents are even courteous enough to provide the ride to get there.
If you agree to go ahead with the purchase of any property listed in Malta, you are then required to sign a Konvenju document. A mandatory document under Maltese law, the Konvenju is simply a certificate of Promise of Sale which legally binds you to purchase that property from the agent. A deposit of 10% of the agreed sale price might also be required by the agent in order to perfect the deal.
As for selling, the process in Malta is basically the same as any other place in the Mediterranean. The only key difference is that sellers are allowed to have their properties posted by different agents at the same time.
Who Can Buy and Sell Property in Malta?
As for the law in Malta is concerned, every Maltese citizen who has a parchment of land/property under their name have the right to sell it. Of course, anyone who shows interest in purchasing said property have the right to buy it and Maltese law provides minimal restrictions on property transactions.
However, certain requirements are imposed if you are not from Malta and would want to buy and sell property there. Firstly, you will need to get an Acquisition of Immovable Property certificate if you are not from Malta and come from a state that does not belong to the European Union.
Also, if you are making a second purchase of property in Malta, you will need to secure the AIP certificate from the local government. The same is true if you are a foreigner wishing to sell your property as a holiday home.
Next, the Maltese government has introduced certain restrictions for foreign property buyers looking to make Malta their home during the Holidays. Before you can even buy or rent property, you must be able to pay at least €110,000 for any property for sale that is no larger than an apartment or as much as €190,000.00 if said property happens to be a villa.
If you do qualify for buying and selling property, the same legal processes apply such as notarizing the sale documents as well as having the property duly registered at the local deed’s office.
Other Buying/Selling Tips
To get the most out of purchasing or selling property in Malta, there are few tips that you need to keep in mind such as:
- Mind the Weather – Malta might enjoy from fair weather all times of the year but that does not mean that it won’t get cold there from time to time. If you’re the buyer, always make sure that the property has some features that make it comfortable to stay in during winter. This is quite important if you’re buying that place as a holiday getaway for you and your family.
- Look for Signs of Deterioration – Any place with a Mediterranean climate is bound to feature a lot of humidity. This, of course, means that damages to the structure due to deterioration are going to be common. For sellers, it is important to notice any signs of deterioration in the house as this is going to affect your renovation costs. For buyers, it is important to be as thorough as possible when examining the house. It’s best that the property you are going to buy has been treated for any form of deterioration so that your expenses for repairs are going to be minimal.
- Aim for Convenience – One of the pitfalls buyers often fall into when looking for property in Malta for sale is, they focus more on the beauty of the place that surrounds the property over more practical factors. Here’s the thing, you are on a picturesque island located in the middle of a lush sea. Picturesque surroundings will always accompany you wherever you go in Malta.
As such, look for property that is going to make your living there more comfortable. Things like proximity to towns, schools, and docks should also be factored in when buying property on the island. Weigh your options properly and you might just find a spot on the island that is going to give you the most value out of your investment.