Buying Property in Malta
Malta, headlining as one of the top destinations in Europe, has witnessed a boom in its property market due to the increase in demand. An increase in property development offers a constant array of new maisonettes, apartments and penthouses all over the island, with a specific increase in new blocks and condominiums that is found very attractive in offering exclusive prices in a community-like environment.
In comparison to other European countries, property prices in Malta are considered relatively cheaper, and in the view that the value of property is always on the increment, Malta is seen as having good investment potential. Of course, the prices for villas with pools or converted houses of character will be on the more expensive side in comparison to regular apartments, however Malta being a holiday destination for many around the globe, many purchase such properties as rental investments.
Locally, most Maltese prefer owning a home, rather than renting. This primarily offering security and a sense of independence. This is because the prices in the letting sector can fluctuate due to the influx of expats, shooting up demand, creating higher price benchmarks. So opting to purchase one’s property, may offer extended stability to the individual. This may also be due to a “how things have always been done” way of thinking among the locals – it’s an ingrained culture. Banks offer good interest rates and it is relatively easy to apply for credit, making this possible.
A buyer has two options, purchasing property directly from an owner, or doing it via a real estate agency. Research shows that the public is divided in determining which of the two courses of action is the most advisable, keeping in mind that involving an agency implies commision costs. However one is to bear in mind that a real estate agency can offer an experienced eye in property evaluation, and has access to an extensive selection of options that they can offer an individual, giving you a better opportunity of choice. An agent can help you strike a better deal, and in the end effect, save you money on this magnitude of purchase.
The key in purchasing a new property in Malta is evaluating exactly what it is you are looking for. Price is mainly determined by the following variables:
- No. of bedrooms
- The requisite of a garden, yard, pool, seaviews
- Type of residence (apartment, maisonette, penthouse, villa etc.)
- Residence quality (if it is modern or not)