The Maltese islands offer an extensive range or properties at relatively lower prices when compared with other European countries, with the recent recession lowering prices even further.
Malta properties are also usually large and spacious by European standards.
Whether you enjoy the hustle and bustle of cities or the peacefulness of the countryside, there is the right property available for you in the Maltese islands even when considering the physical size of the islands. In fact its size is one of the main advantages of the Maltese islands as all places are easily accessible within short periods of time, even using the cheap public transport system. No matter where you live you are never far from amenities such as shops, restaurants, schools and so on.
Property management or acquisition are time consuming tasks and obviously the latter is a large economic investment. It is of a vital importance that you are aware of the legal requirements set out by the government before you even start the process to ensure that none of your time and money are wasted. The process may seem daunting to start with but don’t let this discourage you. After all buying property is one of biggest investments that most people do in their lifetime and you want to make sure that you get it right!
If you plan on using the services of one of the many real estate agencies in the Maltese islands you are assured that they will guide you through the whole process and all the necessary requirements. If you are not interested in using a real estate agent it is recommended that you seek the services of either a lawyer or a notary to guide you through the process.
Keep in mind that some restrictions do apply especially if you are a foreign national outside the EU.
As a general rule foreign nationals are allowed to purchase one residential property to be used as a primary residence or as a holiday residence. If you are a national outside the EU or even if you are a EU national but have lived outside the EU for five consecutive years a permit will be required before you are allowed to purchase property. The permit has to be in accordance to Chapter 246 of the Laws of Malta. The permit is usually issued with 6 weeks from the application dates.
The value of the Malta property you are purchasing must be above €104,510 in case of Apartments/Maisonettes and €174,132 in case of houses. However please be advised that there figures do change occasionally.
When a foreign national obtains a permit to purchase a property this will be applicable for his sole use. If you then decide that you wish to rent the apartment out another permit will be required.
No permits are required if you are a EU national and have lived in the EU for the previous 5 years. Different conditions may exist if you are seeking property for commercial use.
The above are the most basic guidelines. As previously mentioned it is definitely advisable to seek the advice of a notary or a lawyer to take you through the process and help you with the necessary Malta property and residency permits, along with taxation regulations.
If you decide to purchase property through an estate agent you will be spoiled for choice, as there are plenty to choose from. Make sure that you are aware of their commission charges and any other applicable fees beforehand. Most agencies charge similar fees however it is prudent to do some research before making such a big commitment.
Below you can find a list of some of the best Real Estate Agents in Malta:
- Dhalia – Cobalt House, Notabile Road, Mriehel Malta, tel (+356) 21 490681
- Engel & Völkers Sara Grech – Rue D’Argens, Msida Tel: (+356) 23 470000
- Frank Salt – 2, Paceville Ave, St Julians Malta, tel (+356) 23 794554
- Perry Real Estate – 197, Tower Road, Sliema Malta, tel (+356) 21 310800
- Remax – 76a, Gorg Borg Olivier Street, St Julian’s Malta, tel (+356) 25 780000
- Simon Mamo Real Estate – Labour Avenue Naxxar Malta, tel (+356) 21 410907