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Buy a house in Malta

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“Buying a house in Malta” – it may sounds cool, and easy, but it is not. There are a lot of details you need to consider, which we will describe below. However, the only thing you must positively consider – if you want to avoid any inconvenience – is hiring a professional Maltese real estate company. Knowing the rules and having the best real assistance will keep you up-to-date regarding the price, property, ownership, location, etc. In this article, we are particularly focusing on buying property (house).

Why you want to buy a house in Malta?

The reasons for coming to live in Malta can be very diverse: beautiful and natural, the spectacular living environment, the charming climate, the cost of living, paradisiacal beaches, professional opportunities, etc. We can also consider the good economic situation, the absence of wealth tax, property tax, housing tax, etc. For all these reasons, more and more people are deciding to buy real estate in Malta, whether it is a primary or secondary residence, or even as a rental property investment.

A little flashback: the impact of the 2008 crisis –

Malta has been badly affected by the 2008 economic crisis. This impact was made indirectly, through the drop in tourism-related income and imports from foreign countries. Thus, the country’s economy experienced a decline of 2.13% in 2009. Real estate prices experienced two successive declines in 2008 and 2009. In 2012, however, Malta experienced a significant improvement in economy. And in 2015 the situation was completely resolved due to the outstanding measures taken by the government in real estate and tourism sector. According to figures provided by the Central Bank of Malta, the value of Maltese real estate has increased by 13.8% in just two years after (2015-2017).

Invest in Malta as a foreign national –

The expatriates can significantly invest in Maltese towns such as Sliema, St. Julian, Gzira and Swieqi. If you have a preference for more peace and greenery, Gozo will be perfect. A little further from the economic heart of Malta, the atmosphere is more authentic and the prices are more affordable. Given the significant increase in prices in popular areas, the offer in the north and south of the island is increasingly appealing to those looking for a permanent residence or a second home without seeking to achieve a strong capital gain. All over Malta and Gozo, Europeans can buy a primary residence and several properties for rental investment. For non-Europeans, there are certain areas in which it is possible to buy and invest. For complete information on real estate investment in Malta, do not hesitate to consult the best Maltese real estate company.

The costs of a purchase in Malta –

The cost of purchasing a house in Malta is considered to be in the “moderate” category. The basic taxes for any transaction carried out in Malta are as follows:

  • Stamp duties which vary between 0% and 5% with certain possibilities of partial or total exemption,
  • Commission of the real estate agency is the responsibility of the seller, varies between 1% and 5%,
  • Do not forget the notary fees of around 1% to 2% of the purchase amount.

Although Malta has a very desirable living environment and favorable conditions for any type of real estate investment, it is always advisable to have a professional interpreter by your side. Indeed, it is essential to have clear and informed advice throughout the purchasing process. Maltese laws are mostly “pro-landlord”, which means that in the event of a dispute, the laws will be in favor of the owner and not the buyer/tenant. Finally, rents and rent increases can be freely negotiated by both parties to the contract.

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