Both price and location are two very important things to consider before purchasing a property. Moreover, a property is not only bought to be lived in, but also as a long-term investment, since this involves a considerable amount of money and it is an immovable asset that is likely to be on the market for some time before reselling.
Luckily, the Maltese real estate market has always enjoyed a relatively stable condition with appreciating values year after year. The majority of Maltese people are homeowners and many also own a second property. Due to demand for local property being high and the land area being relatively small, it is therefore safe to say that purchasing a property in Malta makes for a solid long term investment, even for rental purposes.
The general buying requirements are the following:
It is important to know that foreigners who are not citizens of Malta are only allowed to buy one property across the island and may be subject to certain restrictions or require special permits. However, such restrictions do not apply for properties situated within a special compiled list of Special Designated Areas (SDAs). Such areas incorporate homes located within luxury lifestyle developments, including popular complexes such as Tigne Point and Portomaso.
At times, renting may be a more convenient option, particularly for those who will be spending a lot of their time away from Malta or are here for a limited amount of time. The rental market offers the same variety of high quality homes as the for sale market. Depending on one’s needs and requirements, one can choose from small or larger apartments - most of which are modern and centrally located, an array of townhouses and charming houses of character often with outside pool and entertaining areas, and even modern secluded villas finished and furnished to the highest standard.
Different to purchasing, renting is a more flexible option that can offer a more tailor-made arrangement between landlord and lessee. Although rental conditions may vary depending on specific agreements, usually, the requirements are as follows:
Linked to the local popularity of investing through buying property, most local banks offer flexible funding schemes in this regard, most of which offering these conditions:
When visiting the bank with the intention of getting a home loan, the following documents would be required:
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