Foreigners’ Guide To: Buying or Renting a Property in Malta
FACTS & FIGURES, MALTA, MALTA LIFESTYLE, MALTA LUXURY REAL ESTATE NEWS, RELOCATING TO MALTA, TAX & RESIDENCY
1st July 2015
- Will you be coming alone or accompanied by family members?
- Will you be staying for a short term or on a more permanent basis?
- Will you be frequently travelling to and from, and for how long?
Buying Property in Malta Buying is usually the best option if you are looking to be present on the island for the longer haul and will spend most of your time during the year here, especially if family members will also be living here. Purchasing property in Malta is widely considered to be a good investment. The Maltese property market has enjoyed consistent stability and appreciating values throughout the years, virtually across all property types. Generally, the key requirements for buying property in Malta are the following:
- Deposit of 20% of total price to be paid on the Promise of Sale (before signing the final contract),
- Stamp duty up to 5% of the total price,
- Notary fees between 2% and 2.5% of total property price plus Searches fee,
- Health and Life Insurance,
- Agency fee (if applicable).
Renting Property in Malta On the other hand, if you will be frequently travelling to and from the island and will be absent from the island for long periods of time, you might want to consider renting instead of buying. Property for rent is also widely available across the island and it is easy to find the ideal rental both on a short let (0-3 months) or a long let (6+ months) basis, for all property types. The cost of rent will naturally vary depending on the type of property that you will be staying in, size and location, ranging from a few hundreds of euro per month, upwards. The general requirements to rent a property in Malta are the following:
- Initial deposit, usually equivalent to 3 months of rent,
- Renting 3 months in advance,
- Condominium & maintenance fees (normally included in quoted monthly rental price),
- Deposit on utilities,
- Agency fee (if applicable).
Obtaining a Home Loan in Malta If you would like to take a home loan, Maltese banks offer various flexible schemes on home financing, offering up to 90% financing of the total purchase price and tailored to meet individual requirements. In applying for a home loan, the following documents usually need to be presented:
- Reference,
- Identification,
- Copy of preliminary agreement,
- Recent pay slip and FS3,
- Estimate of the property value.
For more information, kindly direct your request to info@maltasothebysrealty.com or visit our website. Alternatively, get in touch on +356 2010 8070 or feel free to drop by our office situated on 200, Tower Road, Sliema. One of our agents will gladly assist you.
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