Renting Property in Malta – A Guide to Finding your ideal Rental home
Renting property in Malta is an affordable and convenient option in Malta for locals and foreigners alike. This is because the rental market in Malta offers a wide variety of high-quality accommodation, ranging from cosy apartments to let in Malta to large penthouses or luxury villas for rent across the island, over a plethora of different price ranges to suit every taste and budget.
The rental requirements in Malta are rather straight forward with anyone being able to rent property in Malta providing that they are an EU National or in the case of a third country national, in possession of a valid long-term Visa or a sanctioned participant in one of the various Malta Citizenship or Residency programmes.
Rental rates in Malta are reasonable and very often negotiable – the rates will vary according to property type, the duration of the lease, the location and the finishes of the property. Utility rates in Malta such as water, electricity, internet etc. are generally not included in your long-term lease expense, and will have to be paid in addition to the monthly rental rate on a consumption basis unless otherwise agreed with the landlord.
Typically, rental properties in Malta are leased fully furnished but there are exceptions and some landlords would even be willing to vacate the furniture from the property at the tenant’s request. This of course, is on a case to case basis and must be negotiated beforehand.
How do I Find a Property to Rent in Malta?
Finding the right place to call home can be a daunting task. Here at Malta Sotheby’s International Realty we realise the magnitude of finding a suitable property for rent in Malta and that is why we are committed to assisting our clients every step of the way when it comes to renting property in Malta.
We have a wide selection of apartments for rent in Malta, penthouses, maisonettes and a selection of exquisite luxury villas for rent across the island. The monthly cost of these properties can vary anywhere from €1,200 a month to €5,000 and up.
Popular accommodation choices for rent include Lifestyle Developments such as Portomaso and Tigne Point, which are special designated areas and offer residents a beautiful environment and a whole host of amenities. We receive many requests for apartments for rent in the bustling business and entertainments districts, and property for rent in St. Julian’s, Sliema and Valletta are highly sought after. Other clients want something in a more relaxed environment and look more to the north of the island for rentals in Malta in villages like Mellieha or Naxxar or further down south.
One of our skilled and experienced rental associates will take the time to listen to your needs and requirements to really get a feel for what you are looking for. Once you provide them with all of your property requirements, they will begin the process of sending you a selection of hand-picked properties to consider. There after private viewings will be set up so that you can take your time walking through each property to determine if it is the right fit for you and your family.
What is the Process of Renting Property in Malta as a Foreigner?
As a foreigner renting property in Malta there are very little restrictions. As long as you are an EU Citizen or as a third country national in possession of a long-term Visa you are well within your rights to lease a residential property in Malta for your own occupancy.
The only restrictions in place are those for rental properties valued at more than €10,000 monthly. Because of the high rate of the monthly payment the prospective tenant will have to go through a due diligence process in order to prove their source of funds.
Lastly a restriction on rentals is placed on those who are participants of the various Immigration and Residency Programmes including the Individual Investor Programme (Malta IIP) available in Malta. Depending on the programme the applicant is participating in, they will have a minimal annual rental spend which they must meet in order to qualify for the programme.
Besides the restrictions mentioned above the procedure for renting property in Malta will remain the same.
What is the Process of Renting Property in Malta?
Typically, the procedure when renting a property is fairly simple. Once you have decided which rental property in Malta best suits your taste and budget, your dedicated rental associate along with you and the landlord will begin the process of securing the property through a contract, which the landlord must register with the Malta Housing Authority according to Malta’s rent regulations. Rental agreements are fairly standard but they may also depend on special arrangements made between the Landlord and Lessee. The procedure generally includes the following:
- Initial Security Deposit– this equates to 1 to 3 months’ rent – subject to negotiation with the Landlord.
- Monthly rental payment which is generally paid monthly in advance – again subject to negotiation with the Landlord.
- Annual Condominium & Maintenance Fees,although this is normally included in the monthly rent.
- A Deposit on Utilities (water & electricity) amount subject to agreement between the 2 parties.
- Agency Fee which is equivalent to 50% of one month’s rent + VAT, payable by both the Landlord and the Lessee.
- In the case of short lets’, the Agency Fee is 10% on the value of the contract + VAT, payable by both the Landlord and the Lessee.
Quick Renting Property in Malta Facts
- Do I need to ask several agencies to find the perfect property for me in Malta?
- No not at all you just need to ask the right agency. Here at Malta Sotheby’s International Realty we pride ourselves in finding our clients the right property and/or landlord. Our success is largely due to the fact that we listen and understand our client’s property needs and wants. Working with the right realtor will ensure that your property desires are heard and met.
- Why do I need a lease agreement?
- A lease agreement legally secures the terms of the agreement entered into between yourself and the owner. So that neither party can renege on the agreement. It is needed to secure your interests and that of the owners.
- Who is responsible for the repairs on the property?
- The owner is generally responsible for major repairs on the property such as repairing or replacing appliances / furniture and general wear and tear. This is only applicable provided that the tenant was not responsible for any damages which occurred to warrant the repair or replacement.
- Are pets widely accepted when renting in Malta or do I need to clearly specify I am bringing my pet?
- It is always advised to clearly specify that you have a pet. It’s important to specify the species, breed, weight and sex of the pet. A vendor that rents pet friendly accommodation is more likely to accept a pet that has been neutered.
- Can the contract be in my company’s name? Is the price the same?
- Yes the contract can be in your name and the price will remain the same.
- If an owner accepts a short let, is the price the same as long lets?
- This is largely dependent on the owner of the property. Some vendors will charge a higher fee whilst other could charge less or the price could remain the same. It is advisable to discuss this with your realtor prior to committing to a property.
- What is VAT and why do I have to pay it?
- Vat is ‘Value Added Tax’, it is a general tax that applies to all commercial activities with regards to goods and services. VAT needs to be paid as a legal requirement by the Maltese government.
- What happens if I have to leave Malta before the contract expires?
- You are likely to lose your deposit and have to pay some months’ rent depending on how far into the duration of your contract you are unless otherwise agreed upon between yourself and the owner.
- g. If you sign a one year contract you are required to honour the contract for at least six months along with a one month period of notice – in other words for a one year contract you would be required to pay at least seven months’ worth of rent in order to not lose your deposit or trigger additional actions.
- Can the property be listed as my official living address in Malta?
- Yes, you can register your property address with Malta I.D.
- Do you offer let to buy?
- Yes we do have some properties on our books that are available for rent to buy. We would recommend you discuss this directly with your rental associate.
Click here for details on VAT & Tax on Rental Income applicable in Malta