No matter what region you are in the property ownership issue is always the topic of conversation. However, in Malta property ownership appears to be part of the country’s DNA. In reality, Maltese people are encouraged to help their children to purchase their first home, as the ownership of homes is a crucial factor for their culture.
The scope of luxury property for sale in Malta is impressive, to put it mildly as it has remained solid in spite of being a victim of the Great Depression and the Greek market crash.
Furthermore, it is one of the most successful housing markets around the globe with a steady increase in capital. In terms of the country it is blessed with an excellent standard of living, as well as a warm Mediterranean climate to match these.
Therefore, it’s understandable why you would consider moving to Malta.
In this article you will be taught the basics regarding how to navigate the Maltese property market that is a luxury one, which includes the different types of properties on the market in desirable locations and the steps involved in buying an investment property.
Where can you buy premium property in Malta?
The Maltese archipelago is comprised of three main islands, which include Comino, Gozo, and Malta. The ideal location to purchase an investment property is based on your personal preferences as well as the level of peace and quiet you want.
As it is the nation’s hot spot for visitors, certain areas are likely to be packed and noisy during peak hours.
If you’re looking for the best experience possible and wish to be in close proximity to nature, we suggest purchasing properties located in Gzira, St. Julian’s or Sliema. With stunning views of the sea These cities are also filled with malls, lively nightlife scene, and eateries that serve a wide range of dishes to please your taste buds.
The cost of property in these areas depend on the distance to the beachfront. You can find all kinds of luxurious homes to luxury villas.
If you are looking for a more active life and are looking to take in the rich culture of Malta then you must purchase properties located in Mdina as well as Valletta.
If you are an expat and prefer a relaxed rural lifestyle or wish for retirement from the city of their dreams, Malta, Gozo, Rabat and Zebbug are the ideal locations to purchase a properties. These regions offer a quiet peaceful and tranquil environment as well as an authentic atmosphere that is the essence of Maltese village lifestyle.
Malta also is home to Special Designated Areas, or SDAs which are scattered throughout the island. These areas have villas that are expensive as there isn’t much land available to be developed in the near future. If you’re lucky and choose your luck, you may find a charming, rustic-looking house built to the 1970s. It’s up to you to live in it as it is or alter it to fit your needs.
How Much Does Luxurious Property Price?
As with all places, the cost of homes in Malta is different based on the island it’s situated on, its specific location, and the condition of the market for housing.
Be aware that these prices are for luxury, high-end properties. It is possible to expect the typical prices for basic homes located in Malta to be much less expensive but there are cheap properties to buy when you look.
Sliema
A penthouse that is luxurious located in Sliema that has two bedrooms and two bathrooms is priced at EUR1,300,000.
Sliema has a number of well constructed apartments that provide proximity to major cities and natural attractions. A three-bedroom apartment with four bathrooms, and 260 square meters is priced at 2,250,183 euros. The best thing about the apartments in Malta is the space they offer.
With just three rooms, this property comes with a fully equipped kitchen that includes a breakfast area. The lounge is big enough to be used as a dining area. There’s a walk-in closet within the master bed, and lots of space for storage.
In Sliema The average cost per square meter is EUR5,000. This means that you could expect to be paying a premium even for smaller rooms. The cost of three-bedroom apartments in Sliema is around EUR800,000.
Saint Julian’s Day
If you are looking for the ambiance that is Saint Julian’s you can get the three-bedroom penthouse that has three bathrooms and 425 meters in size for only EUR2,600,211. The penthouses located in the city provide a luxurious experience because of their closeness to the sea.
The median price for three-bedroom apartments located in Saint Julian’s is EUR600,000 while the cost per square meter can reach up to €3,200.
In addition, a completely furnished home situated in Saint Julian’s will cost around EUR 1,595,129. These apartments located in the area of Malta have a view of the gorgeous Spinola Bay and enjoy natural sunshine. For this price you can purchase four-bedroom apartments with an ample kitchen as well as the lounge is big enough for an eating table.
The median price for bigger apartments located in Saint Julian’s is EUR1,200,00.
Ta’ Xbiex
Properties located in Ta Xbiex can also give you value for your buck. There is the price of a five-bedroom house around EUR1,650,460. For this amount you’ll receive a furnished and fully-furnished apartment that has a view of the sea and plenty of terrace space.
The median price for an apartment that is large within the capital city of EUR1,650 460, and the median cost per square metre is around EUR3,200.
A smaller three-bedroom home in the same city is about EUR 1,900,530. A majority of the apartments within this price are equipped with an enviable view of the marina of Ta’ Xbiex as well as Forts in Floriana as well as Valletta.
While the apartments that are smaller in Malta come with all the essential features, you’re likely to find only the south-facing ones or those with a seafront view for a more expensive price. The median cost in the region is EUR1,590,443 and the median per square meter is just EUR6,787.
Some of the most expensive Homes in Malta
Malta is one of world’s most expensive properties. While the majority are priced at a couple hundred thousand euros there are some multi-million-euro properties.
Completely Detached villa in Bahrija
The price is a staggering EUR20 million, the villa is near the coastline between Gozo as well as Malta. It is home to 10 bedrooms, a huge swimming pool, a kitchenette with an out-door bar.
The property covers 1,449 square meters and boasts a beautiful garden that put many well-maintained parks to shame.
Finished Palazzo in Qormi
If you’re an avid historian then you’ll love this Palazzo from the 15th century, recently renovated without stripping it of its historical significance. The hallways that open are stunningly huge, while the courtyard will evoke the past in Hollywood films.
The house has eight rooms, an garage that can accommodate seven cars with three bathrooms, two terraces and an enormous outdoor pool. The town of Valletta is only two years older than the house.
Detached Villa in Iklin
The separate villa located in Iklin has a total area of 5,000 square metres of the land, with an outside pool barbecue area, five bedrooms and a barbecue. In addition, there’s an indoor gym and terraces surrounding the entire property.
Palazzo in Valletta
Another luxury property located in Malta is located in the stunning capital city Valletta. The price is EUR13 million the Palazzo is located in the middle the capital of Malta. It has two entrances , with three levels.
While it was constructed quite sometime in the past, the property is now modernized by adding an elevator as well as air cooling. The parquet flooring as well as the ambient lighting could create a contemporary feel however they don’t make the property less a part of its historical significance.
Additional costs for buying Property in Malta
When you purchase a property in Malta it is not the case that you only pay the amount for the house as well as the notary’s fee. There are other costs that you should remember:
Stamp Duty
Stamp duty is 5percent of the property’s cost of purchase. When the home is located on the cultural heritage sites then the stamp duty will be 2.5 percent. For Gozo the stamp duty is 2percent.
There is no stamp duty on immovable property, that is the villa or house in and of itself. Appliances and furniture are property that can be moved, therefore you don’t have to pay stamp duty regardless of whether their cost is included in the price for the house.
You must contribute 1% to stamp duty when signing the initial contract. The balance must be paid upon signing the purchase-sale agreement or within 15 days after signing it.
Other Fees
Other than your stamp duty fee, you may also must pay additional fees, like:
Agent fee
A registration fee up to 1 percent
Notary fees (typically 0.25 percent to 1percent of the price of the property)
If you require an authorization, you’ll be required make an extra payment of EUR233 to get that.
According to the country’s AIP guidelines, buyers must only utilize the property as a residence for reasons. The property also can not be sold in an additional dwelling. Buyers are not permitted to lease the immovable property they have acquired under AIP permit AIP permission to any other third party.
Additionally, you must submit the notarial certificate for AIP. AIP section. If this is the first time you apply to obtain a permit you will need to provide two passport-sized photos as well as a copy your passport.
How to Purchase the best quality housing in Malta
The process of purchasing property in Malta could take between several weeks to months. The entire process is handled by agents and lawyers and requires little or no involvement from you.
The purchase of a luxury property could be used to fulfill the conditions for the Malta Citizenship by Investment Program. You must invest at least EUR700,000 in Malta or sign the rental agreement that has an amount of at least EUR16,000 annually.
The four major phases of buying a property within the nation are:
Selecting a Property
The first step is to decide on a property you’d like to purchase. The most efficient method to achieve this is looking up listings on the internet and then calling the real estate agent to find out more information about the house.
At this point you may also consider whether you want a fully furnished house that has all appliances and furniture already in place , or in the event that you prefer an unfurnished area which you can set up your own.
A Notary for Hiring
If you’ve decided to purchase the property you want to move forward with the purchase The second step to take is employ a notary. They are the ones who apply for permission for you to purchase the property. They also will represent your interests in the sale and assist the sale.
The creation of a preliminary contract
The notary will then contact the agent representing the real estate company or the seller directly, and inform them of your plans to purchase the property. They will then monitor the legal aspects of the sale. Additionally, they will check for any issues during the process of purchasing.
Their primary responsibility is to negotiate an arrangement with the lawyer of the seller. The contract’s preliminary version contains details about the price for the house, the land tax as well as an explanation of property details, the conditions of the contract, etc.
It is essential for the contract to clearly state the reason the buyer is purchasing the property. If the investor wishes to be a citizen then this should be noted.
If the government denies their application of citizenship, they are able to end their transaction and not lose their deposit.
A Contract is signed
After all this has been completed then the notary will check to see if the legal requirements have been fulfilled and there aren’t any obstacles to purchasing the property.
Once both parties have signed their names to the agreement, contract is confirmed. Both buyers and sellers might need to cover tax and other fees.
Find the Top Malta has to offer
Expats, executives and wealthy individuals are attracted to Malta and in large part due to Malta’s top-of-the-line housing and living. After seeing some of the finest properties Malta offers You’ll be begging to relocate too.
Oyster Christie’s International Real Estate Malta
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