Malta is an increasingly popular place to buy property, with its sunny weather, beautiful beaches, thriving culture, and business incentives. The country is also known as one of the safest places in Europe and has a strong real estate market with a high return on investment. Whether you’re interested in purchasing your dream home or looking to invest, this article has everything you need to know about buying property in Malta.
When and where you decide to purchase a property in Malta depends on your preferences and budget. For example, if you want to live in a city with a more modern lifestyle and plenty of nightlife activities, Sliema and St. Julian’s are great options. They offer a variety of restaurants, shopping centers, and stunning seaside lookout points. On the other hand, if you prefer a quiet countryside lifestyle, places like Zebbug, Rabat, and Gozo are good choices.
The process of buy property in Malta is relatively simple for foreign nationals, although there are a few things to keep in mind. First, it’s important to research the area you’re considering thoroughly and find a local real estate agent who can help you with your search. In addition, it’s a good idea to hire a lawyer who can help you navigate the complicated legalities of the transaction.
Generally, buyers can expect to pay around 5% of the property’s total value in stamp duty. However, if it is the buyer’s first real estate purchase worldwide, an exemption of up to EUR150,000 applies. In addition, a reduced stamp duty of 2% is levied on properties located in the Urban Conservation areas and in the Gozo Islands.
Once you’ve found a property that you’re interested in, it’s a good idea to get pre-approval for your mortgage before making an offer. This will help you avoid any problems later on and will ensure that you’re getting the best possible deal. Moreover, pre-approval can also help you speed up the process of buying a property in Malta.
Another thing to consider when buying a property in Malta is the cost of living. In general, prices in Malta are lower than in other European countries, so it’s a good option for those on a tight budget. However, you should still factor in other costs, such as insurance, maintenance fees, and utility bills.
As a final note, it’s important to consider the language barrier when searching for a property in Malta. Malta has two official languages, and it can be difficult to find a property if you don’t speak either of them. If you’re a non-native speaker, it’s a good idea to consider hiring a translator to make sure that you understand all the documents and agreements that are involved in the process.