Malta is one of the most attractive overseas property destinations in the world, especially for those looking for a place with a laid back lifestyle, great climate and a friendly population. Tens of thousands of Brits have bought properties in Malta. Malta has a large expat community.
Cost of living is also very cheap in Malta, much cheaper than in, say, Spain, which is why a lot of foreign buyers looking to buy second homes prefer to buy villas in Malta than in Spain. There is a lot of simplicity to life in Malta, which is something you will probably not get in Spain. Malta is a perfect country for retirees as it is calm, quiet and safe, and has all the modern amenities that they would expect.
Malta has a great climate for over 300 days a year. There are also a plenty of investment opportunities in Malta. Malta. Malta has a large gambling industry and Maltese casinos attract hundreds of thousands of gambling enthusiasts from all over the world.
Malta is really a tiny island, but has a vibrant culture and is very diverse. Sliema and St Julian's are the most popular areas to buy a villa or apartment in Malta. They offer excellent views and have a great coastline. They have excellent schools as well.
Valletta is a modern city and is a great place to buy a second home as well. The gorgeous islands of Gozo and Comino are perfect for nature lovers and environmentally conscious.
Malta offers a Golden Visa scheme for non-EU investors who want to buy property in the country. Non-EU investors who buy properties worth 220,000 Euros in Gozo or South Malta or invest 275,000 Euros in other areas of Malta are given residency permits in Malta as well as a free Schengen Visa – this means they have the permission to travel freely across the European Union nations that are subject to the Schengen Agreement.
Buying Property in Malta – How It Works
If you are a member of an EU country, it is easy for you to buy a house in Malta. If you are not, you will need to apply for a special permit called AIP. The government of Malta also imposes restrictions on foreign buyers looking to buy second homes in the country. Basically, foreign buyers are allowed to buy property here only as long as they invest a minimum of €99,000 for an apartment in Malta and €131,900 for a villa or house.
Those who already have a home in Malta and wish to buy another house will have to get a special permit called Acquisition of Immovable Property form. Non EU buyers have to get the AIP permit to buy property in Malta in any case. You need to get a permit to rent out your villa or apartment in Malta as a holiday home as well.
The taxes in Malta are really low; even so you will have to budget for an extra 8% on top of the purchase price of the property to cover taxes and other related fees.
When you decide to buy a property in Malta, you will be required to Konvenju or Promise of Sale agreement. A stamp duty of 1 to 5 percent will be charged depending on the size and type of the property. You will have to pay a deposit of 10% of the asking price at this point – the rest can be paid at the completion of the sale.
Malta Property Market Outlook 2016
We don’t expect any robust growth in the housing market in Malta this year. Property prices in Malta are expected to stabilize or remain flat in 2016. It is certainly a buyer’s market in Malta at this point of time.