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If you are looking to sell property in Malta fast, you would be enthused at the improving economic situation in the tiny country. For a long time, following the highs of 2008, the Maltese real estate market was in a free fall. There weren’t many takers for Maltese property. The global economic crisis hurt property markets all over the world, and didn’t spare Malta either.
But since 2015, there has been a marked improvement in Malta’s property markets. Yes, the first half of 2015 was slow, but since then, we have seen a strong interest from foreign buyers in Maltese property.
The second half of 2015 saw property sales increase by 5 to 6 percent, which is quite decent. 2016 has been the same, or slightly better. 2016 promises to be the year when the Maltese property market gets back to where it has always been – one of the top 10 real estate markets in Europe.
The reason for the increase in property prices in Malta has been that foreign investors from countries such as Russia and China look upon the nation as a safe haven for their enormous wealth, which they wish to transfer from their home countries to escape the rising taxation there.
Malta is an English speaking island, which was ruled by Britain for over 150 years, and has always been loved by investors from Britain, but the new age investor in Malta is likely to be one who speaks Chinese or Russian.
Foreign investors from non-European Union countries are attracted by Malta’s Individual Investor Program, which according to Dr. Ann Bugeja, who is a lawyer employed with the CSB Group, is an excellent initiative that “allows the naturalization as a citizen for foreign nationals who buy property for a minimum of €350,000, and keep it for five years, or lease property for €16,000 a year and keep it for five years.”
Malta also allows non-European Union foreigners to take up tax residence there, through the “global residence program” upon an investment of €275,000 in immovable property in the country.
So, clearly, if you’re looking to sell property in Malta, you will certainly benefit from the interest shown by buyers from non-European Union nations in Maltese real estate.
How to Sell Property in Malta Quicky?
To sell property in Malta fast, you must hire an international real estate agent who deals extensively with Chinese and Russian investors. This is important because in today’s market environment, Chinese and Russian property investors are cash rich and take the property off your hands very quickly.
So once you have hired the right real estate agent to sell your overseas property fast, the rest of the process is likely to go along very smoothly.
It helps to know about the costs related to the sale of your Maltese property. You will have to hire a Notary service to draw up the Sale of Contract, called “Convenue”. It helps to hire the services of an experienced local solicitor as well, to help you with the property transaction.
Finally, a word on the capital gains tax. You have to pay capital gains tax on your property in Malta only if you’re selling it within 5 years of buying it. Capital gains tax in Malta can be charged in one of the two ways:
# A flat rate of 12 percent on the total value of the Maltese property.
# At a progressive rate of 35% on the value of the property, depending on the price it has been sold for.
We hope the tips given here help you sell property in Malta fast. Contact us today if you need help to buy or sell property in Malta.