Home Property in Malta
How to buy a house in Malta?
Here you will find the detailed information about real estate purchasing in Malta:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Malta;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Malta and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Malta.
Prices for real estate in Malta are mostly determined by the following factors: resort status of Malta, its good climate, stable economy, low taxes, high living standards, and small area of the country. All these aspects favor permanent growth of real property prices in Malta, and increase its investment attractiveness consistently. Remarkably, the prices for real estate in Malta have been growing even during the crisis, and a demand for it hasn’t reduced either.
Prices for real property in Malta are far from being the lowest in Europe. Therefore, if you are looking for something more or less affordable, you should probably search for options remote from the coastline. However, it will be difficult to find something farther than 5 km from the seashore, considering the island area.
Property prices per square meter in Malta amount to €1500–€2500 in central regions, and vary within €1000–€1500 elsewhere. The highest prices can be found both in Valetta (€2100–2200 per sq. m.) and Birkirkara (around €2500 per sq. m.), which is the largest city in Malta. In fact, it is hardly possible to find a first line apartment for €100 000–€150 000 here. In any case, such options are available deeper inward the island.
Prices for penthouses start at €180 000. A three-bedroom penthouse can be purchased for €180 000–€350 000. A 350 sq. m. duplex penthouse with a seaview, swimming pools and a garage costs about €1 million. More exclusive penthouses with vast terraces and panoramic views, located in premium coastal districts, start at €1.8 million.
There are also a lot of detached houses in Malta. Many of them have been built in 17–18th centuries. If you want to feel the spirit of the Order of Malta, you may even buy a castle here. Such historical objects with an area of at least 600 sq. m. cost no less than €2 million. In most cases such property is in a very good condition. In fact, Malta is known for an outstanding quality of its real property.
Prices for villas in Malta vary around €1 million. For example, a two-family house with six bedrooms next to the sea can be purchased for this very amount. A bungalow house with a vast area of 2000 sq. m., garden, swimming pool and terraces, located far from the sea, is worth approximately €2 million.
Advantages of real estate in Malta
Real estate acquisition in Malta is a good possibility to spend a vacation or even to move there.
- English is an official language in Malta, therefore all citizens know it more or less fluently;
- very clean public beaches, free for everyone;
- mild climate, which allows swimming in the sea from early spring till late autumn;
- high level of public safety. According to official statistics, crime rates in Malta are one of the lowest in Europe;
- Maltese hospitality. Being descendants of both ancient Phoenicians and Catholics, Maltese people managed to combine eastern hospitality with true European tactfulness in their mentality;
- no annual real estate tax upon acquiring property in Malta.
Disadvantages of real estate in Malta
One should also keep in mind the drawbacks of real property in this country:
- high prices for fresh water and electricity;
- complicated transportation system between cities;
- lack of flora due to high summer temperatures and rocky terrain. One may find Maltese landscape too boring. On the other hand, true mountain lovers should duly appreciate unique Maltese scenes.
According to Maltese law, real estate in Malta can only be purchased by foreigners, if they have a special AIP permit. This permit is not required for purchasing real estate within special dedicated areas. It is also not required for those EU residents who:
- purchase real estate for permanent residence;
- purchase real estate for investment;
have been residents of the Republic of Malta for over 3 years.
In case getting an AIP permit is a necessity, the following purchase requirements should be met:
The value of purchased real estate should be no less than €98 000 for apartments, and €164 000 for houses or villas. These values are reconsidered annually.
One family cannot have more than one piece of real estate in Malta.
Nevertheless, some regions in Malta are AIP-free. Besides, foreigners have certain privileges for Maltese real property purchase: e.g., they do not have to pay annual property tax.
Investment in Maltese real estate are imposed by the following taxes and duties:
- stamp duty – 5 % of the object value;
- notary fee – 1–1.5 %, mostly depending on a scope of provided services;
- AIP permit fee – €233;
- real estate agency fee (negotiated individually).