Why invest in a property?
Would you like to live and buy property in Malta permanently or on a short-term basis? Are you seeking retirement, are a student or wish to start-up a business on the island? No matter your status, Malta is the number one place to contemplate living. An island where you can mingle with friendly locals, take in the good weather and learn from your experiences.
The Property Market in Malta
This article will be a guide on the ways of property market and how it has evolved in Malta throughout the years. If you are planning to live here, you must know the basics and acquaint yourself with real estate.
From the year 2000 to the year of 2007 there was a steady, increasing market when it came to property. The average house price index was at a growth rate of 78.9% with apartments having an increased cost rate of 83.3%. Many other construction initiatives were rising in price. Then between the years of 2008 and 2012, Malta had faced a financial crisis inclusive of other European countries. Due to this, the average house price index had dropped by 4.4%, slightly recuperated, and fell again by 2012. In 2013, it was as if nothing happened. The property related plans inflicted by the government of Malta had caused benefit to the house pricing and the growth rate started to climb the graphs once again. Ownership of property was heavily occupied by both locals and foreigners. In 2018, several permits were implemented for terraced houses, apartments and maisonettes and private consumption in households had led to the economy’s benefit.
In the current years, Malta has continued to prove that it is one of the highest ranking in consistency of capital growth in Europe. Investing in any selection of property is available, whether on a budget or not. The property value is always dependant on the size of the property, the condition, and its location. Investing in a property will also give you major advantages. The government will provide you with a special tax status of 15%, depending on the income you receive within the island. To become a resident in Malta, you must invest in a property either in Malta itself or on her sister island, Gozo.
Malta is rich in its cultural heritage, has countless amounts of beautiful beaches and breath-taking sceneries. The locals are also hospitable people, and they can speak English fluently.
Apartments & Villas For Short Let
Renting an apartment in Malta for a holiday or a short-term rental is an affordable alternative to booking a hotel room if you are visiting Malta or Gozo with your family or even on a business trip. The Maltese property market caters to a vast range of quality apartments which vary from the five-star hotel category to standard apartments with a modern finish that would be located close to the sea or with partial sea views.
Choose from hundreds of short let holiday homes and flats located in the beautiful capital city of Valletta, the popular seaside resorts of St Julians, Ballutta Bay & Sliema, the entertainment district of Paceville, the northern villages of Golden Sands, Mellieha, Bugibba, Qawra, and St Paul’s Bay and more which are great during the summer. Renting a Property in Malta The property rental market in Malta is fiercely competitive. A large influx in the number of international companies relocating to Malta, coupled with the financial incentives that the Maltese government offers overseas investors, has seen the demand for high-quality rental properties shoot up dramatically.
Finding a Property The best rental properties in the most sought-after areas are snapped up almost as soon as they become available. It truly takes a ‘market sniper’ of an associate to secure the best properties. There may not be a vast difference between first and second-tier properties, but when only the best will do for our clients, we are committed to providing that.
Rental Reform in 2020
As of 1st January 2020, the latest Act C3176 which was passed in Parliament in the last quarter of 2019 will come into place. It is important to note the changes in the law in relation to your next rental property or your current rental agreement. The Maltese Government has acted upon an important real estate segment that has otherwise been left without much supervision. The Maltese Tenant Association and segments such as the iGaming industry have been lobbying for the last eighteen months or more to create more structure which brings more stability for tenants relocating to Malta and looking for a Long-Term rental.
To Sum Up There is a hot property in Malta for everyone. Regardless of your budget – whether you are looking for the least or the most expensive home – the right place is out there for you. Timing is of the essence and the sooner you find a letting agent that you feel is competent and knowledgeable, the quicker you will find yourself signing a tenancy agreement. Do your homework, nail down your budget and key requirements, and then trust the guidance of your property expert.
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