If you are planning to invest in buying property in Malta, you should be aware of certain factors. In Malta there are certain restrictions on what kind of property a foreign national can purchase and what they can do with it. A foreigner can buy one piece of residential property which they can use as their primary residence or, as a holiday residence when they visit the place. The property bought cannot be rented to anyone else.
For a foreigner to be able to buy property in Malta there is a minimum price to be paid for an apartment as well as for a house or a villa to be able to obtain an AIP (Acquisition of Immovable Property) permit which is granted by the Ministry of Finance and usually takes some 6-8 weeks. These prices are 169, 205, for a house or villa and 101, 551 for flats or maisonettes.
While buying property in malta there are a few conditions one must abide by. The estate which the foreigner is willing to buy should not be valued at less than 1, 16,468 euro. Moreover, the fund for buy the property in Malta should be brought in from outside the country.
Despite the restrictions, the serene beauty of the Maltese islands draws people from all over the world. Some of them want to buy the property in Malta and relax amidst the exquisiteness of nature for the rest of their lives, while some tourists invest in property simply for vacations. The island is small but boasts much character. From different historical places which hold testimony to the various cultures that visited Malta to luscious sandy beaches under the blue sky, to lots of mouth-watering food- Malta has all the ingredients to keep the tourists coming back for more. Some visitors plan to buy the property in Malta as their chosen retirement location.
You have decided to buy a property - but what is next? The whole idea of finding a property in Malta, planning the move, legalities, konvenju's, mortgages and expenses is enough to make anyone's hair stand on end.
Buying a property is one of the biggest financial decisions that you will make in your life. It is a lengthy and complicated business, which while exciting is often fraught with stress and worry. But luckily there is a lot of good advice around helping you to make your property-buying experience as easy and problem-free as possible.
After finding a property in Malta that you like, which can take anything from a few days to many months, the process from having your offer accepted to completion of the sale can take as little as 12 weeks.
We have prepared a series of articles as a guide to buying property in Malta.
Property Prices
One of the main factors of the up and downs of prices is the supply and demand chain. How many people are looking for the same property and in the same area you are searching and how many properties are available within your search criteria. If there are more buyers than sellers the prices tend to rise. If there are more sellers than buyers the prices tend to fall. However, it is neither that simple as people buy and sell completely different property types, new and old, studio flats, large villas, furnished or unfurnished, those in good condition and ones that need lots of investment, to name only a few! If buyers only want villas in Sliema and there are only apartments available then the price of the apartments may go down and the prices of the Villas that come available may go up. If everybody wants to live in a certain development and there are only limited units available like let's say, The Portomaso development in St. Julian's, the prices may rise regardless of any market conditions as long as the demand remains intact.
To get the property you want and achieve your must haves you may need to compromise on price and area or accept having to live on the outskirts of that area or live without some must haves which may not be the most logical thing to do.
In today's Malta property market it is as much as a buyer's market in some areas as it is a seller's market in certain developments depending on your requirements. There is a good supply of property in Malta in some areas where you can achieve better prices. One is advised to speak to your local RE/MAX associate to present you with further details on the property market and recommend properties according to your search criteria. It is important that you give the real estate agent with as much information as possible so they can narrow down your search and assist you professionally without wasting your time viewing unnecessary properties.
If you buy a resolute property in Malta, its worth recognizes blowing magnitude in mind, making it also the planet's best venture target.
Malta is now opening its doors to medical tourism.
Not only that, Malta is a well-known destination for travelers from all over the world!
If you are unlikely to need more information associated with buying property in Malta, you can visit the site at that stage (http:/www.giovanniestates.com/).
