Buying real estate in Malta is a very lucrative investment that can yield you a high return in the long run. With a vibrant and thriving real estate market, this island nation has many properties to fit any budget. However, before you buy your dream home in Malta, it is advisable to do some research and prepare your finances well.
The Malta real estate market is highly varied and has been growing steadily in recent years. The main factor for the growth is international buyers who move to Malta. There are many different types of properties on the market, and they range from small apartments and farmhouses to luxury homes. These properties are often put up for sale by high-end real estate companies.
Traditional Maltese architecture features thick walls made of golden-beige stone. Most of these houses were built during the ‘Malta housing booms’ in the 1970s and 1980s. They were often built in marble floors and were surrounded by thick walls. The real estate for sale in Malta traditional Maltese architecture is very popular in inland villages.
The Maltese real estate market has also seen an unprecedented growth over the past decade. The Maltese Golden Visa buyers have been a major factor in this growth. This scheme allows foreigners to purchase real estate in Malta and qualify for a Maltese passport. The passport offers foreigners access to Europe as well as a number of other benefits. If you decide to purchase a property in Malta, it is recommended that you hire a lawyer. The property buyer also needs to enter into a contract with the owner. This contract should contain the details of the sale and the purchase price.
The Maltese tax system is particularly beneficial to foreigners with Maltese residential status. Foreigners can also buy properties in Special Designated Areas, which are areas listed by the government. These areas are deemed eligible for purchase by EU citizens and British nationals. However, non-EU nationals must apply for an Acquisition of Immovable Property permit.
There are also many historical buildings and gardens to explore in Malta. One of the best places to find these is in Valletta. The city is currently undergoing a massive redevelopment. One of the most outstanding new developments is Tigne Point.
If you are interested in a property for sale in Malta, it is important to find an experienced real estate agent. This is a very important step, as you will need to be aware of all the legalities and the process will go smoothly if you have a good professional by your side.
In addition, you should hire a notary to conduct the necessary searches to ensure that the property is legally owned. Then you can apply for a bank loan. After this, the real estate transaction is completed. Once the final deed of transfer has been signed, 4% stamp duty is due. This is the equivalent of one fifth of the purchase price.
The Maltese real estate market also offers a large variety of properties to suit every lifestyle. You can find properties that are suited for families, couples, or singles. You can find properties that have historical or modern features. There are also properties available for rental purposes.