Finding Cheap Property For Sale in Malta

Finding Cheap Property For Sale in Malta

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When you’re looking for your future home, you’ll come across hundreds, if not thousands, of properties available on the market. Although it starts with knowing what you’re after, it all boils down to the price you’re willing (or can afford!) to pay. Owners are looking to get the most of the deal, but Buyers are on the hunt for a bargain! 

Cheap Properties For Sale In Malta

Terraced Houses in MaltaWhen you’re looking for your future home, you’ll come across hundreds, if not thousands, of properties available on the market. Although it starts with knowing what you’re after, it all boils down to the price you’re willing (or can afford!) to pay. Owners are looking to get the most of the deal, but Buyers are on the hunt for a bargain! 

How do you find good real estate deals?

Whether you wish to use an agency or not, they are often the best people to get you the best choices for cheap property in Malta.  They live and breathe this industry and most agents will know of upcoming developments, what houses are for sale but not publicly advertised, how negotiable an owner is and so on. Although you may use them begrudgingly, you may find yourself a bargain if you use their knowledge to your advantage! The experts in the field will do their utmost when negotiations take place, and they’re usually happy to help you out. Owners nowadays typically advertise their own property including the agency fee anyway, so why not use them? 

Where can I find cheap property?

Browse Facebook Marketplace! You’ll find a lot of property for sale on most local real estate agency websites, however, this is definitely the hotspot right now! Agents and owners love Marketplace, both for its user-friendly ability and the amount of people it reaches. There is an ever-increasing amount of pages being dedicated to the sales and rentals of property in Malta, which has become a testament to the effect that Marketplace has had on this population! You’ll find all kinds, from unconverted town houses or houses of character, to developments on-plan and ones which are ready to move into. Whether it’s a maisonette, apartment, town house or villa, you can pretty much find what you’re after here. 

Is it worth buying an unconverted property?

More often than not, the answer is yes! Prices of houses in Malta have increased so significantly over the last few years, that people started buying ones which needed refurbishment or which were completely unconverted. In the long run, and depending on the types of finishings and furnishings you choose, you could save money and end up with something incredible. It could be painstaking work, especially when it comes to applying for permits and booking workmen. But once you’re all set to go, the finished product could end up gaining you a decent profit! 

What’s the cheapest property to invest in?

There is more than one way of getting yourself onto the property ladder. One of the most lucrative ways is purchasing a property while it’s still on-plan. Prices increase as the project progresses. What you may buy at €220,000 at the start of a project, may well be sold for €275,000 once it’s almost completed. Houses and apartments which may require refurbishment works and modernization could also be lucrative, if you’re able to keep your costs to a minimum. Either way, be sure to do your research on what fully furnished, modern properties are going for in the areas you’re after (it will give you a good idea of what the final product is able to sell for!). Keep in mind that owners sell for various reasons—working abroad, inheritance complications, divorce settlements and so on—so you may be able to snatch up a very rare bargain!

How do you find a good deal on foreclosed properties?

Foreclosure isn’t the sole reason a property would be for sale via auction, but could also be due to disagreements between heirs or in a divorce settlement. Keep your eyes and ears out for when the events are held. For example, Malta Property Auctioneers hold auctions quarterly and will have some superb properties for sale – you can check out their website for more information.

Where can I find affordable properties in Malta?

Over the last few years, certain people have been priced out of the areas surrounding Sliema and St. Julian’s areas, as well as the capital city – Valletta. Bordering these towns, property is being built with the rental market in mind, therefore the price per square metre is usually higher. Certain areas within the Northern and Southern Harbour Districts, as well as the South Eastern Districts, are still the cheapest locations for property. Still, within these regions, prices can differ significantly! 

What properties give you the most value for money?

Properties at bargain prices are often those found on-plan. New blocks of apartments and flats are popping up across the island constantly, so you’re bound to be spoilt for choice when it comes to buying something on-plan. A lot of owners are also highly enthusiastic when their properties initially hit the market and tend to over-price them, so if you’re patient enough, it’s possible that there may be changes in the price to reflect its true value. A small, unconverted house (which requires special building permits and works from scratch) may also be lucrative, however, these types of houses are getting harder and harder to come by, so don’t spend too much time thinking about it! 

Who can help me buy a cheap property?

If you really want to know what’s hot on the market, go to a few reputable real estate companies. Although Facebook Marketplace and Maltapark are great places to search (you’ll find both agents and owners posting properties here), your best is still to visit an agency and discuss your requirements with them. They’ll know what’s available, what developments may be coming up and which apartments, houses, maisonettes, and penthouses are worth their price tag!

What’s the process for buying a home?

You need to start with a bank visit. If you’re a cash buyer, that’s pretty straightforward, as you know exactly what you can afford. If you need a bank loan, then schedule a few bank appointments and see what they offer you, so you can understand the price bracket you should be looking at. Your next step would be to start your search and potentially go to a few agencies. Once you think you’ve found your future home, bring in the experts—an architect (to assess the building) and a notary. They’ll be the ones to guide you forward and help you finalize the deal. Due to the pandemic, the Maltese government has issued some COVID measures for the property market, which will save you a pretty penny on taxes. 

How will I know if a property is overpriced?

If you’re not in a rush to buy, then keeping an eye on what’s for sale will help you gauge what similar properties are going for. If you find a penthouse you’re keen on in a particular area, look for ones which are alike in the vicinity. It will help you identify if they are overpriced in the first place. Keep tabs on your favourite ones, even if they are over budget, because there is a good chance that the sale price will be reduced further down the line if the current price tag doesn’t reflect its true value! - 68 Waterfront Place, Suite 1-2 The Strand Tas-Sliema, SLM 1022 - Malta