Properties in Malta

Properties in Malta

The property market in Malta has changed significantly in the last ten years. Had you visited Malta 10 years ago, you would have noticed mostly terraced houses in the villages with high buildings in the more urban areas of Sliema and Saint Julian's.

The economic boom that started around 2015 brought about an increase in population due to inward migration together with an appetite for property investment. For this reason, some of the traditional houses made way for multi floor buildings with apartments that accommodate the increased number of residents looking for a home on the island.

All property types in Malta

If you are also interested in investing in property in Malta you can choose from the following type of properties:



The most popular properties in Malta

Terraced houses in Malta typically have two floors and a terrace, with a yard or garden at the back of the house. These houses tend to have a size larger than 100 square metres. Maisonettes are a set of rooms making part of a larger building but with a separate entrance from that of the other flats or apartments. Apartments are found on the first, second, or third floor and so on (depending on the number of floors the building has) and they fetch a higher selling price the higher up the apartment is situated.

At the very top you will find penthouses which are the most expensive in a block due to them enjoying more outdoor space and light than maisonettes and apartments. Penthouses have got ample room in their terraces for you to install a pool. You will also find ones which have airspace, enabling you to build another floor on top of your penthouse in the future to convert into a duplex one.

A duplex penthouse is a penthouse built across two floors allowing larger spaces and therefore being the best option for larger families.  If you are lucky during your search for a home, you may find a penthouse with a spectacular sea view.

Luxury properties in Malta

Another type of house you may want to consider is a house of character. These are properties built in the 18th and 19th century but have been expertly converted to become a dream house in the heart of village centres. Sizes vary but most of them are considered quite spacious for today's standards. The majority have a central court or garden but you will also find ones with a pool. You may wish to choose a cheaper unconverted house so that you can finish it off according to your taste. If you have a higher budget, you will also find a number of villas on the market.

Villas or Farmhouses in Malta are designed for luxury living and more privacy. They are set on grounds with private pools and gardens, making them ideal to entertain family and friends during most of the year considering Malta's enviable climate. If none of these options is to your taste, you can also buy your own piece of Maltese land! You can search for buildable plots and residential land and build the residence you have always imagined and wished for.

Buy directly from the owner or in the agency?

Whichever type of property you choose to look for, you will also have to decide whether to buy directly from a property owner/developer or use the services of one of the estate agents found in Malta. You will find a number of sellers who wish to sell their property without using a real estate agent.

There are also a number of developers which will show you detailed plans of projected apartments and penthouses, some of which could be already in the construction stage with a planned finish date. Alternatively you may opt for the help of real estate agents who have a good knowledge of the local property market and can help you find what you are looking for in return of a commission on the selling price charged to the seller.

Tips for buying property

First of all, get a quotation from the lender. Before you go shopping, find out how much you can borrow and get your loan pre-approved, meaning that you are certain to get the loan providing that your financial situation does not change. This will save you time from looking at property beyond your budget and help you focus your energy on the various available homes within your reach. Next, compare lenders. You wil probably be paying your home loan for a while so make sure you get the best deal possible by having visited a number of lenders to find out what conditions they can offer. Make sure you are aware of every expense.

There are a number of fees in addition to the mortgage. You have to make sure you have the income to cover other expenses such as taxes, notary and architect fees, common parts fees (in case of a block of flats) and insurance. Verify all the information described in the listing. One issue that might crop up with furnished homes is what is going to stay with the home and what is going to leave with the previous owner. Above all, do not make any hasty decisions.  If you are not convinced after a first viewing, ask for another one or keep searching if you cannot see yourself in that property.

Make sure your finance are in order and how much banks are willing to lend to you beforehand. This will let you know what you can realistically afford. When you know what you qualify for the fun of searching for a home can begin. When you find a house to your tastes, make an offer to the owner or to the agent. If it is accepted, a promise of sale will be signed by both parties and the next step will be to apply for the mortgage. Once the mortgage is approved, it is a matter of time before the funds go to the seller and you are handed your house keys!
It depends. Typically, one spends between a few weeks to a few months looking for the dream home. A few days to get the initial loan approval and a month or so to close the deal.
It is always best to look at a minimum of 4 to 8 houses before committing yourself to buying one. Having said that, if you step into the first property and feel it is the one for you, do not miss the boat. For some it is love at first sight! - 68 Waterfront Place, Suite 1-2 The Strand Tas-Sliema, SLM 1022 - Malta