Malta is a popular destination due to its warm Mediterranean climate and sumptuous seafood. No wonder many people dream of moving to this beautiful island. When considering moving to Malta you should research where to get housing. Besides, understand the climatic conditions in Malta as well as heating and electricity expenses you may incur. This is because during winter, the temperatures are not friendly. Thus, you need to keep the house warm, especially during winter.
Housing in Malta can be a daunting process. Securing the property of your dreams may seem impossible but the good news is, it’s doable. Whether you are moving to Malta as a foreigner for work or to enjoy the island, you can rent or purchase a house with no restrictions.
Rental rates are not the same in Malta. They vary depending on the type of property, duration of tenancy, and location. Most of the time, utilities such as electricity, TV, water, and internet are not part of the rent. You take care of them as the tenant.
The real estate market in Malta
The moment you start dealing with the real estate market in Malta you will realize that it is a pretty fast-paced environment. What does this mean? That you should start your house search early. Do not wait till the last minute to start because housing in Malta is no joke.
Furthermore, if you are moving to Malta in a rush, it is advisable to stay in a hotel first. This will give you enough time to look around and find a house. If you are keen on getting a house in Malta, start your search 2-4 weeks earlier. At times, you may have lots of houses to choose from, thus, you need time to make a decision.
Renting a house in Malta
When looking for a house to rent, what you have in mind is to find a house that suits your personality and taste. You might be looking for a penthouse, a studio apartment, or a terraced house. The choice is all yours.
Maybe you can start looking for a house to rent in a convenient place. If you are going to work or school, choose a location that will enable you to get to your destination in no time. However, the options are endless as it is up to you to go for what works best for you. Also, if you have a family including children, you need to choose a place which is near the school they will be attending and your workplace.
Moreover, you can try hiring a real estate agent to help in the search. They have all the information on available houses. They will make the work of looking for a house much easier. You will also be linked to houses you prefer and within your budget.
The process of renting a house in Malta
Once you find a house meeting your specifications, allow the real estate agent to negotiate the price as well as the terms of the agreement. Once you are happy with the price, sign the contract to seal the entire agreement.
You will need to pay the deposit plus advance rent. A deposit is a form of indemnity for your landlord that if you don’t pay your rent, the landlord withholds your deposit. This also occurs when there is property damage. The deposit may be used to cater to the repair costs.
The other significant cost will be your actual monthly or weekly rental costs. It is wise to understand your budget first before embarking on housing or renting in Malta. You should not live in a place where you will be unable to pay the rent.
Buying property in Malta as a foreigner
To many, buying a house is a lifetime decision that touches on finances in a major way. That is why property planning is paramount. Malta has no restrictions on foreigners purchasing properties.
However, as a foreigner, you will require an AIP (Acquisition of Immovable Property) permit. This means, as a foreigner, you don’t need a Visa. Next, pay a certain fee and your permit will be out in about 35 days.
EU citizens and foreigners looking to purchase a home in Malta should know of buying property in Malta should know of the one property limit. This means you cannot buy more than one house. Also, note that the cost of buying a house in Malta depends on the location of the property and the type of house.
Financing property purchase in Malta
Buying your house in Malta may mean that you get a bank loan. This will go a long way in financing your purchase. As a rule, you have to pay 10% of the purchase price as a down payment. The funding is normally through a bank loan or monthly repayments.
Buying a house brings with it other expenses. We are talking about utility bills, and notary fees, among others. That will affect your budget. It is good to be aware of the process and money involved in proper planning.
Where to buy property in Malta
Malta boasts real estate investment opportunities available in its best cities. We are talking outside of the capital city. If you are looking for outstanding property values, choose between St. Julian’s, Gzira, and Sliema. These are the cities that have everything you wish for.
If you are not into a noisy lifestyle, you can still find an incredible home. Go for laid back country life in Rabat, Gozo, or Zebbug. They are located far from the city noise and provide a serene traditional village atmosphere.