Finding Your First Home in Malta

Malta’s thriving real estate market offers everything from cosy apartments to luxurious penthouses, and with the right guidance, you can find the perfect match.

Whether you’re looking for a dream home or an investment property, our goal is to make your property-buying experience seamless and enjoyable.

Understanding the Maltese property market

Malta’s property market has been consistently strong over the years. However, knowing the market dynamics is crucial before diving in.

Property types: Malta offers a variety of property types, from traditional townhouses and modern apartments to penthouses and villas. Each has its unique appeal, so it is important to consider what type of property best suits your needs and lifestyle.
Location: Malta’s various towns and villages offer vastly different living experiences. Each one offers its unique charm, so understanding the location is key.
Market trends: Prices can vary depending on location, demand, and property type. Some areas may have seen significant price increases due to high demand, while others offer more affordable options.

Setting Your Budget

Before you begin your home search, it’s essential to set a realistic budget. This will guide your decisions and help narrow down your property options.

Here are a few factors to consider when establishing your budget:

Initial costs: Your budget needs to cover more than just the property price. You will need to account for legal fees, notary fees, stamp duty, and possibly additional taxes if you’re a non-Maltese buyer.
Financing options: If you are financing your property through a mortgage, it’s important to get pre-approved by a local bank. Banks in Malta offer mortgages with varying terms, but typically require a down payment of 20 percent.
Ongoing costs: Don’t forget to account for ongoing costs such as utilities, maintenance, and home insurance. If you are purchasing an apartment in a block, be mindful of any condominium fees or service charges

Finding Your Perfect Property

One of the best ways to simplify the process of buying your first home in Malta is by working with a reputable real estate agent. A local agent can provide you with valuable insights into the market, help you negotiate the best price, and navigate the legal aspects of property buying.

Alternatively, another option would be to buy a property directly from the developer. Developers typically offer competitive pricing, eliminating intermediary fees leading to a more cost-effective purchase. You may also have the opportunity to customise your property, choosing finishes and layouts that suit your style. Additionally, developers provide comprehensive information about the property, including specifications and warranties, ensuring you’re well-informed before making a decision.

Lastly, new developments usually meet modern building standards, minimising concerns about repairs or renovations. By considering these benefits, you can make a more informed choice in the Maltese property market.

Viewing properties and making an offer

Once you have set your budget and found an agent, the exciting part begins—viewing properties!

When attending viewings, make sure you:

Ask the right questions: Ask about the property’s history, any potential issues, and the surrounding community. Be thorough so you have a complete understanding of what you are buying.
Inspect the property: Pay close attention to the condition of the property. Does it need any repairs or renovations? Are there any signs of wear and tear? If you’re unsure, consider hiring a surveyor to assess the property before making an offer.
Making an offer: Once you’ve found your dream home, you can make an offer through your agent. It’s advisable to negotiate, especially if the asking price exceeds your budget or if the property has been on the market for a while.

Navigating the legal process

The legal process of buying property in Malta is relatively straightforward, but it’s important to be familiar with it.

After agreeing on a price, a promise of sale (konvenju) is signed, which locks in the purchase agreement between the buyer and seller.

During this time, your notary will conduct due diligence on the property, including verifying ownership and ensuring there are no legal issues tied to it.

After the due diligence is complete, the final deed is signed, and ownership is transferred to you. This process typically takes about three to six months from the time the konvenju is signed.

Finding your first home in Malta may seem overwhelming, but with the right guidance and preparation, it can be an enjoyable and rewarding experience.

Are you ready to find your first home in Malta? Contact PLAN Homes today, and let us guide you through the process!