Malta is a small island in the mediterranean sea situated in the South of Italy. It is an independent nation and offers leniency in purchasing property there. After the coronavirus crisis and lockdown. The demand for the property has increased, but the prices are falling. In January 2021, more than 1150 properties were sold in Malta, which is more than 25% greater than the sale margin in January 2020.
However, the prices in the 2021 sale were lower to about 0.4 per cent compared to 2020. The demand for property is rising, and the prices are kept low, indicating a potential of high prices in the upcoming years. The property prices may double, and this is the best time to buy them.
The Cost Of Property In Malta
Malta provides luxurious grounds for yacht and beach parties. The prices and the demand for real estate for sale in Malta depend upon two things. The first is the type of property, whether an apartment or house, or maisonette. The second thing that affects the price is the location of the property.
Housing Type Cost
The prices of all housing types fell in the year 2021 as compared to early 2020. Townhouses suffered the most in the costs, and their prices are still low. The prices of apartments and penthouses are nearly similar and unaffected by the virus, but houses with terraces have increased a little.
Location Of Property
Malta is a small island and can be divided into six regions. The first is the Valetta, which is the capital of Malta and situated in the Southern Harbor of the region. The prices here are very reasonable . Another significant region is Marsascalas which is in the southeastern region and is famous for resorts. The northern harbor has the towns of Sliema, Birkirkara, and Gzira. The property price here is the highest compared to other parts of the country. However, you can have the cheapest price property at Gozo island.
How To Buy Property In Malta?
There are many ways by which you can buy property in Malta. If you are a foreigner, you must have an AIP (Acquisition of Immovable Property) permit that gives you the authority to buy only one property in Malta. The permit can be made by paying some amount and producing some verification, and you have to wait 35 days for it. There is a particular designated area (SDA) where you can buy as much property as possible without the need for AIP.
With these methods, you can buy property in Malta:
- With the help of an estate agent.
- Online portal gives you access to the owner.
- With the advertisements that are published.
Buying the property with the help of an estate agent might cost you extra due to the commission. The best way to buy a property is from the property market that gives you access to all the selling properties in Malta within easy steps, and you can sort your preferences according to your house types, location and price range.
