Malta property has become an attractive investment for many foreign investors in recent years. Its low prices, favorable tax rates and minimally restrictive provisions allow buyers to purchase real estate quickly and easily. However, it is important to choose a reputable real estate agent with local knowledge and expertise. Moreover, it is essential to consult an architect to ensure that the property you are considering conforms with all local building regulations.
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Malta’s housing market consists of both modern developments and traditional villas, but it is the majority of real estate investors that choose to buy apartments in Malta’s towns or villages. These are often found in modern residential complexes, with a variety of shops, beauty salons and restaurants, and swimming pools. Many of these complexes are also located near public transport stops, allowing residents to reach schools, hospitals and other places of interest in about 20 minutes on foot.
In addition to the purchase price, you will have to pay a deposit and first fifth of stamp duty, which is equivalent to a transfer tax, plus notary and registration fees. Before carrying out a final agreement, your notary will conduct searches to verify the property’s legal title. In most cases, you can apply for a bank loan to fund the purchase.
Purchasing malta property offers many advantages, including low taxes and rent, a stable currency, and high quality of life. Foreign investors are also able to sell their properties in five years without affecting their residence status, or they can use them as a base to travel throughout the EU with visa-free access.