How to Buy Real Estate in Malta
Malta’s sunny Mediterranean climate, strong economy, low crime rates, and English as the official language fuels demand for real estate. The island boasts a diverse selection of chic new-build apartments, villas, and maisonettes. It is also home to some beautiful historic properties in the form of palazzos and terraced houses. Check this out:propertymarket.com.mt
For investors, buying a home in Malta offers a chance to earn an income from rental property, as well as secure their own future. The country is a popular choice among American, British, and EU citizens looking to buy real estate for several reasons.
Foreigners can easily buy property in Malta, provided they follow a set of rules and procedures. Investors who plan to purchase a home can apply for an AIP permit through the government’s website. Once the permit is granted, they can start their search for properties and sign a Preliminary Agreement with the seller.
Renovating vs. Buying New: Making the Right Choice in Malta
During this stage, both parties agree on the price and other terms of the sale. Once the contract is signed, the property will be registered in the buyer’s name and a notary will conduct searches to make sure the property is free from any liens or claims. Upon completion, buyers will need to pay a 5 percent stamp duty and a 1 to 3 percent notarial fee.
If the property is purchased off-the-plan, it will be under construction at the time of the sale. This means that the final result could be different from what was originally planned and the property’s worth may decline in the meantime.