Buying property in Malta - whether as an investment or as your own personal residence in Malta - is a sensible thing to do from any point of view.

 

A member of the European Union, Malta is one of the most politically stable countries in the world. Investments in Malta are very secure, banking practices are among the best in the world, socially speaking Malta is a very safe country, and investing in the Malta property market has always rendered positive outcomes.

 

The Maltese are very careful investors and have always believed in purchasing property rather than renting. Over the years this led to an increase in property prices and has kept the Malta property industry solid. A steady migration from southern areas to central and northern areas in Malta has also contributed to new properties being constantly developed and older ones being refurbished and renovated.

 

Over the past decade or so, the Malta real estate industry has seen a yearly increase in property prices up until the last couple of years where we have seen different markets being affected differently. The low to middle price range has seen a slight fall in prices over the last few quarters whereas the high-end market was hardly affected.

 

Simon Mamo Real Estate has been providing letting services in Malta and Gozo for more than 30 years and can humbly claim to have the largest database of properties on the market for long-term and short-term property rentals/lettings in Malta and Gozo. Expanding our services to the Malta Property Sales market is a natural development to our Malta Property Letting success.

 

Our database of property for sale in Malta and Gozo contains all types of property: apartments, maisonettes, houses, townhouses, farmhouses, penthouses, villas, any other type of property with or without pools and other amenities.

 

There are many positive opportunities in every type of Malta property investment and it has always been a pleasure to guide our esteemed clientele step by step to purchasing property in Malta.

 

Unlike unfair practices that may exist in some other countries like outbidding, known as “Gazumping”, our buying procedure is simple and straightforward and protects both the vendor and the buyer.

 

Just as most Maltese are very fluent in English, all legal documents may also be requested in Maltese or English and although we can recommend a trustworthy Notary, you may also appoint a Notary of your choice.

 

 

Purchasing Property in Malta - Procedures and Costs

 

When you identify the property you would like to purchase, we assist you in negotiating the price and any special conditions. As soon as a verbal agreement is reached, an appointment is set to sign the “Preliminary Agreement”, or what is commonly known as Konvenju in Maltese. This Preliminary Agreement binds both the buyer and the seller to conclude the transaction within an established date subject to a set of “conditions” that are all clearly outlined in said agreement.

 

On signing of the Preliminary Agreement (Konvenju), the buyer will be required to pay 1% provisional stamp duty as part payment of the full 5% which is due on signing of the final deed and an agreed deposit which is generally 10% of the total price of the property.

 

During the Preliminary Agreement Term:

 

•         The Notary Public carries out the necessary searches to verify legal title and to ensure that there are no outstanding debts, hypothecs or liens on the property

•         Purchaser is to complete all the necessary requirements, e.g. secure a bank loan, check on building permits, etc., as stipulated in the Preliminary Agreement

•         Vendor will complete any requirements listed in the Preliminary Agreement - e.g. complete the building, or finishing certain works etc. as stipulated in the Preliminary Agreement

 

During this time, we are always available to assist in any queries you might have. We have very good relationships with all the leading banks on the island and can therefore also set up a meeting for you with the bank of your choice.

 

Once the parties concerned have honoured all the conditions set out in the Preliminary Agreement, a date is set for the actual signing of the Final Deed. The venue of the signing will be held at the chosen bank’s legal offices in the case that one may be obtaining finance or at one of the Simon Mamo Real Estate offices or at the office of the Notary Public. The Final Deed is read and agreed upon and the balances due are then settled accordingly. Theses include: balance of the selling price to the vendor; the balance due to the Commissioner of Inland Revenue for stamp duty as well as 1% Notary fees to the Notary Public.

 

 

Benefits of Buying Property in Malta

 

•         No restrictions on resale of property;

•         Repatriation of full resale price, including profits after taxes, is allowed without complications

•         Mortgages are available for property purchase by non-residents or non-Maltese citizens residing on the Maltese Islands. When you receive permission from the Central Bank of Malta, you can borrow as much as you wish from the local banks according to the established commercial conditions.

•         You can rent out your property to third parties 

 

 

Assistance provided by Simon Mamo Real Estate

 

1.         We help you identify the most suitable property according to the your requirements and criteria from our extensive Malta Property for Sale database;

2.         We set up appointments for you to visit the property/ies of your choice;

3.         We constantly offer you assistance until you find the property your are looking for;

4.         Carry out negotiations with the intent of obtaining the best market price and payment terms for our clients.

5.         We set up the appointment for the signing of the Preliminary Agreement (Promise of Sale, known as Konvenju in Maltese) between both parties. This document binds both vendor and purchaser to honour their buying/selling agreement and any requests listed in this document. A Notary Public, chosen either by the client or through our office, presides over the signing of this document. During the term of the Preliminary Agreement our associate, through our office, will remain available to offer any assistance required.