Selling Property in Malta

It first starts with a property evaluation where one of our experts will indicate the recommended price that you should advertise your property for. This depends on the property market, the area your property is situated in and of course the property features itself. During this stage, you will also set the minimum price you’d be willing to sell for, should interested parties place lower offers than the advertised price.

So as to prepare the property for the market, Simon Mamo Real Estate agents will view the property for sale, take photos of the property as is and inform the seller on the best ways to maximise the potential of the property with minor changes or improvements; these could be finishing or presentation improvements and can also be handled through Simon Mamo Real Estate Homes.

Once the seller is happy with the evaluation, marketing approach and so on; all content is uploaded onto our website for our thousands of weekly viewers to browse in their property search. During the marketing phase, Simon Mamo Real Estate can also push your property on other platforms to ensure there’s ample coverage and exposure. The average selling period ranges between 1 – 6 months depending on the type of property, location, price and market interest.

As soon as an offer is placed and accepted, a Promise of Sale (known as a ‘Konvenju’ locally) will be drawn up based on a 3 – 6 month period allowing notaries involved to research and finalise the contract in question. During this stage, a 10% deposit on the property value will be required by the notary. Looking into a few more expectations during this phase will streamline your selling process;

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Taxes:

properties sold within 12 years of acquisition allows sellers to choose from 2 taxation options;
capital gains tax based on selling price less the purchase price and property costs incurred
12% final withholding tax on property’s selling price
properties owned for over 12 years will be subject to a 12% final tax; tax does not apply if the property was the seller’s main residence for 3+ years.

Energy Performance Certificates:

Recently implemented into the selling process in Malta and Gozo, the EPC can be obtained from your architect and is required to evaluate the energy usage of the property. This certificate must be presented to the notary during the final sale contract.

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