For many entrepreneurs and individuals emigrating to Malta from abroad, the housing market in Malta is a black box. There is little information on the internet about how much apartments cost in Malta, how searching for an apartment in Malta works, etc.
Therefore, I also receive enquiries from readers very often, about what the housing market is like in Malta, and which parts of Malta I would recommend living in.
Introduction to the real estate market in Malta
Here, you can read about what motivated me to publish this article and what this article covers.
The fact is that the rental market and the process of renting property in Malta are quite different from what we are used to in Germany, for example. In Germany, most tenants and buyers go to platforms like Immobilienscout, where apartments that might interest you are posted. Many landlords or property managers place their ads online there. If the cover letter is convincing, they will be invited to an interview along with 10 others – naturally with corresponding proof of salary, SCHUFA information (information on creditworthiness from Schufa Holding AG) and possibly even confirmation from insurance companies. Apartments in Germany are priced per square metre, and are usually unfurnished. Tenants must therefore provide for an appropriate interior and a fitted kitchen themselves.
It’s different in Malta – here everything is done through real estate agents. So you go to the real estate agent you trust, tell him what ideas you have, get advice and are then shown a handful of properties. If you like an apartment, you can sign the contract the same day and even move in immediately. Therefore, the planning phase for a new apartment is about 2 weeks, on average, whereas in Germany, it’s more like 3 months. In Malta, apartments are usually fully furnished and are charged according to the number of rooms.
Of course, there is much more worthwhile information about the Maltese real estate market. Therefore, I have asked my trusted friend and real estate agent, Mark Molnar, to give you a comprehensive overview of the apartment and house market in Malta.
In 2017, Mark Molnar, founded the real estate brokerage Let Buy Mark. Mark is not only passionate about his profession, but he also has a vision of reforming the real estate market by creating a combination of professionalism and a pleasant working environment. A place where a collection of great minds work continuously to raise standards in the real estate industry, bringing in their knowledge and experience to create an even greater story together, for the industry and for the next generation.
Doing the move to Malta the right way.
What you should know about the real estate market in Malta
Here, you will find the most important information about the Maltese real estate market.
With its wonderful climate and its strategic location in the Mediterranean Sea, Malta is the dream of many families and entrepreneurs who want to move their life and business there.
The range of real estate in Malta varies from beautiful villas in classic 16th Century style, to ultra-modern architecture of a high standard. The variety of real estate in Malta is so great that it is impossible not to find the perfect solution.
In Let Buy Mark’s experience, most people want to live in Sliema and St. Julian’s, which also make up the economic centre of Malta. A perfect combination of new residential developments, shops, restaurants and office space creates a balanced working and living environment, where services meet the highest standards. According to PwC Market Research 2021, more than 40% of respondents would like to live in apartments, which, along with villas, are the most valued property type.
In a complex, volatile real estate market that is constantly changing and improving in terms of prices and standards, you require the advice of an expert. Our real estate agents at Let Buy Mark view properties every day, in order to find the best solutions. The experts at Let Buy Mark can also give you a professional valuation of the property, to provide the transparency you don’t have in a private negotiation.
The best place to live in Malta: Top tips from Let Buy Mark
In this chapter you will learn about the most popular places to live in Malta, and what characterises them.
Gzira
Gzira is usually the first place many people who move to Malta live in, due to its strategic location near Sliema. The classic urban environment, with its cosy restaurants, is ideal for younger generations, and Gzira offers a very good balance between quality and cost of living. The main type of residential accommodation consists of apartments, but penthouses, terraced houses and maisonettes are also very popular. Fully furnished offices, restaurants and other commercial establishments are ideal for start-ups and entrepreneurs visiting Malta for the first time.
Mellieha
Mellieha is located in the north of the main island and it is an attractive urban centre surrounded by unspoiled nature and the sea. The ideal place for those who love silence and country life. The offer on the housing market consists mainly of beautiful apartments tailored for families, luxurious houses with character and villas with sea views. Mellieha is also known for its beautiful beaches and viewpoints.
Msida
A multicultural environment and a wide variety of real estate solutions are the elements that best describe Msida. It is ideal for those who want to feel the energy of the city and for students who want to live near the university. Msida is not far from the economic centers of Sliema and St. Julian’s. It offers favourable solutions for both commuters and permanent residents.
St Julian’s
St. Julian’s is Malta’s main business and financial centre, where residential property meets modern glass-fronted offices and contemporary architecture. The famous architect, Zaha Hadid, has chosen St. Julian’s as the site for a new luxury project called Mercury Towers. High energy and density inspire those who love the urban lifestyle, especially in terms of nightlife, while areas like Paceville and Bay Street offer the best entertainment. Luxury apartments and penthouses directly beside the sea are the most sought-after residential properties. Retail stores, hotels and restaurants make for a vibrant streetscape – the kind you’d experience in a big city.Sliema
Located between St. Julian’s and Gzira, Sliema is a place where tradition meets modernity. The offer on the real estate market ranges from modern bed-sitters near the sea to beautiful renovated townhouses and duplexes. A generous supply of shops and offices creates a balanced work-life environment for families and for those who want to work and live in the same centre. Stroll along the beachfront, have lunch beside the sea and enjoy a day of swimming at the famous Sliema promenade, whether during the day or in the evening. At night, life becomes quiet and peaceful. Sliema is ideal for dining in attractive restaurants and strolling between art and architecture, watching the open sea or exploring the capital, Valletta.
Valletta
Valletta is not only the capital of Malta, but also a city you will fall in love with if you appreciate history, art and architecture. Valletta is the ideal city for intellectuals and lovers of old times. From small historic alleys to monumental architectural areas, Valletta is exceptional in every way. Vintage cafes, lounge bars, traditional restaurants and classic boutiques represent timeless elegance. If you like Valletta, you will also love the details. The offers on the commercial market include small office spaces in renovated houses and the residential market consists mainly of townhouses and decorated apartments.
Doing the move to Malta the right way.
How much does a property cost in Malta?
If you are interested in buying a property in Malta, you can get a small overview of the market prices in this article.
Market values can vary greatly, and they depend mainly on the location, the proximity to the sea and the quality of the interior. The market value of apartments can vary from EUR 2,900 to 8,000 per square metre in the St. Julian’s and Sliema areas. The rental market ranges from EUR 600 to 1,750 a month, per bedroom in the same areas. The cost of housing gradually decreases, the further you get from St. Julian’s. In the outlying areas, such as Gzira, sales prices vary between EUR 1,800 and 3,500 per square metre, and rental prices between EUR 500 and 900 a month, per bedroom.
In general, the average size of an apartment in Malta is between 90 and 150 m², with a weighted average of 110-115 m² . Fully furnished apartments with 2 bedrooms are the type of housing most in demand. Villas also represent an important part of the market demand.
Buying a house in Malta: What you should know in advance
In this article, you will learn how to buy a house in Malta.
If you are looking to buy a home or an investment property, we can offer you a wide selection of real estate, so you will be able to find what you are looking for.
Buying a property in Malta can be quite simple. Once you have found a property that you would like to buy, you must first sign an agreement, the so-called Promise of Sale (POS) agreement. After the POS, the process generally takes at least 8 weeks, whereupon it is signed by the seller and the buyer, in the presence of a notary. After signing the contract, you can pay the 10% deposit on the real estate price .
The 8-10 weeks represent the waiting period during which the notary will perform a full due diligence on the property (legal analysis and verification of the regularity of the property).
If you are financing your property through a bank loan, you will need to make an appointment and ask for a letter of approval from the bank as proof that the loan amount is covered. Banks usually require proof of employment, proof of assets, or a bank statement .
After the loan agreement has been finalised, the final deed is read and agreed upon, and the amounts due are paid accordingly. Within 15 days after the final deed has been read, the notary must send the documents to the land registry.
The costs incurred by the buyer in a normal transaction are generally:
- Notary’s fees: 1.5-2% of the value of the property
- Stamp duty: from 5% to 1.5% on the first EUR 400,000
So dear readers, I hope that Let Buy Mark was able to bring some light into the darkness, and that your questions about the Maltese real estate market have largely been answered.
If there are any unanswered questions, feel free to write in the comments and we will address them.
Otherwise, please feel free to ask the team of experts at Let Buy Mark directly: [email protected].
