Guide to Letting the Right Property in Malta
How to find the one for you!
Presently, the letting market on Malta and Gozo, is literally booming, with real estate agencies receiving constant client requests for properties which are available for rental. Whilst in the not so distant past, letting was uniquely synonymous with self-catering holiday apartments, today letting has become a prerogative requested by a wide spectrum of local as well as foreign residents wishing to live in Malta.
There are varied reasons as to why this is happening. The great majority of people renting properties in Malta are in fact foreigners who are in Malta for employment reasons and further study. Several industries such as gaming, finance, software and medical care are attracting people to Malta, affecting the letting market considerably. These businesses, which are also hiring many Maltese nationals (Great for the Economy), are also recruiting foreign employees that are taking advantage of the highly qualified persons rules, which is an advantageous tax. Many of these companies also hold their call centres / customer-care departments in Malta and require to place foreign nationals in jobs to speak the very specific languages from where their customers are calling. Over 23, 000 foreign nationals from 151 countries live in Malta from all walks of life and this is on the rise.
Some of those letting property on our Islands are looking for residence so that they may take advantage of the Malta Residence Programme or the Individual Investment Programme (IIP). This attracts affluent persons of an impeccable standing and repute, who either take up residence under one of the schemes available or can be naturalised and subsequently receive Maltese citizenship on the basis of a contribution to, and investment in Malta. (more information here: http://letting.remax-malta.com/moving-to-malta/
Against this scenario, it becomes somewhat easier to understand how the local letting market is influenced and how it is likely to perform. There are specific areas on the island, which are of importance for the letting agent according to the type of client he or she is trying to satisfy.
The quality of properties available to let in Malta vary from what we may call standard finishing with furniture bought from i.e. IKEA to the most modern and high level luxury property, finished with the best brands of material and furnished with best that money can buy.
Once you decide to relocate to Malta you should contact a reputable estate agency and request a list of available properties. This is something you can do while in your own country, so that you can gauge the availability of properties, as well as calculate required budgeting from the price range of such properties.
It is important to know where your employment will be based. Although Malta is a small country, road networks are pretty dense and you may require your own transport to move around. Once on the road, it can take surprisingly long to reach a destination, unless your home will be based close to a convenient bus route or within walking distance of your work place.
Connecting with one real estate agent in Malta helps you focus your energy and the attention of your agent. It has to be an agent you can trust in order to seal a successful deal. Many properties are listed with multiple agents so staying with one agent avoids a waste of time and repeat viewings of the same properties. Once you find the rental you want to occupy, rent it out for the entire duration of your stay in Malta. This way you can obtain a better price during negotiations and avoid the risk of having the property owner raising your rental cost at the stage when you decide to renew your rental contract.
Here is a breakdown of the most prominent letting locations in Malta to lease a property, which are also the ones generally constantly short of free and immediately available rentals:
- Sliema, St Julian’s, Paceville, Swieqi, Ta’L-ibragg – This shopping/entertainment hub attracts a large majority of young families, singletons and English language students, as well as weekend revellers and party-goers. Some upmarket properties located on the outskirts attract well-off residents requesting ample three or four bedded apartments, villas and bachelor pads.
- Tigne Point, Portomaso and Pender Gardens are the lifestyle developments in most repute. They are considered the crème del a crème and boast the best condominium facilities and attract the high net worth, executives as well as retired c-level suite individuals.
- High Ridge, Madliena and Gharghur are Villa areas of most popularity. One may find beautiful properties with pool and garden. Iklin and Lija are also attractive areas that consist of more colonial homes with large gardens.
- Valletta, Floriana – Central and very cosmopolitan, the capital city is of necessity one of the most sought after rental areas. Floriana, its closest town and suburb becomes the next best option. Valletta is for the more adventurous individual since it is still at it’s beginning of restoration. Many properties are still abandoned and derelict however as they become reclaimed they renovated to supreme quality.
- Bugibba, Qawra, Xemxija – At the other edge of the island, this area is favoured by people working in the hospitality sector, individuals aiming to enjoy the seaside and related sports, as well as foreign English language students.
- The Three Cities – The most expensive of the three is definitely Vittoriosa and this location attracts ex-pats and foreigners who decide to retire on the island. Senglea follows hot on its heels in terms of popularity. Cospicua is less well known and appreciated, and still offers the least expensive rentals in this zone.
- Hamrun, Msida, Ta’Xbiex, Gzira, Swatar – This area is considered of great importance for university students and teachers, hospital workers and medical students. The area generally accepts a spill-over of letting clients who seek to be close to a neighbouring locations such as Valletta and Sliema.
We have listed a few locations from the various popular areas in Malta in popularity order. There are other towns that accommodate rental properties. One will find 300 year old homes in tiny villages with country views, bungalows in the north of the Island with pools and so on and so forth.
In today’s market it is very important to seek advise from a reputable agency, one that has the vast database of properties and the specialised estate agents to provide a holistic service so that your property search will not only be pleasant but fruitful.