Buying a Property
There is a saying that states that the only greater asset than property is time. However, without the right guidance or expert help, the acquisition of the former can swiftly lead to a deficit in the latter.
Buying a property can be a time consuming, expensive process, especially if purchasing overseas or in an unfamiliar location. Then again, with the right team backing you, the potential for costly mistakes and time consuming delays are minimised dramatically, allowing a busy person to get on with important matters, and not to have to worry that somebody will drop the ball.
RE/MAX, Malta’s largest real estate agency, boasts an extensive database of upscale, exclusive properties, not available to any other real estate company on the island.
Sellers know that discerning buyers will only settle for the best, with no excuses or delays. That is why our specialist team has been trusted with making sale after sale of the most sought-after, highly prized properties on the Maltese Islands.
This is a market where knowledge is key to a successful transaction, and our associates have years of experience successfully guiding and assisting high-level, astute clients through the process of acquiring unique properties for investment or as a place of residence.
Each client is given complete individual attention with a personal service that is tailored entirely to meet the demands of that particular client.
The team at RE/MAX Malta perfectly understands that clients want an all-encompassing real estate firm that is able to swiftly procure the right property, for the right price and then ensure that the buying process runs smoothly and without a hitch.
RE/MAX Malta’s clients can safely enjoy peace of mind that Malta’s top experts are looking after every agreement, contract and transaction on their behalf.
Types of Properties
If you’re searching for a property in Malta, you’re in luck. In spite on the island’s size, it boasts a wonderful range of properties to suit even the most personal of tastes.
From centuries old palazzos to super-sleek penthouses, villas with pools, converted farmhouses, serviced apartments, typical townhouses or a centrally located pied a’ terre, there is little that cannot be found given the right budget, timeframe, and specialist agency.
Properties in the most sought-after locations are quick to be snapped up and therefore the service of an established, trusted and informed estate agency such as RE/MAX is a necessity.
Luxury developments offer the best of Mediterranean living, with any amount of amenities on offer, including garages, swimming pools, underfloor heating, landscaped gardens and more.
Overseas buyers may take advantage of purchasing a property in a Special Designated Area (or SDA) where foreigners enjoy the same rights as local buyers and do not need to adhere to the usual rules that bind foreign property buyers in other areas.
As one of the successful agents for all the major SDA developments, RE/MAX has access to the best of these luxury, in-demand properties.
The process of buying a property in Malta is transparent and straightforward, with one important difference between Malta Residents and non-Residents that involves applying for an AIP (this is explained in more detail below). Apart from this, the process of buying a property in Malta remains the same for everyone:
Once a price has been agreed upon, a preliminary agreement known locally as a Konvenju (or convenium) is signed. This binds both parties to the transaction and specifies a date for the completion of the sale.
At this point, upon signing the Konvenju, the buyer must pay 1% of the full 5% stamp duty on the property, as well as a deposit, usually 10% of the agreed price for the property.
The buyer’s notary will then carry out the necessary legal research on the property and the seller, whilst also applying for any legal permits that may be needed. This process may take 3 to 6 months to be completed.
Once everything has proved to be satisfactory, the Final Deed is signed at which point the remainder of the selling price, stamp duty and notary fees (approximately 1% to 3%) are paid. In exchange, the buyer receives the keys and legal ownership of the property. The buyer’s notary must then apply for the registration of the property at the Land Registry within 15 days of the date of the deed of transfer of the property.
Non-residents wishing to purchase property in Malta may be required to obtain an AIP permit (€233). Exceptions to this rule include if the property in question is in a Special Designated Area or in the case of EU citizens that satisfy number of criteria. An AIP comes with certain conditions to which the property and its use must adhere. When buying in a Special Designation Area, no restrictions apply.
RE/MAX Malta is able to assist in all stages of the acquisition of a property, from sourcing potential locations to the signing of the final deed. Not only is our team on hand to assist day and night, but we are also in a prime position to provide access to Malta’s top experts in different stages of the transaction. For example, hiring the right notary to carry out those vital checks and permissions can potentially save tens of thousands of Euro in unexpected costs. Avoiding nasty surprises is something every client wants, and RE/MAX Malta can help ensure that things are done properly and with no room for error or doubt.