Buyers of property are attracted to destinations for a number of varying reasons, including the geographical features of the country, the availability of investment opportunities and the state of the place’s economy. If the latter features high on the list of considerations, then Malta is at the forefront of desirable countries for property acquisition. Glancing at recent reports, the local economy has never been more solid, and seems to be going from strength to strength. Based on the European Commission’s Winter 2019 Economic Forecast, the island appears set to continue in its growth spurt, with a rise of 5.2 percent expected this year and 6.4 percent projected for next year, making it the fastest-flourishing economy in the European Union.
Additionally, the Property Price Index has registered a 6.5 percent increase during the first quarter of 2019, as reported by the National Statistics Office. It would seem that this upturn has been chiefly experienced as far as apartments and maisonettes are concerned.
SA Consult prides itself on representing Malta’s dynamic property market together with all its openings. Both private residences and buildings required for commercial practices are covered in our extensive portfolio. Clients seeking professional, unbiased counsel can benefit from our abundant experience as well as specialisation in real estate and property law. The consultancy services offered cover the sale and leasing of residential and commercial properties, including the obtainment of all local permits and the processes involved in this. All aspects of property law are dealt with, in tandem with local banks, architects, contractors and other parties in order to guarantee effortless transactions, particularly when buyers wish to acquire property within a tight time period. Specific services include the drafting of preliminary agreements, negotiations and final deeds of sale.
SA Consult supplies its clients with unprejudiced advice with regard to immovable property, both in the case of buyers and sellers during every step of the property negotiation process.
There has never been a better time to invest in a Malta property. According to Malta’s Central Bank, residential property prices have increased at average rate of 6.3% in the previous year, and development permits for new dwellings rose by 34.4%. The prospective for Malta’s economy in 2016 is high, and the EU expects a rise of 3.9%.
At SA Consult we can help you make the most out of our sound property market, whether you are seeking property for a private residence or commercial use. We are specialists in real estate and property law in Malta, providing consultancy services based upon the sale and leasing of residential and commercial properties, encompassing all local permitting and procedures. We consult on all property law aspects whilst collaborating closely with local banks, architects, contractors and other parties to safeguard a smooth transaction, particularly where property needs to be acquired within a tight time period. Services include drafting of preliminary agreements, negotiations and final deeds of sale.
In the case of immovable property SA Consult provides impartial advice on behalf of both buyers and sellers at every stage of the property negotiation process. Sales are all bound by a promise of sale, during which a draft promise of sale must be written as well as provisional stamp duty payments. After this time the final deed can be presented. Our services and expertise may also be require in a case of dispute or enforcement, such as rescissions of promise of sale or breaches of contract.
Non-residents who wish to purchase a property in Malta are required to obtain an Acquisition of Immovable Property Act Permit, or AIP, allowing them to purchase or rent a property in Malta, providing that a number of conditions are met. These conditions include submitting of a copy of the notarial deed, conditions that the immovable property may not be sold in part, and that the property cannot be rented out.
Other conditions include the minimum value of a property as outlined below:
- Villa or House: €169,850
- Apartment, Flat, Maisonette: €101,938
Special Designated Areas
Special Designated Areas in Malta are prime residential areas where conditions of purchasing a property are the same for both Maltese and foreign residents. All buyers are therefore exempted from obtaining an Acquisition of Immovable Property (AIP) permit. Once such property is acquired, it can be leased out without any restrictions. Special Designated Areas are typically comprised of high end properties with extensive facilities including restaurants, marinas, private access, luxury shopping and more. Some of Malta's top residential complexes fall into this category.
Malta's Special Designated Areas include:
- The Portomaso Marina Development (+ Extension)
- The Cottonera Development
- Tigne Point
- Tas-Sellum Residence in Mellieha
- Madliena Village Complex
- Fort Cambridge Zone
- Ta’ Monita Residence in Marsascala
- Pender Place in St. Julians
- Metropolis Plaza in Gzira
- Fort Chambray in Ghajnsielem, Gozo
- Kempinski Residences, San Lawrenz, Gozo