With the Mediterranean sun bathing this small island nation between Italy’s Sicily and North Africa, Malta has long been a popular spot for people to set up second homes. Today, the Maltese real estate market is thriving with a variety of property for sale.
In addition to apartments, houses, and villas there is a large section of the market that focuses on high-end luxury properties. This can include entire floors of apartments with spectacular views of the Grand Harbour or historic villas with intricate architectural features from bygone eras. The best way to navigate this upscale market is with the help of a real estate negotiator who can offer professional advice and assistance with a purchase.
The most common property type in Malta is the apartment, which accounts for more than half of all sales on the market. These tend to be located in residential developments and are typically built on one or two floors. They may have a terrace or balcony for taking in the sun and sea breezes, which is especially nice during the summer.
Another type of property in Malta is the house, which usually has a garden or back yard and sits on its own land. It may have a swimming pool or even be built on a hill so it has a view of the bay. A few years ago, it was a hot trend to buy these old houses and renovate them, but as a result some of them are in need of repair and have fallen out of favor with those who seek out profit over quality.
There is also a category of real estate for sale in Malta called the maisonette, which is essentially a two-story apartment. It may have more than one entrance, which makes it a duplex instead of an actual house. This type of property is sometimes found in old buildings above a strip of stores.
A villa for sale in Malta is a larger version of the traditional home in many countries. It is generally larger than a house and often includes a pool or other amenities, such as a barbecue. It is a popular choice for retirees because it allows them to enjoy all the benefits of the islands without the need for a car.
Anyone who is interested in buying immovable property on the island of Malta should first hire a notary. This person will conduct searches and ensure the seller has a legal title to the property. Once these steps are complete the notary will draft a promise of sale and final deed and will register the transaction. The buyer will need to pay a five percent duty on the property acquisition fee. However, EU citizens who have lived in Malta for five years can get a discount on the stamp duty. People who are not EU citizens will have to apply for an acquisition of immovable property permit before completing their purchase.