Five Facts You Should Know About Buying Property in Malta
If you're new to the world of real estate in Malta, it's Important.
To be aware of some of the particularities that make buying property here in Malta and Gozo are a little different from other parts of the world. Here are five facts that might be helpful to understand if you're considering finding a home on the Maltese Islands:
1. Understand the different types of properties available Malta offers a range of different types of properties.
Properties such as houses of character, townhouses or terraced houses often have unique features particular to Malta. It is essential to know the different types of properties if you're looking for something specific, such as a terrace or a balcony, or if you prefer a modern or a more historical sort of property. (Read More About Property Types in Malta)
2. Understand the financial requirements.
It is also essential to know something about the costs of purchasing real estate in Malta. While these may differ according to the individual buyer's economic situation, generally speaking, they might include a bank loan, which in Malta usually means that 90% of the property purchase price is borrowed from the bank, as well as stamp duty and notary fees.
3. Understanding what a 'konvenju' is.
The promise of sale is known in Malta as a 'konvenju'. The Konvenju is a document drafted by a notary when you've decided on the property you'd like to buy.
The following steps need to be completed. The first is negotiating the price with the seller and agreeing on particular conditions, like any furnishings that are included in the sale.
Then, according to the terms of the konvenju, the buyer and seller agree to complete the purchase within a specific period, usually three months. The final deed is then signed once all parties concerned are satisfied that the sale can proceed.
4. What is ground rent?
While the legal institute of ground rent ('emphyteusis') has fallen out of use in many parts of the world, it is still a relatively common feature of the property market in Malta. Ground rent refers to a contract by which one party pays the other an amount of money on a fixed-term basis, either for some time or in perpetuity, for the use of the land on which the property sits. It is sometimes possible to redeem the ground rent, releasing the buyer from the contract.
5. Know where to get the right advice.
There is a lot to learn about purchasing a property in Malta, and it might be worth getting some advice from real estate experts. The real estate agents at Excel Homes have years of experience behind them and will be able to assist you through the purchasing process in Malta and Gozo.
Apart from Excels Homes Malta's in-depth knowledge of the local real estate market, helping you to find the perfect property at the right price, Excel Homes have built a network of professional alliances that includes notaries, legal firms, and banks, ensuring that the process of buying real estate in Malta is made easy.