Guide for First Time Buyers in Malta

Many people consider the decision to purchase property - one of the biggest decisions one will make. This is hardly surprising when you consider the responsibilities that come with this decision. One needs to be aware of the process of purchasing a property, the expenses and charges involved, and what methods would simplify their buying process - even more so when it’s the case when a first-time buyer is purchasing a property.

Confirm Your Budget

It is important to have a budget in mind before searching for first properties in Malta or Gozo. Several people have borrowed funds in order to finance their purchase. If this is the case, the bank is able to give you an indication of your borrowing limit based on your salary, factoring in other expenses you may already be committed to. Remember that this is only an indication so be sure to search for properties priced below this figure. Ask your specialised first-time buyer agent to show you properties below and above with space to negotiate to your threshold. It may be prudent to deduct costs of other items, such as furnishings, notary fees and so on so that you have a more accurate figure. It is recommended that you visit your local bank and confirm the amount the bank will be able to borrow you. If you are buying a property with your partner, you will be in a position to combine the joint income. Read this page for more specifics on home loans in Malta.

Property Needs, Wish List and Searching

Once you have a budget in mind, you can start hunting for a property. To simplify things, we would suggest you make a list of needs and a wish list and follow that up by going online and searching for your minimum requirements. You will eventually narrow this down to properties you’d like to view. The next step would be to contact the RE/MAX Malta real estate agent and schedule viewings for the same or next day. Several people opt to work with a real estate agent for the simple reason that this scheduling is undertaken by them. Aside from this, a real estate agent will accompany you on your visit to the properties and will have the market knowledge when the time comes to haggling the price or negotiating any specific terms.

Make sure you mark the properties you like and remove the ones that didn’t meet your expectations. Ensure you thoroughly inspect the property – any defects or lack of maintenance may allow you to negotiate in property price. Along the way, you will start to understand what type of property you may achieve in purchasing and may start adding those items from your wish list to your search. You will start asking your self questions like “What if I were to purchase a property with heated floors? Would it break the bank? This scenario will be a trial and error until you find the compromise between your needs and wants. It is confirmed through a recent Real Estate Insights report in 2015 that buyers take on average of four months to find their property so if you fall within this category you will have found your first property in Malta before you know it.

Signing your First Promise of Sale

Once you have found your ideal property, you can make an offer. Check how much similar properties are selling for in the area before proposing a price. Should the vendor agree, remember that the agreement is - so far - verbal, and despite being given in good-faith, it is non-committal. Once you have agreed on a price, a date is set for signing of the Promise of Sale (“Konvenju”).

Drafted up by a notary, this is a contract between the buyer and seller where several terms and conditions are laid out in writing. The contract may be subject to several conditions; for example, the seller may need to finalise certain details or jobs in relation to the property; as the purchaser, you may wish to have the property evaluated by an architect for any structural defects and may only purchase the property should it be of sound structure. Other conditions could be related to the permit of the property or that you actually manage to secure financing for the property. In only certain cases may a promise of sale be extended provided that both parties agree.

The contract would also include a date for signing of Final Deed, and such date would serve as a deadline for both parties. For the purpose of the Promise of Sale, the notary represents the government and is impartial between both parties. Once the Promise of Sale has been signed, you will be asked to pay a deposit (usually 10%) to the seller, and a further 1% provisional stamp duty to the notary. A copy of the contract is then given to both you and the seller. The notary would then need a further 6 weeks to carry out searches on the property – verifying the legal title, ensuring there are no loans taken against said property, and that the vendor is able to sell the property.

Signing the Contract

Should all the conditions written in the Promise of Sale be satisfied, the parties then meet to sign the Final Deed. This would be read out by the notary and again signed by both parties. At this stage, you will need to pay all pending balances - including the remaining balance on the property, the remaining balance on stamp duty (presently only 5% above EUR 150, 000 up until end of Dec 2016) and 1% fees to the Notary Public. The contract is then registered at the Public registry, and the keys to the property are handed over to you – a proud home-owner. Your next headache is moving all your personal items to your home!

The process of property-hunting may take anything from one week to several months, and is dependent on your urgency to find a property. Should you be in a hurry, or are planning ahead of time it is important to bear in mind that property searches and signing of contracts take an average of three to six months’. Feel free to contact us so we can be part of your planning process.

Why Choose RE/MAX for Your First Property

At RE/MAX Malta, the first time buyer market is just one of the real estate markets that we have specialised real estate agents working with customers on a daily basis. Our know-how of the market, comprehensive database of properties and reach of twenty-two offices and over 250 estate agents located around the Malta and Gozo will surely be an asset to your property search.

Each office of ours has a number of fully qualified first-time buyer sales associates available to attend to your call. You will find that our associates are very professional and will not waste your time. We are proud to say that we do our utmost to listen to your every request and take the time to guide you through the process. Our associates are also assisted by state of the art technology which alerts them specific properties come available on our database that match your search criteria.

You may find our weekly updated list of properties for First time buyers useful or you may like to receive property update emails of properties that come through our database that match your criteria. If you have a chance, we also have some interesting articles that describe the actual experience of first time buyers in Malta on our blog.

Related Links

Your First Property in Malta Blog

First-Time Buyer Trends in Malta

Finding the Right Agent

RE/MAX Exclusive Listings

€50,000 - €100,000

MARSALFORN - Furnished Apartment situated a couple of minutes walk to the beach and restaurants comprising of two bedrooms, common bathroom and an open plan kitchen/living/dining area. One can enjoy partial country views from the living area making this the ideal holiday home. more

€ 80,000

Hamrun - 1 bedroom unconverted elevated ground floor maisonette with a back yard. more

€ 80,000

PAOLA - First floor duplex maisonette located in a central area. Accommodation comprises of a sitting room and a spare toilet. A kitchen/breakfast on first floor level. On the second floor one finds a bedroom with an en-suite and a study room. Roof with a washroom. Box room and a balcony on each flo more

€ 84,800

XAGHRA- Situated just off the main squre is this cozy second floor two bedroom APARTMENT being sold in shell form inclusive of common parts and lift. Property enjoys views from its master bedroom of the Brochdorff circle. Well priced. more

€ 86,000

XAGHRA - A selection of 2/3 bedrooms APARTMENTS forming part of a new development which is presently under construction. Units to be sold in shell form inclusive of common parts. Typical layout offers entrance to a good sized kitchen/dining/living area, leading to 2 or 3 bedrooms and main bathroom. more

€ 92,000

FGURA - APARTMENT being sold luxury finished, forming part of a new elegant block, ideally located close to all amenities. Accommodation is in the form of a sitting room, separate kitchen/dining, two double bedrooms, guest bathroom and a wide front balcony. more

€ 92,000

ZEJTUN - An attractive and highly finished ground floor APARTMENT situated in the tranquility residential area in the heart of this excellent location. Accommodation comprises of a sitting/dining room, kitchen, three bedroom main with en-suite, bathroom, terrace and a one-car optional garage. more

€ 94,000

QALA - This MAISONETTE is being sold furnished and enjoys a good standard finish. Layout comprises of a combined modern fitted kitchen/living area, shower room and two bedrooms. Close to village square. more

€ 95,000

Bargain three bedroom apartment, fully furnished and airconditioned enjoying views. Lock up garage included. more

€ 99,000

New on the market forming part of a new development situated in a quiet residential area yet close to all amenities. This very bright Apartment comprises of an open plan Kitchen/living/dining, 3 bedrooms main with ensuite , a guest bathroom and a box room.To be sold as a shell form , with common par more

€ 99,016

€100,001 - €150,000

Zurrieq- Unconverted house of character offering great potential to the new owner at a fantastic price. Property consists of a welcoming hall kitchen, living, dining area, toilet facility and a small yard downstairs and 2 bedrooms on the second floor. At roof level one finds a washroom and roof. Wou more

€ 110,000

ZEJTUN - An attractive and highly finished ground floor APARTMENT situated in the tranquility residential area in the heart of this excellent location. Accommodation comprises of a sitting/dining room, kitchen, three bedroom main with en-suite, bathroom and a one-car optional garage. more

€ 122,500

ZABBAR- Duplex Maisonette, consisting of a kitchen/ dining , double bedroom ensuit on first floor , and 2 bedrooms , guest bathroom and living area on second floor . more

€ 128,000

MELLIEHA - This new development will incorporate an array of 1/2/3 bedroom Apartments being sold finished to high standards including bathrooms and internal doors. The whole development will also consist of a Hotel with the services of an indoor pool, gym, a complete spa & sauna, restaurant and cafe more

€ 137,500

BIRKIRKARA - New on the market is this well maintained two bedroom fully furnished Apartment close to all amenities. Entrance to a cosy sitting room leading on to a separate fully equipped kitchen and dining room with front balcony. This property enjoys two very large bedrooms with main bedroom bein more

€ 150,000

€150,001 - €250,000

ZABBAR- New on the market , part of a prestigious new development set in the best part of this quiet residential area. The layout of the property will comprise of a welcoming open plan kitchen/living/dining , 3 bedrooms (main with en-suite) , box room and main bathroom . Furthermore complimenting th more

€ 155,000

ST. VENERA - Large 3 bedroom apartment located excellently in a quiet area tucked way from all the noise and hectic life but still close to all amenities. Property consists of a large open plan kitchen/living/dining area, 3 double bedrooms, main being served with ensuite and walk in wardrobe. A lar more

€ 159,000

QAWRA - A fully furnished, bright and spacious apartment, situated in a smart block, overlooking a green area. Layout is in the form of an open plan kitchen/living/dining, two front balconies, three double bedrooms (main with an en-suite), and a guest bathroom. Good value for money! more

€ 179,000

Msida- Lovely ground floor three bedroom maisonette in a great part of Msida close to all amenities being offered finished and furnished to high standards. Property comprises of a small patio at street level leading to a nice size living room, hall, master bedroom with access to a good size internal more

€ 195,000

GZIRA - Large 3 bedroom recently built, 164sqm Apartment on the 3rd floor forming part of a block of only 4. Situated just a few meters away from the seafront and close to all amenities. Property is Freehold! Highly recommended, excellent as a rental investment. more

€ 225,000

€250,001 - €350,000

MELLIEHA - This new development will incorporate an array of 1/2/3 bedroom Apartments being sold finished to high standards including bathrooms and internal doors. The whole development will also consist of a Hotel with the services of an indoor pool, gym, a complete spa & sauna, restaurant and cafe more

€ 275,500

Birkirkara - Terraced House in the heart of the village core (in a quite alley). consisting of living room , kitchen and dining, double bedroom, one single bedroom, two bathrooms, washroom and a good size roof. Garage Included. more

€ 280,000

MELLIEHA - Luxuriously finished 1ST FLOOR semi-detached MAISONETTE offering a large sitting/dining room, kitchen/breakfast, 3-bedrooms, bathroom, en-suite shower, washroom on part of roof, box room, enjoying views of Mellieha bay. more

€ 295,000

TARXIEN - Opportunity to acquire a double fronted TERRACED HOUSE with a 6-car garage. Comprises of an entrance hallway, sitting room, living room, dining / kitchen, three double bedrooms, one study, large back terrace, two balconies, backyard and own roof with airspace. property needs renovation. more

€ 310,000

ST.JULIAN'S - Looking for a outdoor area? Then one must view this modernly finished apartment, with a terrace overlooking valley views and garage space. Layout consists of a nice wide entrance hall leading to a Kitchen, living room, a terrace overlooking the valley where one can enjoy their evening more

€ 345,000

€350,001 - Upwards

LIJA- Hard to come by, set in a very good location is this bright and spacious 3 bedroom duplex MAISONETTE, measuring approximately 193 sqm. Layout comprises of a welcoming entrance hall, sitting room, combined kitchen/dining room, separate living room, guest shower room and a good size back yard. more

€ 375,000

Zebbug- A converted townhouse located close to main church, including a spacious one car garage. This property consists of a wide entrance hall leading to a formal sitting room followed by a back yard. Further in one finds a dining room, living area, kitchen and bathroom over lying an arched cellar. more

€ 390,000

An enchanting FARMHOUSE situated in a quite alley, beautifully converted and having all the rooms surrounding or overlooking the pool and deck area. Ground floor accommodation comprises entrance into a bright foyer with sitting area, guest bathroom, a fully fitted kitchen/breakfast and a sitting/d more

€ 450,000

FORT CHAMBRAY - Set inside the magnificent Fort Chambray is this SEMI-DETACHED VILLA enjoying magnificent views from its garden and roof terrace. Accomodation includes a kitchen, living/dining, 3 bedrooms, 2 bathrooms, own roof terrace, and landscaped front garden. Property enjoys use of communal p more

€ 530,000

SANNAT - A good opportunity to acquire a 21.8 meters wide fronted unconverted, traditional FARMHOUSE full of character and charm including arches, external staircases, double walls, etc. Also enjoying a large back garden with space for pool and comfortable deck area. Property is on 594 square meters more

€ 612,000