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

XLENDI, GOZO - Brand New block of 10 apartments located just off Xlendi Bay are being offered for rent as a whole block to Sublet. Accommodation of each apartment comprises of open plan kitchen/dining/living with sofa bed, two bedrooms both with en-suite, main bathroom, spacious front and rear balco ...read more

€ 65,000

XLENDI, GOZO - Brand New block of 10 apartments located just off Xlendi Bay are being offered for rent as a whole block to Sublet. Accommodation of each apartment comprises of open plan kitchen/dining/living with sofa bed, two bedrooms both with en-suite, main bathroom, spacious front and rear balco ...read more

€ 65,000

Xaghra- This exciting complex is situated in the heart of the very popular village of Xaghra in a quite rural location within walking distance to the main square. This project consists of twenty six apartments divided into three separate blocks and several garages on basement level. There is a selec ...read more

€ 85,000

Qala- Penthouse having one bedrooms, one bathroom, kitchen dining, sitting area and two large terraces. Ideal rental investment. Also includes a car lock up garage. ...read more

€ 85,000

ST PAUL'S BAY - Old style ground floor MAISONETTE situated in the centre of St Paul's Bay, a corner away from the delightful area of the seafront. Accommodation comprises of a kitchen/dining area, bedroom, bathroom, and a back yard that leads to an old cellar underneath. This property is in need of ...read more

€ 86,000

ST PAUL'S BAY - Old style ground floor MAISONETTE situated in the centre of St Paul's Bay, a corner away from the delightful area of the seafront. Accommodation comprises of a kitchen/dining area, bedroom, bathroom, and a back yard that leads to an old cellar underneath. This property is in need of ...read more

€ 86,000

A selection of apartments forming part of a lovely complex. The apartments consist of an open plan with guest bathroom and 2 good sized bedrooms, one with ensuite. One can also enjoy side country views from front balcony. These units are being sold in shell form with optional finishing. Garages ar ...read more

€ 95,500

Birzebbuga - A well maintained 2nd floor apartment in a block of only two, situated in a quiet residential area, yet close to the beach and to all amenities. The layout of this bright and airy property consists of an open-plan kitchen/living/dining with the facility of a terrace,good sized bathroom, ...read more

€ 95,600

A selection of apartments forming part of a lovely complex. The apartments consist of an open plan with guest bathroom and 2 good sized bedrooms, one with ensuite. One can also enjoy side country views from front balcony. These units are being sold in shell form with optional finishing. Garages ar ...read more

€ 97,500

A selection of apartments forming part of a lovely complex. The apartments consist of an open plan with guest bathroom and 2 good sized bedrooms, one with ensuite. One can also enjoy side country views from front balcony. These units are being sold in shell form with optional finishing. Garages ar ...read more

€ 98,500

€100,001 - €150,000

Centrally located 3 bedrooms apartments enjoying unobstructed country views measuring approx. 130 sqm and enjoying a squarish layout. To be sold on plan, layout includes 3 double bedrooms, 2 bathrooms, open plan kitchen living dining area and front balconies. Common parts and lift included. Car spac ...read more

€ 125,000

GOZO, XEWKIJA - This first floor apartment forming part of a smart new block currently on plan is spread over an area of 195sqm. The spacious layout offers 3 double bedrooms (master bedroom has a walk-in closet), 3 bathrooms, laundry and a combined kitchen/living area plus 13sqm of front and back te ...read more

€ 130,000

FGURA - A ground floor MAISONETTE found in a quiet area of this lovely village. Property comprises of a living area, a kitchen and dining area, an internal yard, a bathroom and a backyard. Freehold! Highly recommended! ...read more

€ 145,000

GHAJNSIELEM - Bright and brand new apartment enjoying a very practical square layout, situated in a smart block within walking distance to the vibrant square. Property comprises of an open plan kitchen/living/dining area, two bedrooms and two bathrooms (one en-suite). Being sold fully furnished, i ...read more

€ 150,000

XLENDI- Finished and furnished apartment situated in a quiet location in the outskirts of this seaside village. Property features a bright open plan kitchen/dining/living area leading unto a good sized terrace enjoying unobstructed sea views, two double bedrooms (1 en suite) and main bathroom. Prope ...read more

€ 150,000

€150,001 - €250,000

SLIEMA - A top floor APARTMENT close to Balluta Bay promenade and all amenities. Property comprises of an open plan kitchen, living and dining area, one bedroom, a shower room, a front balcony with distant sea views, and a communal washroom. The apartment is being sold furnished, with two air-condit ...read more

€ 169,900

GZIRA - New to the Market - Designer Ground Floor Maisonette, lovely and spacious studio apartment, 1 elevated double bedroom, underneath a walk-in wardrobe, cosy kitchen/living/dining, bathroom with shower. This property has a large yard with full of natural light which can be used for entertainmen ...read more

€ 180,000

FGURA - PENTHOUSE consisting of a large open-plan living/dining cum kitchen/breakfast, three good-sized bedrooms, guest bathroom, en-suite bath, a good-sized front terrace and back terrace. Property to be sold furnished and including airspace/ Ideal for first time buyers! ...read more

€ 230,000

Attard - Situated on the outskirts, this modern block to be finished to high standards. Apartment layout offers a welcoming accommodation consisting of Hall, large open plan kitchen / dining / living, bathroom, 3 double bedrooms with en-suite, box room, 6.5 square meters front balcony and 3 back ba ...read more

€ 235,000

SANNAT - Set in a very quiet street one finds this extremely spacious, designer finished elevated ground floor maisonette measuring 240sqm and enjoying its own private entrance. Property offers a wide welcoming corridor leading you to 3 spacious double bedrooms, main with en-suite, a bathroom and a ...read more

€ 250,000

€250,001 - €350,000

GZIRA - Close to seafront is this highly finished, large, 3 bedroom APARTMENT. Layout comprises an open plan kitchen/ living/dining, front balcony, bathroom, 3 bedrooms (main with en-suite shower), and back terrace ideal for entertainment. Completion circa April 2019. ...read more

€ 260,000

Gwardamanġa - Brand New Larger than usual top floor apartment boasting of a 60sqm open plan, three double bedrooms and two bathrooms. Property can be easily split into two separate units. Sold fully finished with Use of lift. Freehold ...read more

€ 265,000

QAWRA - New Block of 3 Bedroom APARTMENTS (all 125m² and over) on the outskirts of Qawra with country views! Selection of 3 bedrooms Apartments consisting of Open plan kitchen/living/dining room, 3 bedrooms (2 double), main with ensuite, main bathroom, back balcony and large front terrace opposite ...read more

€ 265,000

QAWRA - New on the market this corner two bedroom apartment is sold fully finished. Having a total area of 201.98sqm. Freehold. ...read more

€ 330,000

RABAT - Set in this very good central touristic area, lies this top floor Apartment , enjoying its own roof airspace , on top of whole Apartment ....Being top floor , and just a block of three , makes it more attractive...Apartment is detached , and full of natural light and is served with passeng ...read more

€ 335,000

€350,001 - Upwards

A luxury semi-detached Penthouse surrounded with a massive corner terrace enjoying sea and country views. This Property is flooded with light throughout and features an open plan kitchen, dining, living, three double bedrooms, one with ensuite facilities and a main bathroom. Spiral staircase leads t ...read more

€ 450,000

Luxuriously finished and partly furnished Penthouse which captures fantastic country views! Accommodation consists of an open plan kitchen/dining/living with a wood burning fireplace, 3 bedrooms, main with ensuite and main bathroom. Complimenting this beautiful property is a 32sqm front terrace with ...read more

€ 480,000

Gharghur - Truly unique apartment with stunning sea and valley views. Large front terrace and back yard. The apartment is bright & spacious and measures 316sqm in total. Comprises of open plan living/Kitchen/dining, Kitchen can be separate. 3 large bedrooms, 1 ensuite, 2 guest bathrooms. Utility/box ...read more

€ 525,000

XAGHRA - Finished cliff edge HOUSE OF CHARACTER, enjoying unobstructed sea/country views, from all floors of the house, built to traditional features. Comprising, large living room combined with kitchen/dining, all enjoying the views and going onto swimming pool and deck area, 4 bedrooms (all ensuit ...read more

€ 595,000

B'KARA - Duplex Maisonette, in the area of Fleur-De-Lys, to be sold fully furnished and ready to move into. Property consists of an open plan kitchen/living/dining, four double bedrooms, brand new bathroom, internal yard, washroom, boxroom and full roof with airspace. Beautiful area! Highly recommen ...read more

€ 650,000