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

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

€ 76,000

SANNAT - Forming part of a newly built block is this first floor APARTMENT, ideal for first time buyers or as a spacious holiday residence. Layout offers entrance into a living area, combined with kitchen/dining room leading to three bedrooms (en-suite) and main bathroom. Sold shell with common part ...read more

€ 85,000

Nadur - First floor apartment set in a new project currently being built located in a quiet area of this sought after village. This accommodation comprises of an entrance leading into a spacious open plan kitchen, living and dining area, 3 double bedrooms one with ensuite, main bathroom. Front and b ...read more

€ 87,000

MARSALFORN - Ground floor shell form APARTMENT situated in a very quiet area just off St. Mary's street yet only 5 minutes away from the promenade and the beach. The property will enjoy south facing country views from its living area and offers 3 bedrooms, 2 bathrooms plus a 1-car lockup garage. Com ...read more

€ 93,000

KERCEM - These spacious apartments are in a very nice location, close to all amenities. The apartment consist of a very large spacious open plan layout, 3 bedrooms, 1 of which includes an en-suite , a main bathroom and a balcony. Apartments are being sold in an advanced shell form state with comm ...read more

€ 98,000

KERCEM - These spacious apartments are in a very nice location, close to all amenities. The apartment consist of a very large spacious open plan layout, 3 bedrooms, 1 of which includes an en-suite , a main bathroom and a balcony. Apartments are being sold in an advanced shell form state with comm ...read more

€ 98,000

KERCEM - These spacious apartments are in a very nice location, close to all amenities. The apartment consist of a very large spacious open plan layout, 3 bedrooms, 1 of which includes an en-suite , a main bathroom and a balcony. Apartments are being sold in an advanced shell form state with comm ...read more

€ 98,000

HAMRUN- On plan, one bedroom studio apartment. To be sold in shell form. Optional garages available. Freehold. ...read more

€ 98,000

HAMRUN - New on the market - 1st floor Solitary Maisonette. Property consists of two rooms and roof at the second level. One can build another room on top for a good size bedroom with a terrace. Once this is converted it will make a cosy home, and also a rental investment as it is centrally located. ...read more

€ 99,000

New on the market to be sold on plan is this new project a stone's throw away from Marsalforn bay. Layout includes open plan kitchen/living dining area,2 bedrooms, 2 bathrooms. To be sold in shell form with common parts and lift included. Completion date in shell form December 2019, Common parts May ...read more

€ 100,000

€100,001 - €150,000

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. ...read more

€ 106,000

PIETA- One bedroom apartment still on plan. Layout consists of a large kitchen/living/dining area and a guest bathroom. Freehold. ...read more

€ 106,300

New on the market to be sold on plan is this new project a stone's throw away from Marsalforn bay. Enjoying open country views from it's back terraces/balconies, layout includes open plan kitchen/living dining area,3 bedrooms, 2 bathrooms. To be sold in shell form with common parts and lift included ...read more

€ 108,000

Nadur - Penthouse set in a new project currently being built located in a quiet area of this sought after village. This accommodation comprises of an entrance leading into a very spacious open plan kitchen, living and dining area, 3 double bedrooms one with ensuite, main bathroom. Complimenting this ...read more

€ 138,000

ZABBAR - Elevated ground floor two bedroom apartment enjoying abundance of natural light and having a total area of 89sqm. Property is being sold on plan excluding bathrooms and doors. Scheduled to be finished by not later than July 2020 & comprises of a very spacious 35sqm kitchen living & dining a ...read more

€ 150,000

€150,001 - €250,000

FGURA - MAISONETTE for sale in Fgura forming part of a new elegant development, ideally located in a quiet area, yet walking distance to the shopping area and all urban amenities. Spread over a total area of approximately 3000sqm, this development promises high maximising the use of space and giving ...read more

€ 185,000

BUGIBBA - A rare opportunity to own this fifth floor PENTHOUSE including airspace and served with lift. Finished to high standards and fully furnished. Property is located close to all amenities and two minutes away from the seafront and Bugibba square.

Comprising of an open plan kitchen/l ...read more

€ 207,000

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 ...read more

€ 229,500

Highly finished, with a choice at tiles and bathrooms. Fourth floor apartment situated close to all amenities and close to the sea front.Built on 187sqm at living space, it consists of a large open plan kitchen/living/dining, three double bedrooms(main with ensuite), bathroom, boxroom and a good siz ...read more

€ 245,000

FONTANA- Large unconverted HOUSE OF CHARACTER enjoying a wide frontage and lots of traditional features. Accommodation comprises of 4 rooms downstairs , back garden and three large room upstairs with roof enjoying country views and distant sea views . Property could be split int two residences as ...read more

€ 250,000

€250,001 - €350,000

MARSASCALA - New on the market is this large 3 bedroom apartment situated in one of the best areas of this much sought after locality. Layout consists of an open plan Kitchen living dining with a balcony, 3 double bedrooms at the back, 2 bathrooms and a utility room. The block is served with lift. <> ...read more

€ 255,000

Zebbug - A selection of luxury two/three bedroom Apartments and Penthouses. Residences are being offered finished to high specifications excluding bathrooms and internal doors. Optional 1/2 & 3 car Garages are also available. Completion date March 2020. ...read more

€ 260,000

Currently off plan to be sold finished and located in this central location having all amenities within walking distance just 2 minutes away from the sea front. Property comprises of an open plan kitchen / living / dining area, 2 bedrooms main having en-suite, guest bathroom, wash room and an option ...read more

€ 265,000

GHAJNSIELEM- New on the Market TERRACED HOUSE minutes away from the main square and amenities. Generous accommodation comprising a large room and a bathroom ( 6 x 9m), kitchen combined with dining and living at first floor, two double bedroom ( one en-suite) , bathroom and a spacious roof terrace ...read more

€ 308,000

MGARR - Situated in this quaint village is a selection of 2 penthouses. Units are being sold on plan and finished to a high standard. Layout comprising of a large open plan kitchen / living and dining leading to a spacious front terrace, 2 bedrooms, ensuite and walk-in wardrobe with main bedroom, ba ...read more

€ 320,000

€350,001 - Upwards

ZEJTUN - 3 year old 2 bedroom Penthouse in one of the best areas in Zejtun.

Comprising of a good sized kitchen/living/dining, guest bathroom, 2 bedrooms and an en-suite. Complimenting this bright penthouse is a 100sqm corner terrace with distant country views.

Call agent today fo ...read more

€ 351,000

Qormi - An Enchanting House of Character, full of unique charm, boasting old world features such as internal balcony, arched ceilings and many more. Upon entrance property has two rooms on the side and a huge open plan in front. There are two large rooms at the side and a bathroom. A 20sqm central c ...read more

€ 375,000

Mosta - New on the market offered on plan, three double bedroom Penthouse being offered highly finished excluding bathrooms and internal doors. The layout consists of a large kitchen/living/dining room area with a good size front terrace, main bedroom with en suite and back terrace. Also available o ...read more

€ 375,000

SIGGIEWI - Three tumoli of land with one room measuring 7.5 x 4.5m and an underlying semi basement as well as a 120sqm reservoir beneath in a very quiet area. ...read more

€ 425,200

QAWRA - One of a kind penthouse enjoying large terrace and breath taking sea and country views. Accommodation comprises of a kitchen/living/dining room upon entrance. Two double bedrooms. Two bathrooms (one en-suite). A 70sqm terrace ideal for entertainment. Property comes with its own entrance and ...read more

€ 500,000