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

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 more

€ 85,000

ZABBAR - First floor Solitary Maisonette located on a quiet road yet close to all amenities. Comprises of a sitting/dining, separate kitchen, one double bedroom, guest toilet and washroom. Full ownership of roof. more

€ 86,000

BUGIBBA - Located in a central area, a one bedroom, furnished Apartment, offering a kitchen/living, and two balconies, overlooking an internal yard. Property is served with lift and has just been refurbished to modern standards. more

€ 93,000

BUGIBBA - Located in a central area, a one bedroom, furnished Apartment, offering a kitchen/living, and two balconies, overlooking an internal yard. Property is served with lift and has just been refurbished to modern standards. more

€ 93,000

Corner, elevated ground floor 3 bedroom maisonette in shell form. Layout comprises of an open plan living and dining area with kitchen area to the side of the living area, three bedrooms (two double and one single with main having an en suite). more

€ 95,000

MARSALFORN - Bright and spacious 3rd Floor Apartment situated just off the main promenade, restaurant and beach. This property is situated in a modern block which forms part of a corner development. It measures 117sqm and enjoys 3 double bedrooms (1 ensuite), kitchen/dinning and living area. It i more

€ 98,000

XLENDI - Ideal for a Summer let of holiday home this 2nd floor furnished apartment is ready for immediate occupation. Layout comprises of two bedrooms, kitchen, dining and living combined, bathroom, shower, front balcony and good size back terrace enjoying views of the bay. more

€ 98,000

SANNAT - . Newly built second floor PENTHOUSE situated in one of the most tranquil part of the village. Offering 1 double bedroom and 1 single bedroom, 2 bathrooms and a combined kitchen/dining/living area facing country views. Garage optional. Common parts and lift included in price TRANQUIL LOCATI more

€ 99,000

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

€ 99,000

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. more

€ 99,000

€100,001 - €150,000

TARXIEN - Brand new on the market is this Large 3 bedroom apartment situated in an excellent area. Property comprises of a Large open plan kitchen/living/dining area, wonderful terrace measuring roughly 25sqm perfect for all your entertaining needs, main bathroom, 3 double bedrooms main being serve more

€ 120,000

BIRZEBBUGIA - MAISONETTE ideally located in a quiet area, close to all amenities and minutes away from the sea. Accommodation comprises of a large front patio, sitting room, open plan kitchen/living/dining, two bedrooms and toilet room with shower. more

€ 135,000

QORMI - Situated in village core, close to St.Sebastian Parish Church and all amenities is this unconverted Corner First Floor Solitary Maisonette. Property comprising of a welcoming sitting room, toilet room at ground level. A stairway leads to a separate kitchen, large dining room which can be com more

€ 145,000

Ghajnsielem - No money has been spared in the completion of this luxuriously finished ground floor apartment, which is being offered fully furnished and ready to move into. The open planlounge/dining and kitchen area leads out the sunny back yard ideal for entertainment. the kitchen is fully equi more

€ 145,000

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

€ 145,000

€150,001 - €250,000

An excellent opportunity for investors and first time buyers! A selection of 1/2/3 bedroom maisonettes and apartments offered on plan and to be finished to high standards (with the exception of internal doors) by around March 2018. Optional lock up garages stating from €15,000 more

€ 175,000

Hamrun- Set right in the middle of this commercial hub is this 2 bedroom townhouse having most of the desired upgrades already seen to by it's present owner. Gypsum walls throughout, with ceramic floors and new bathrooms. Roof/airspace. Also ideal for office use. more

€ 180,000

NAXXAR - Opportunity to purchase an Apartment, measuring 153 square meters, situated in a quite area close to all amenities. This property which forms part of a newly built block comprises of a large bright open plan living/kitchen/dining area, guest bathroom, three bedrooms (main with en-suite), la more

€ 226,500

B'KARA - Newly built block of Apartments situated in a quite residential area close to Msida and all amenities. Petnhouse being offered finished except for bathrooms and internal doors. Spacious accommodation in the form of a huge kitchen/living/dining room, hall way, 2 bedrooms, bathrooms, en sui more

€ 245,000

Sliema - 2 units close to the Sliema police station. 1 is a front shop/ showroom and can be used as a studio. The other is a 4 bedroom apartment with a back yard. more

€ 250,000

€250,001 - €350,000

QORMI - Converted House of character situated near the valley. Accommodation in the form of a living area with study, kitchen/b'fast and a back yard with well on ground floor level. Upstairs there are two double bedrooms, barthroom and a shower room. Washroom on roof. To be sold furnished and re more

€ 280,000

VICTORIA - A luxuriously designer finished and furnished 128 sqm APARTMENT situated in the heart of Victoria close to all amenities yet situated in a tranquil road. Layout offers entrance into a wide hall leading to a combined kitchen/dining and living area which enjoys open views of Victoria. Th more

€ 325,000

XAGHRA - Located on a cliff edge at the quiet Kortoll area is this new development consisting of a block of 9 MAISONETTES six of which enjoy a private pool. Spacious accommodation of each apartment consists of bedrooms, 2 bathrooms, 1 laundry/box room and a large open plan kitchen/sitting/dining ar more

€ 325,000

Victoria- Centrally located four bedroom Terraced House spaced out on three floors including a one car garage. Structurally sound yet needs an upgrading. Ideal family home ! more

€ 325,000

XAGHRA- Situated in a quite private cul de sac is this three bedroom rustic house being sold furnished. Layout offers an entrance into a kitchen/living area overlooking the swimming pool and deck area with the bedrooms on first and second floor. Property also includes two lock up garages. more

€ 350,000

€350,001 - Upwards

Located close to all amenities is the large and spacious Townhouse with potential for a residence or as commercial. Property consists of an entrance, living/dining, kitchen over looking backyard, 3 double bedrooms, study and bathroom. Worth viewing. more

€ 370,000

St.Julians - A three bedroom apartment on the third floor, in a block of six units is located in central yet remote area of St. Julians. The property consists of a welcoming entrance leading to an open plan kitchen/living/dining area overlooking a front terrace with beautiful sea and country views, more

€ 495,000

GUDJA - Large semi-finished 3/4 bedroom TERRACED HOUSE with a layout comprising of an entrance hall, sitting room with formal dining room, large kitchen/dining, three bedrooms, study, two bathrooms, utility room, washroom, kitchenette on roof, large back terrace, front terrace, back yard and balcony more

€ 531,500

GHARB - Located in a very tranquil location in the outskirts of this small village is this unique 3 bedroomed FARMHOUSE being sold finished and furnished. The property retains all authentic features such as arched mill rooms, internal courtyard with external stairs, wooden beams, stone slabs, etc. more

€ 575,000

VITTORIOSA-Luxuriously designed sea front APARTMENT, enjoying spectacular harbour views. Accommodation comprises of a large open plan, housing a modern fully equipped kitchen, combined with a dining/living, leading onto a large sunny front terrace, three double bedrooms main with en-suite, guest bat more

€ 600,000