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

XEWKIJA - Forming part of a brand new residential complex is this ground floor APARTMENT situated in a very peaceful location. Layout in the form of an entrance into a combined kitchen/living area leading to 2 bedrooms and 2 bathrooms. Sold shell and garage optional. IDEAL HOLIDAY RESIDENCE more

€ 81,500

XEWKIJA - Forming part of a brand new residential complex is this ground floor APARTMENT situated in a very peaceful location. Layout in the form of an entrance into a combined kitchen/living area leading to 2 bedrooms and 2 bathrooms. Sold shell and garage optional. IDEAL HOLIDAY RESIDENCE more

€ 81,500

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

XGHAJRA-Shell form APARTMENT served with lift, forming part of an internal development. Accommodation comprises of an open plan kitchen/living/dining, one bedroom, guest bathroom and terrace. Optional garage available. more

€ 86,000

MARSALFORN - Second floor newly built APARTMENT situated in a quiet area just a stone throw away from the front promenade. This property offers 2 double bedrooms, front/back balconies, 2 bathrooms and a combined kitchen/living area. Price includes common parts and lift. more

€ 88,000

VICTORIA - Fully furnished three bedroom APARTMENT situated in a quite area close to the centre of Victoria. Layout comprises of entrance to living area, spacious kitchen, three bedrooms and two bathrooms. Ideal for first time buyers. Use of roof. more

€ 96,000

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

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

€ 99,000

HAMRUN - New on the market, unconverted MAISONETTE situated on the high street of this busy urban town. Measuring approximately 164sqm. This property is ideal for both commercial and residential usage. more

€ 99,000

PIETA - Fifth floor apartment forming part of a new block located in a central location. Consisting of a kitchen and a separate living/dining area complemented with a front balcony. One bedroom and a bathroom. Property to be sold on plan. more

€ 100,000

€100,001 - €150,000

FGURA - Situated just a few kilometers away from the islands three cities, and the beautiful village of Marsascala is this brand new corner block consisting of just 4 apartments. Typical floor plan is in the form of a combined, open plan kitchen / living / dining, 2 or 3 bedrooms, main bathroom and more

€ 106,000

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

B' Kara (Limits of Ta Paris), Exclusive block on plan. Situated close to all animates and centrally located. This layout consist of Hall, Sitting / Dining, separate kitchen, 2 double bedrooms with possibility for the 3rd bedroom, main with en-suite, bathroom, and front balcony. Completion date by en more

€ 146,000

ZURRIEQ - On the market is this good sized shell form first or second floor apartment flooded with natural light forming part of a new elegant block centrally located in this sought after village and close to all amenities. Property comprises of a spacious and comfortable open plan living/kitchen/di more

€ 146,200

GHAJNSIELEM- This APARTMENT forming part of a block of just 2 units is situated in a very nice neighborhood and enjoys front valley views. This property offers 3 bedrooms, a combined kitchen/living area with balcony enjoying views, a good-sized back yard and small garden. Apartment comes with a st more

€ 150,000

€150,001 - €250,000

An unconverted townhouse located on the outskirts of Zabbar. Property comprises of a large hallway leading to a bedroom, a 30 sqm living space, separate kitchen and bathroom. There is also a 23 sqm garden. On the first floor one finds the main bedroom and roof. The property can be converted into a l more

€ 160,000

Mellieha - New on the market is this 2 bedrooms apartment sold highly finished (complete with internal doors & bathrooms) boasting unobstructed sea & country views. Property is located within walking distance from Ghadira Bay. At the entrance, one can find a welcoming hall leading to a large kitchen more

€ 210,000

Zabbar. Spacious, furnished penthouse in block of three served with lift found in quiet area yet close to all amenities. Layout consists of open plan kitchen/living/dining, three/four double bedrooms with main ensuite and bathroom. Complementing the property is a large terrace. Optional garages more

€ 224,000

A First floor apartment with fantastic views situated on the first floor. Spread on aprox 118sqm and comprising of an open plan Kitchen/Living/Dining,3 bedrooms,main with en-suite shower,Guest bathroom & walk-in wardrobe. Highly Finished! Optional interconnecting garages available. Not to be missed! more

€ 230,000

PAOLA - Unconverted TOWNHOUSE, located in city centre, comprising of an entrance hall, sitting/dining room, separate kitchen, three double bedrooms, study, two bedrooms, street level garage and a large class 4 shop. more

€ 246,500

€250,001 - €350,000

ATTARD - A semi-finished APARTMENT in a new block, being offered on plan, situated at Tal Merakli area, close to all amenities. Layout comprises of an open plan kitchen, lounge and dining area leading to a front balcony, two double bedrooms, a main bathroom and a back terrace. Apartment is being sol more

€ 258,000

A well maintained and fully furnished first floor apartment, situated close to the Promenade. Accommodation is spread on approximately 100sqm and comprises an entrance hall, open plan kitchen/dining/living, bathroom, 3 bedrooms, shower en-suite and front & back balconies. Property is served with a p more

€ 282,000

Xlendi- A bright well kept three bedroom apartment located in one of the most popular seaside villages of Xlendi. This spacious accommodation is finished to very good standards and being offered fully furnished ready for immediate occupation. literally a minute walk to the seas promenade and amen more

€ 300,000

SWIEQI- New on the market ideal rental investment 2 bedroom bright luxuriously finished apartment with a large open plan to be sold highly finished. more

€ 310,000

KAPPARA - Exciting, brand new residential development, situated in the sought after village of Kappara, offering a modern, practical & elegant living lifestyle. These beautiful accommodations are offering a spacious and comfortable floor plan, starting from 100 sqm all the way up to a boosting154 more

€ 314,500

€350,001 - Upwards

Marsa - Set close to the amenities beautifully finished, Three bedroom Penthouse . The property is in a small block of only 4 units. Layout comprises of an open plan combined kitchen/living room, master bedroom and other two bedrooms furnished with A/C, balcony guest bathroom and ensuite. Proper more

€ 395,000

QAWRA - New on the market - Luxury finished 3rd floor Apartment enjoying spectacular sea views. Property comprisesof a well lit and welcoming open-plan kitchen/ living/ dining, finished and furnished to modern standard, 3 double bedrooms, main with ensuite, utility room, soffith ceilings, front and more

€ 477,000

VICTORIA - Set on the outskirts enjoying open country views, yet very close to the centre is this 3bedroom/2 bathroom TERRACED HOUSE, which is being sold finished and ready to move into, including a good sized pool. Complimenting this property is a large six car garage which is ideal for business pu more

€ 500,000

Luxury Apartment forming part of the prestigious Tas-Sellum Residence one of the island's real estate gems. This bright property enjoys a fabulous layout and an internal floor area of 216 sq/mtrs with a lovely 34 sq/mtrs terrace. Being offered finished to high specification with optional parking spa more

€ 530,000

XAGHRA- Situated in the outskirts of Xaghra and enjoying breathtaking open country and seaviews is this House of Character being sold finished to high specifications. Property offers a combined kitchen/dining/living, four double bedrooms, terraces ideal for entertainment and pool with deck area. A more

€ 650,000