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

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

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

Ground floor property consisting of 2 interconnected rooms, toilet and back yard. ...read more

€ 88,000

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

MOSTA - A great opportunity to acquire this property. It is located in a very sought after area of this village, forming part of a new elegant block, comprising of a living area on entrance, kitchen / dining , bedroom and a bathroom. ...read more

€ 97,000

PAOLA - New on the market is this two bedroom apartment situated in a quiet street near all amenities enjoying an open plan kitchen/living/dining room, a bathroom and both front and back balconies. Optional interconnecting garages available underneath the block. ...read more

€ 97,000

BIRKIRKARA- One bedroom apartment to be sold on plan in shell form. Excellent for first time buyers or as a rental investment. Freehold. ...read more

€ 97,000

BIRKIRKARA- One bedroom apartment to be sold on plan in shell form. Excellent for first time buyers or as a rental investment. Freehold. ...read more

€ 97,000

Ground floor Maisonette consisting of 3 interconnected rooms, toilet, box room and back yard. ...read more

€ 98,000

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

XEWKIJA - Corner PENTHOUSE having a very large 95sqm surrounding terrace, sold inclusive of air space and served with lift. Enjoying village views and plenty of natural light. this property consists of a separate living area, 2 double bedrooms, guest bathroom and a combined kitchen/dining, all leadi ...read more

€ 128,000

GHARB- Bright and spacious family APARTMENT located in the sought after village of Gharb close to all amenities sold finished with fully fully equipped kitchen. It enjoys plenty of light and a small yard. Accommodation consists of three double bedrooms ( one with en-suite), guest bathroom, combine ...read more

€ 148,000

GHAJNSIELEM - In a well-kept complex one finds this bright and airy two double bedroom apartment. Layout consists of kitchen/living/dining, main bathroom, and two double bedrooms. Property also has two balconies. Included in the price is a one car lock up garage and use of the communal pool. Free ...read more

€ 150,000

Zabbar. A fully finished first floor apartment which forms part of a smart block and located in a peaceful area of this village. Accommodation consists of large and bright open plan kitchen/dining/living, two double bedrooms (main with en suite), family bathroom and two front balconies. Finished inc ...read more

€ 150,000

€150,001 - €250,000

Elevated first floor apartment with back yard , 3 large bedrooms & set in quiet area. To be sold semi finished. ...read more

€ 165,000

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

€ 192,000

BIRZEBBUGIA - One time opportunity to acquire this large than usual APARTMENT, ideally located in a very sought after area of Birzebbugia, forming part of a small block. This property is being sold highly finished including marble floors throughout, solid beach wood doors and a solid oak kitchen. ...read more

€ 197,345

VITTORIOSA - An excellent opportunity to invest in this highly desirable historical city. Only 30 seconds away from the main square is this compact ground floor MAISONETTE ready for immediate occupation. Layout is in the form of a good sized entrance hall, siting/living room, kitchen/dining / two be ...read more

€ 245,000

MSCALA - Newly built luxuriously second floor APARTMENT served with lift with a squarish layout. Accommodation includes an entrance hall, living room with balcony, kitchen/dining, 3 bedrooms main with en-suite, guest bathroom. Property enjoys sea and country views. Must be seen! ...read more

€ 250,000

€250,001 - €350,000

BIRKIRKARA / SWATAR BORDERS - Corner, 3 bedroom APARTMENT enjoying a square layout and part of roof / airspace. Property enjoys a fitted kitchen with appliances & AC's. Ideal as a rental investment or for fir first time buyers. ...read more

€ 260,000

XEMXIJA - A fully furnished three bedroom apartment forming part of a smart block. Layout consists of a bright spacious kitchen/living/dining area overlooking Xemxija bay. Also three double bedrooms, main withen0suite and a guest bathroom. Must be seen! ...read more

€ 260,000

IBRAGG- New On the market is this Apartment will be situated in a quiet residential area yet close to all amenities . Layout will comprise of welcoming open plan kitchen/living/dining with spacious front terrace , main bathroom , two double bedrooms (main with ensuite ) with back balconies . Constru ...read more

€ 260,000

GZIRA - Brand new third floor Apartment situated a stone throw away from the sea front and enjoys plenty of natural light. Property comprises of 3 large double bedrooms,with an en-suite, main bathroom and an large open plan kitchen/living/dining area leading onto a wonderful balcony with side seavie ...read more

€ 270,000

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

€ 287,000

€350,001 - Upwards

Sliema - Close to the promenade, Townhouse recently converted. Accommodation comprises Hall, Living / dining, leading to separate kitchen, spare toilet with shower, 2 large double bedrooms, bathroom, terrace and private roof terrace. This property can be easily converted into 2 separate units with 1 ...read more

€ 415,000

LUQA - Unconverted townhouse situated in this quaint village. This property has a welcoming feel and it would make a lovely family home once it is renovated. It has a garden measuring circa 160sqm with the potential of having a pool and deck area. On the ground floor one finds a hallway and a beauti ...read more

€ 450,000

XAGHRA - Overlooking stunning views of Ramla Bay and the Valley from its bright, wide, open living/kitchen/dining area and its large terrace is this tastefully finished penthouse. It has a square layout and abundance of natural light, offering 3 double bedrooms, one with its own ensuite bathroom, a ...read more

€ 524,000

Mosta - Terraced house on the outskirts of Mosta with country views, on a quite area. At semi basement floor, one finds a 6 car garage,on the ground floor one finds a hallway leading to a guest toilet, sitting room and separate kitchen/dining which can be easily converted into a open plan which lead ...read more

€ 532,000

HAMRUN - Situated in the heart of this village, is this traditional Townhouse complete with a very large garden and pool. Property is finished to high standards. The townhouse is very spacious, well laid out internally and comprises of two floors. Entrance into a hallway, the staircase, a spacious l ...read more

€ 695,000