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

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

€ 70,000

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

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

FONTANA - This apartment (currently 1 bedroom but can be turned in 2) is situated close to the center of Victoria is being sold fully furnished including a very spacious kitchen finished to high standards. The separate living room could be turned into a second bedroom. Great Value! ...read more

€ 87,000

FONTANA - This apartment (currently 1 bedroom but can be turned in 2) is situated close to the center of Victoria is being sold fully furnished including a very spacious kitchen finished to high standards. The separate living room could be turned into a second bedroom. Great Value! ...read more

€ 87,000

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

€ 90,000

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

€ 90,000

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

€ 95,000

Two bedroom apartment located in the tranquil village of Ghajnsielem, minutes away from the square. The apartment is part of a block of only three units and is being offered in shell form. Apartment is already built and price includes expenses related to the common parts. ...read more

€ 96,000

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

€ 100,000

€100,001 - €150,000

A selection of one, two & three bedroom maisonettes/apartments/penthouses being sold on plan and finished with bathrooms and doors. Ideal as rental investments and also for first time buyers. Optional one, two & three car garages are also available, starting from €21,500 ...read more

€ 128,000

A selection of one, two & three bedroom maisonettes/apartments/penthouses being sold on plan and finished with bathrooms and doors. Ideal as rental investments and also for first time buyers. Optional one, two & three car garages are also available, starting from €21,500 ...read more

€ 128,000

MARSALFORN – Presently being finished to high standards is this three bedroom apartment, enjoying open country views situated just two minutes’ walk from the beach and amenities. Layout comprises of entrance onto a good sized open plan kitchen/living area, one large bathroom and three bedrooms ...read more

€ 135,000

QAWRA - Second floor apartment being sold fully furnished and situated minutes away from Qawra promenade. Property consists of an open plan fitted kitchen/living/dining room, two bedrooms, main bathroom and front balcony enjoying distant sea views. Ideally for rental investment or summer residence. ...read more

€ 148,000

A selection of one, two & three bedroom maisonettes/apartments/penthouses being sold on plan and finished with bathrooms and doors. Ideal as rental investments and also for first time buyers. Optional one, two & three car garages are also available, starting from €21,500 ...read more

€ 149,000

€150,001 - €250,000

An unconverted Maisonette situated close to all amenities in the Village Core in Marsa. This Maisonette consists of a welcoming entrance, box room, 2 very spacious bedrooms, one of which has an en-suite, separate kitchen dining leading to a very spacious back yard. Once converted this property will ...read more

€ 160,000

Qawra - 1 bedroom APARTMENT close to all amenities , served with lift in a smart block . Property consists of kitchen / living /dining , bedroom with ensuite , bathroom and 2 balconies .Ideal for 1st time buyers or as a rental investment . Property shall be sold finished including internal doors and ...read more

€ 168,000

XAGHRA - Fully furnished corner APARTMENT forming part of a block of two, situated in the quiet but sought after village of Xaghra. It is full of natural light and has three good - sized balconies enjoying breathtaking country views and also distant sea views. Accommodation comprises of an open pla ...read more

€ 180,000

Located just at the outskirts of the quaint village of San Lawrenz is this 1st floor apartment forming part of a 4 unit block. Upon entering, a wide hallway leads you through the apartment where one finds a kitchen/dining area, a separate sitting room, three bedrooms, main with en-suite, a main bath ...read more

€ 230,000

Bugibba: Opportunity to purchase an impressive highly finished and larger than usual first floor Apartment situated in the center of this popular Summer resort village, yet located in a quite area close to all amenities. This property has a lovely layout complimented with natural sunlight throughout ...read more

€ 235,000

€250,001 - €350,000

M'SCALA - 3 bedroom elevated ground floor maisonette consisting of a formal sitting room, followed by a separate kitchen. Down a wide corridor one finds 3 bedrooms and a family bathroom. Complementing this magnificent property are two internal yards and a sizable back terrace. Optional 2 car garage ...read more

€ 255,000

QAWRA - Spacious three bedroom apartment having a total area of approximately 145sqm. Situated close to all amenities. Property consists of a large living/kitchen/dining area. Three double bedrooms, a main bathroom and shower. Front and back balconies. Served with lift. Freehold. ...read more

€ 275,000

MARSASCALA - Open sea views and located just a stone's throw away from the sea is this second floor, 3 bedroom APARTMENT. Properties consisting of large living/dining/kitchen (approx 50sqm), 3 double bedrooms, main with en-suite, a main bathroom and a large sized front balcony. This property is high ...read more

€ 285,000

This duplex maisonette has been beautifully renovated and modernized to include all modern commodities. A charming entrance hall leads to the property's original staircase which takes you up to a spacious sitting room (presently a second kitchen) to the left complemented with a beautiful traditiona ...read more

€ 345,000

Gharb- A 350 year old farmhouse situated in a charming alley in a very nice quite location of gharb. Accommodation consists of an entrance hall leading to living/dining area overlooking the pool area with jacuzzi. On the ground floor one finds a fully equipped kitchen and a bathroom. Upstairs the ...read more

€ 350,000

€350,001 - Upwards

Luqa - Introducing on the market this spacious townhouse in the centre of Luqa. A large family home with potential to convert it into a 6 bedroomed guest house. Front entrance room was an old mill and remaining building was extended to the rest in the 70's, making this property a large and spacious ...read more

€ 400,000

MARSASCALA - South facing full of natural light 4th floor penthouse served with lift and luxury furnished, ready to move in. Property has also permits ready issued to build 3 apartments on existing level and another penthouse on top, or you can add more rooms to existing penthouse. Property is furni ...read more

€ 550,000

MAISONETTES, APARTMENTS and PENTHOUSES available in a new block, in one of a kind south facing project with all properties enjoying unobstructed breathtaking views. Finished with high quality materials including internal doors & bathrooms. Units consist of a spacious open plan equipped with intellig ...read more

€ 550,000

One of a kind seafront DUPLEX PENTHOUSE located in this spectacular location in St Paul's Bay. Layout consists of a combined kitchen, living and dining area room overlooking front and back terraces (approx. 37 sqm in size) which enjoy stunning sea views. On the lower floor one finds the main bathro ...read more

€ 590,000

Paola - High rise apartment commanding distant views all round. Being offered in an advanced shell state. The 120sqm layout consists of an open plan kitchen/living/dining room, leading onto a terrace, main bathroom and three double bedrooms main with terrace and en-suite. ...read more

€ 600,000