Corporate Relocation to Malta

Malta is truly becoming a centre of excellence for Business in the Mediteranean and is becoming recognised finally as a natural gateway to Europe & Africa for Businesses around the world.  Thanks to the Maltese Government’s efforts dating back some ten years ago to-date, the infrastructure for Finance and Information Technology that has been set up is seeing the likes of big blue-chip companies like Microsoft amongst others wanting to not only have a presence in Malta but to possibly set up some sort of regional office on the sunny Island, where they can benefit from tax incentives as well as the easy access to parts of Europe and especially Africa.  With SmartCity Malta having been launched, a World IT and Media Centre, which will have a combined total of 360, 000 square meters of office, commercial, retail and residential space, Malta has no doubt put themselves on the IT world map.  Other industries that are fairing very well are the iGaming Industry and the Finance Sector.  It is understood that Malta is one of the fastest growing Finance centres in the world.

The property industry  has woken up to the huge demand and Maltese investors are developing state of the art office buildings to accommodate businesses whereas landlords are upgrading their properties or purchasing new properties to keep up with the demand for residential rental space on the Island.  The most popular areas for residential rentals are Sliema, St. Julians and Portomaso surroundings where one will find lovely modern apartments from coast to coast as well as inland.  Having said that there are modern apartment in most areas however most businessmen prefer to stay close to the restaurants, entertainment and 5 star hotels located in St. Julian’s.  One would seek advise from their real estate agent or relocation agent on where best to live.  

There is also a large selection of villas, houses of character and 300 year old farmhouses with pool available on the market located in most villages and towns.  Expatriots still prefer to stay as close to the International schools as possible.  These are located in Pembroke and San Gwann/Kappara.   

On the office space front, one will find that there are various open plan spaces from 50 square metres upto even 4000 square metres if one can afford to be on more than one floor. The spaces are decked out with most amenities but one will most likely end up customising their own spaces.  Landlords offer this service however it is at an extra cost.  The average rent for an office space is around about € 106 per square metre and this can go up to € 250 per square metre, always talking per annum.

To sum this up, Malta is an ideal place to look at to set up shop whether being small, medium or large.  It is recommended to seek professional advise regarding tax incentives and other benefits when you consider relocating to Malta.

SmartCity Malta

SmartCity Malta, a $300m investment, is the first of two World ICT and Media Centres which is destined to be built by a joint venture between Dubai’s SmartCity and the Maltese Government. The project will be located in the South of Malta adjacent to Fort Ricasoli and will encompass

More About: SmartCity Malta

FIRST TIME BUYERS IN MALTA AND THE RENTAL MARKET

It is quite evident that first time buyers are benefiting from reduced prices of property in Malta & Gozo. Developers have become more flexible with their terms and conditions as well as prices. Your real estate agent in Malta or Gozo can guide you accordingly on the best buys available.

The sound of this is almost music to a first time buyers ears since all anyone has heard in the past was complaints from young couples unable to buy a property without significant help from parents or others. It also puts a positive spin on the market for those who have not had the significant help and have had to rent a property as their first home and now can afford to get on to the property ladder. Having said all this developers will sell their properties and will have to invest differently in the future, which may result in the size of properties getting smaller or it could also affect the state in which properties will be sold. Developers may choose to finish their properties up to shell form or sell them at a semi-finished state and give options to purchase finishes as an extra. This will allow buyers the opportunity to finish the property themselves at a cheaper cost. Changes in the market can only be seen with time but it will be interesting to follow the trend.

The flexibility of developers may also be an opportunity for a “Buy to Let” situation for investors. With the rental market in Malta booming from the great influx of companies enjoying beneficial tax cuts from the Maltese government it is sometimes very hard to find a property available to rent where as in previous times the Market was saturated with properties available to rent. Landlords have become smarter and are buying their properties at a higher spec and are furnishing them with modern furniture i.e. IKEA style which actually became highly popular when various Swedish iGaming companies arrived in Malta a couple of years ago. Some owners also furnish to a much higher standard then IKEA and reap higher rents however there is no need to do that to achieve a decent income from your property. For the landlords that have not refurbished their properties unfortunately their properties take a much longer time to rent and they are bound to achieve a less income. At the end of the day, you get what you pay for and that’s a reality in every Market.

The rental income in Malta averages between 3% and 5% depending on the standard bracket you invest in and obviously supply and demand play a major role in defining this. However, Malta has always had a consistent increase in the property price index and therefore most investors are happy with the fact that their property increases in value and at the same time the rent is contributing to the mortgage. At the moment one and two bedrooms are very high in demand for rental seekers. It is important that you choose a reputable real estate agent to guide you for any potential investments in property in Malta or Gozo.

Selling your Property in Malta

When deciding to sell your property, you need to ensure that you are armed with maximum information and that you understand what type of market you are selling in. This article has been written to provide you with some valid tips to take into consideration before you sell your property in Malta or Gozo or for that matter anywhere in the world.

Under Stand the Legal Process
In Malta, the legal process protects the Seller/Vendor once you have signed a promise of sale or better known in Malta as a “Konvenue”. You need not to worry about Gazumping or property chains when you get to this stage. Once you have agreed a price for your property and all terms and conditions relating to the sale, a Promise of Sale is signed. After this stage your notary will conduct the necessary searches to ensure that title is legally yours and you are able to sell. When all is confirmed, which take generally between 8 -12 weeks, you are able to exchange with the buyer and get paid in full.

It’s is important that your real estate agent guides you professionally on signing of the ‘Konvenue”. Some buyers may ask for special conditions such as ‘Subject to bank loan’ or ‘Subject to Permit’ just to mention a couple of examples that are common. Ensure that these conditions are achievable by the buyer as you may find out that a clause may have been put in there as a get out clause or the buyer may have genuinely not done his own homework and because of this you would have lost other potential buyers. The real estate agent showing the property should ask the right questions to the buyer to avoid these certain cases.

Know the market around you
Ask your real estate agent for a CMA or ‘Competitive Market Analysis’. If he takes his job seriously and is a professional, he should be able to provide you with information regarding other houses in the area that are similar to yours. This is a key tool that will assist you when you are pricing your property. It’s also important to get examples of properties that have been sold in your area too so you know the potential of what you can achieve. Properties that are on the market at certain prices may mislead you to think you can get a certain price where market conditions may not allow you to achieve that price. Check with your real estate agent in Malta or Gozo and they will be able to guide you accordingly. Although Malta and Gozo are small Islands, there are various little markets where prices vary. Just like anywhere in the world, location plays a key factor when pricing your property so do not think that because a flat in St. Julian’s up the street from the sea will cost the same as a flat in Sliema just up the street from the sea.

Prepare your home
It is especially important to prepare your home before selling. Although your tastes may be appealing to others it may not be appealing to some and therefore before selling it is important to widen your potential client base. Here are a couple of tips:

KERB APPEAL

Stand Across the road from your house or apartment block and compare it to the others in your street. If a Buyer is not impressed at the kerb, you’ve lost a potential sale before you’ve had half a chance. Check landscaping, painting, windows, what is parked in front of the door, remove any rubbish bins, bicycles and make sure the property is inviting.

AMBIENCE

It has been proven that buyers make the decision whether or not to buy a property within the first 60-90 seconds of having entered the property. It has to feel right, we recommend good lighting, both natural and ambient, cleanliness and order throughout will evoke a looked after feeling, soft background music to put the buyer at ease as well as some flowers to add life and vitality.

SPACE

A buyer has to imagine himself and his things living in your property and it is your job to make this as easy as possible to visualise. Remove any clutter from the property, arrange furniture so there is freedom of movement, clear out closets and cupboards and organise neatly and ensure the kitchens and bathrooms are in top condition.

FRESH COAT OF PAINT

A fresh lick of paint can do wonders and can dramatically affect a buyer’s first impression on your home. Use a warm neutral colour for the walls and vary slightly throughout the house. Bright colours may put off a Buyer immediately. If you aren’t sure what colours to use, get a consultation from a designer or your real estate agent.

These are just some guidelines that will assist you in selling your home. It is always important to take consultation from a professional real estate agent in Malta or Gozo before you proceed with the sale of your property.