When I was just eighteen years old I was given the opportunity to buy my first home. My immediate instincts was to buy the property, which was a brand new developed two bedroom apartment in St. Julian’s, it was fully furnished at the time and was going for the menial price of Lm 42, 000 or € 97, 833. The developer at the time was a friend of mine and he had practically organised the mortgage for me through a contact he had at the bank and was just waiting for me to give the go ahead to arrange a meeting to sign the Konvenue.
I had wanted a final approval from someone that had my best interest at heart and therefore I asked my father to come with me. He did not have to assist me with the purchase at all, I only needed his blessing. It turned out that my father could not see the importance of me buying the property and he felt that investing at the time would not be a great idea especially since I had just bought a car and was starting my new life in the real estate industry. I did not buy the property.
I still look back at that day and feel that if I had purchased the property in Malta it would have changed me into a more responsible person sooner and my entrepreneurial self would have matured quicker. It took me eleven years to finally get on the property ladder during which I through away my money on going out to Paceville, Malta’s Entertainment land, eating out, travelling (A good investment) and other entertainment.
Though I would never hold a grudge against my father for being protective, I do wish I could turn back the clock and take the decision I wanted to make. Besides saving money by default your property in Malta appreciates according to market conditions. Over a period of time you are automatically making money. If I would have bought that property in St. Julian’s, I would have been able to sell that property six months later for Lm 52, 000 / € 121, 127 making a twenty something percentage profit. Imagine I kept it till today.
You should buy a property in Malta. Even if it is an investment that you may consider selling later for what ever reason. If you can afford a mortgage payment contact a real estate agent in Malta for some sound advice. Feel the market and than when the opportunity arises grab it.