Although property prices have reportedly gone down in certain segments of the market, the National Statistics Office has reported that registered property sales have been steady throughout the last year and almost at par of what was registered in 2008. The global economic crisis has had little effect on the
Malta property market with great thanks to the solid banking institutions in Malta who have been conservative but shrewd in their business practices. In what has been a year of misery for some European countries, the Maltese Government has continued to invest heavily in ICT, gaming and other industries. The result is that Malta is now seeing the fruit not only from the number of companies interested in setting their
businesses up on the island but also from current economic activity from licensed company employees and executives. This has generated a multiplier effect throughout the economy which has specifically affected the property market not to mention other industries that is said to have generated over €15 million in revenue.
Benefits of Buying Property in Malta
Besides developing and investing in niche markets, the Maltese Government also targets foreigners to Malta through its a beneficial Residence Scheme, where one may take advantage of its low income tax rate of 15% on income received to Malta and no real estate tax amongst other interesting benefits. The only main requirement is that one has to purchase or rent an apartment in Malta. Purchasing a property in Gozo or Malta is a relatively easy process whereby one would have to sing a promise of sale which binds the vendor and the buyer to a period of time where all title researches are done on the property in Malta or Gozo are done, paper work for mortgage should be sorted out as well as an AIP permit if required. Contract would be signed and keys of the property in Malta would be exchanged.
it is recommended that anyone searching for a property in Malta should seek advise from a reputable real estate agency in Malta.