Property in Malta Recession ?…. Not (don’t believe everything you read or hear)

Regardless of what some media say and few from the real estate community are claiming, there has apparently been quite some movement in the Maltese property market.  It is quite clear and unfortunate due to our small community negativity spreads quicker than a wild fire.  It sells media and can attract lots of attention to individuals that be looking for some sympathy…..

The life of a real estate agent in Malta is full of ups and downs and with the most part being the latter it is indeed classified as a hard career to crack.  A real estate agent works an average of ten hours a day, six days a week and when not at work should at all times be switched on seeking out  potential leads.  But, however hard this career maybe, it also can be very rewarding though only 15/20% of real estate agents are very successful.   The rest are what they call as non productive agents or middle level producing.

The process of buying a property in Malta can take two, three months or even up to eighteen months meaning a real estate agent only gets paid when keys have been exchanged and the money has been transferred to the seller.  The first stage of formalising the purchase of a property in Malta starts with a Promise of Sale which binds both parties by law over a holding deposit, during the time in between the Promise of sale and the closing where all searches are carried out to confirm that title of the property is actually owned by the seller and the seller has no outstanding hypothecs or loans with the bank or any institution for that matter.   Some less fortunate real estate agents in Malta or anywhere around the world don’t see any fruit for several months until they decide to move on and see a different career.   These real estate agents are the ones that tend to look for sympathy and hide behind their stories of how badly the property market is doing.  Negativity does not assist him in his production and neither will help his or her colleagues encourage people to purchase property.   One may sympathise with the person however there is always risk that you fall into this trap and assume all is bad when that is the only opinion of one person.  There you go and this is how ant hill’s are turned into mountains.

The Facts

Just recently, two of the largest real estate companies in Malta featured in interviews with a National Newspaper.  One of the titles stating boldly; “Recession?  Bring it on” written in the Business Today last Wednesday and the other articles title, written two Thusday’s ago in the Business Times supplement of the Times of Malta was “Overpriced property ‘corrected’ by 10 to 15%” and in the body text read that the particular company sales were actually up by 10/15 % during that same period last year.  There was also another article written regarding the Midi Devopment called Tigne Point where the heading of that was “Sales unaffected”.

Do your research on the net and talk to credible scources – unfortunately in Malta you do get alot of negativity.  Avoid that and once you have done your research talk to a credible real estate company in Malta and we are sure you will find what you are looking for.

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