When compared to many countries around the world Malta's Real Estate industry is relatively low on bureaucracy making it easy to enter the property ladder. This is one of the reasons for Malta's booming property market that has been prospering for the last 40 years with year on year growth. Being short on supply as the country is small there is only one way that prices can go.
Here at Simon Mamo Real Estate we understand that this is a big decision that one must make since it is the most expensive purchase of your lifetime. That is why be sure that you work with an agent you trust to guide you through this process and offer expert advice. If you are thinking about buying property in Malta there is a simple 5 step process:
1. The starting point is deciding what type of property you would like and how much you can afford. You can start by browsing through www.simonmamo.com with over 25,000 properties for sale and to let in Malta and Gozo you can compare what is currently on the market and at what price. You narrow it down to 2 or 3 different property types such as apartments,maisonettes, villas with pools, etc. and locations such as Naxxar, Sliema, Qawra,etc the reason being that the supply in Malta is rather limited so if you open your range slightly you can have a better selection to chose from.
2. Go to the bank of your choice if you need a bank loan to confirm your budget constraints when deciding which property to buy in Malta. In the case that you do not need a bank loan then you already know what you can afford vis-a-vis what type of property you are searching for in the locations of your choice.
3. Contact one of our 7 offices strategically located throughout Malta and Gozo that is nearest to the areas you require. One of our trained personnel will greet you and record your requirements and set up appointments to view the properties in Malta and Gozo that you would like. You could also suggest some reference numbers from our up to date website.
We will drive you around from property to property and we can also pick you up from your office, hotel or home if you prefer to show you around. Once you like a property we would put forward your offer to the landlord normally this should not be less then 10% less then what the owner is asking and negotiate the best price for you.
4.We then sign the preliminary agreement 'convenju' at a notary of your choice or at our office if you like we can recommend a notary. The buyer must pay 10 % of the total purchase price which is normally held by the notary, 1 % of the 5 % stamp duty that is to be paid by the purchaser in tax to the government. The remaining 4 % will be paid on the final deed of sale.At this stage all terms and conditions must be stated in the agreement. The seller is binding himself/herself to sell the property to you at an agreed amount whilst you are agreeing to buy the property on certain conditions such as that a bank loan is obtained, there are all the permits in place, what the seller has to complete before the final contract, any ground rent payable or whether it is freehold and within a certain time frame normally 3 months.
5 Final Contract - Once all the terms and conditions have been adhered to and the notary has carried out all the due diligence checks to ensure that the property is free from hypothecs and that the seller actually owns the property. The buyer and seller meet a bank in the case of a bank loan, a notary' office or one of our offices. The balance is paid to to the seller of the 90 % of the purchase price and the remaining 4 % of the stamp duty to the government. The buyer is given the keys and the deed of sale is registered with the relevant government department.