The Property Market in Malta: Buying a Property
The property market in Malta is relatively cheap compared to other European countries and rival locations, allowing people to find what they are looking for at a reasonable price.
Due to very low interest rates and the relaxation of building height requirements, the property market in Malta went through an amazing boom between 2000 and 2009, followed by a strong decline in the last few years due to the global crisis. In 2008 for instance, over 6,000 building permits were granted, while less than a thousand were given out in 2012.
Although most big villas with terrace, pool and/or tennis court still tend to be quite expensive, the price of most apartments and maisonettes with a view have clearly dropped. Property prices in Malta fell slightly during the economic crisis, but are still relatively high as is the case on most Mediterranean islands.
Buying a Property In Malta
Of course, with its mild winters and hot summers, Malta is renowned for its Mediterranean climate, its rich history and amazing landscapes. Full of property buying opportunities, Malta remains an idealistic island to buy an apartment or a house - whether you are looking for a modern apartment or a house with character.
To give you a rough idea, you could find an average 3 bedroom apartment between €140,000 and €400,000, and an average 3 bedroom house at a starting price of €350,000. These prices will of course vary depending on the location and specifics of the property. However, if you are looking for a very luxurious property, unsurprisingly the prices can skyrocket.
Caution: as a non resident, you will only be able to aquire property in Malta if you buy in a Special Designation Area.