Finding Accomodation in Malta
The past couple of decades have seen an influx in the number of foreigners moving to Malta to purchase or rent property.
After all, the Islands have plenty to offer – a typically Mediterranean climate, great history, culture and entertainment options, an English-speaking population, relatively low costs of living when compared to other parts of the EU, high standards of healthcare and education, and a fantastic selection of properties to rent or buy.
Of course there are various stages to go through. Renting is easier, and there are many good estate agents in Malta that will be able to guide you. If you are purchasing or investing, you will need to first establish the location where you want to buy, as well as the style of home.
Renting a property in Malta is simple!
Whether you’re renting or buying, you will first need to narrow down the sort of property you’re after – a studio apartment, a family home, or a farmhouse in the countryside, for instance. You will also need to set your budget depending on what you can afford each month.
You can source a property by going through one of the many real estate agents in Malta, or by searching online or in the local press. Once you have found what you are looking for, you will need to sign a Tenancy Agreement, which protects both your interests, and those of your new landlord. This agreement will specify information including how bills will be paid, when and how rent is due, the date the tenancy began and its duration, services that are provided by the landlord (such as a cleaning service or maintenance), the length of notice required before termination of the tenancy, and good practice rules for the common areas (if applicable).
Bear in mind that the majority of landlords will require a deposit (usually the equivalent of one month’s rent) upfront. Rent will usually also be paid in advance.
Citizens of all European Union member states (including Maltese citizens), who have not resided in Malta for a minimum period of five years, require a permit to acquire immovable property as a secondary residence purpose.
Individuals who are not citizens of a European Member state may not acquire any immovable property unless they are granted an acquisition of immovable property permit.
Once that is sorted, there are numerous permits to be applied for, including sorting out the Promise of Sale agreement with a notary (known locally as a Konvenju), as well as carrying out the appropriate searches to verify legal title. On signing this agreement you will be required to pay 1% provisional stamp duty as part payment of the full 5%. The balance of this is due on signing of the final deed. You will also need to pay an agreed deposit, which is generally 10% of the final price of the property.