Buying Property in Malta
Property Buying Advice, as a foreigner it is important to read and understand the following in order to familiarize yourself with the buying cost and process to purchase. The property in Malta and Gozo purchase price must not be less than €98,000 in terms of purchasing an Apartment, Penthouse or Maisonette and not less than €164,000 for any other type of residential property, albeit property in shell form or requiring renovation may be purchased at a lower figure, providing that the estimated cost of works for completion, plus purchase price total not less than the above mentioned figures in given the chosen type of property, these figures are subject to change through the Ministry of Finance on an annual basis.
The above mentioned thresholds do not apply in the case of EU citizens who purchase property as a primary residence i.e for permanent residency purposes.
Found a property in Malta or Gozo
Upon finding a suitable property or having narrowed your search to multiple choice properties, We will negotiate a selling price and terms on your behalf. Once a selling price has been accepted an appointment for the 1st Contract (Preliminary Agreement) needs to be sought to secure the property subject to conditions stipulated on the buyer's side and law. It is the buyer's choice, which 'Notary Public' (Legal specialist for the conveyance of a property) is to be instructed to deal with legalities in terms of legal title, local searches as well as submitting the application to purchase to the Ministry of Finance.
Drew Kassa Real Estate can appoint an independent Notary Public on your behalf and if required arrange a meeting prior to 1st Contract (Preliminary Agreement) in order for you to feel comfortable with our nominated Notary.
Please Note: Contract terms will be written and read in English.
The 1st Contract (Preliminary Agreement) to Buy a Malta or Gozo Property binds both parties to purchase/sell the property under the terms and conditions agreed upon, subject to legal title and the issue of any relevant permits to purchase.
1st Contract (Preliminary Agreement)
For the buyer
- 10% Deposit. Is the Industry norm.
- 1% Stamp Duty (Property Purchase Tax) Initial payment of the 5%.
2nd Contract (Final Deed of Transfer)
For the buyer
- 90% Balance of purchase price.
- 1% Notary Public for legal services provided.
- 4% Stamp Duty (Property Purchase Tax) Balance remaining and due.
- Agent Fees are paid by the Seller.
- €233.00 'A.I.P.' (Acquisition of Immovable Property Permit) required for non-resident. Notary will apply for on your behalf, takes 6 to 12 weeks to process. Please Note : Should you be taking up residency in Malta or Gozo the A.I.P. (Acquisition of Immovable Property Permit) would not apply in this case and the Stamp Duty (Property Purchase Tax) applicable will be 3.5% on the first €117,000 and 5% thereafter.
The 2nd Contract (Final Deed of Transfer) is subject to the property complying with all legal searches, full and current legal title to sell, works agreed to be completed in full prior to the final signing, fixture or fittings to be left or any other conditions as mutually agreed and documented at 1st Contract (Preliminary Agreement).
In the event that any further works or other have any discrepancy whatsoever at 2nd Contract (Final Deed of Transfer) gives you the right by law to pull out of the 1st Contract (Preliminary Agreement), whereupon you will be refund in full the deposit and 1% initial Stamp Duty (Property Purchase Tax) paid, albeit should the discrepancy be put right within a determined time frame, then you must complete the sale.
In the event you are unable to appear at the 1st Contract (Preliminary Agreement) or 2nd Contract (Final Deed) to sign, due to your home country commitments, it is possible to give the power of attorney to a nominated person/company to sign on your behalf. Before or after buying a property through Drew Kassa Real Estate, our commitment to you our client falls nothing short of the very best in service you are likely to find.
We really do go that extra mile to ensure the whole buying experience is delivered in a genuine and professional manner to ensure our Estate Agency continues to be held in the highest of respect from those who use our services.
We don't just value property, we value also your custom.
Should you require any further service, we would be pleased to assist you in any way possible i.e. Property Management, Holiday Letting, Banking Assistance and much more.