WHAT YOU NEED TO KNOW WHEN BUYING PROPERTY IN MALTA
General Procedure and Costs
After the property have been chosen, and we have assisted in the price negotiations likewise any special conditions duly negotiated and prearranged, a date will be set aside for the signing of the preliminary agreement (commonly known as Konvenju in Maltese). This is basically an agreement binding both parties to finalise the transactions within a set-out date, something which is very important when buying property in Malta. On signing of the Konvenju you will be mandated to pay 1% provisional stamp duty as partial payment of the full 5%. The balance will be due once the final deed is signed and an agreed deposit which is usually 10% is made.
Buying a property in Malta as a second home
Non-citizens of any of the European Union member states or if you are, but the property you are trying to acquire is not for a prime residence, some boxes have to be checked before acquiring a property in Malta. You will have to pay a certain fee in order to obtain an AIP (acquisition of immovable property) permit. They are usually granted by the ministry of finance, takes a couple of weeks.
Buying property in Malta as a primary residence
European Union citizens who have lived in Malta for at least a minimum of five years are free to obtain more than one immovable property without having to obtain an AIP permit. Equally, if you are an EU citizen but haven’t lived for up to five years but still intend to purchase a primary residence in Malta, you won’t need a permit as well. Likewise, if you need the property for business activities.
The Maltese don’t joke with their traditions. Their firm belief in brick and mortar is why property acquisition is booming unlike in some parts of Europe. Our purchasing strategy is straightforward with aim of protecting both the buyer and the vendor. Malta is a bilingual county so expect legal documents in English or Maltese.
Acquisition of property in a foreign country is not supposed to be a leap of faith however locals on this page should be confident of being in the right place. As a trustworthy property agency in Malta, our utmost priority is in securing what will suit your needs when buying property in Malta. The resources and infrastructure at our perusal is second to none. We try our best to ensure buyers and sellers are apprised with the latest market trends and a feedback transparency that will enable so that both parties make excellent decisions.
Why you should work with us ?
We will put eyes on ground and get you the best property around meeting your needs and requirements. We organize and carry out viewings. We won’t hang you out to dry, we will follow up and assist you till your property has been selected. We won’t stop at that, we will make negotiations in such a way you get the best possible deal. We will guide you through the whole preliminary agreement process (Konvenju). Now that you are on our website, acquiring a property in Malta is just a couple of weeks away.