A Successful 29th Property Auction

Malta Property Auctioneers Ltd. looking forward to their 30th Property Auction

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Malta Property Auctioneers held their 29th quarterly Auction last Saturday 30th January at the Royal Malta yacht Club. Another successful and satisfying auction for all the participants, both vendors and buyers with almost €6 million worth of property sold under the hammer.

“This was another pleasing event for us and we are really looking forward to launching our milestone 30th Auction. Nine years ago today we opened our doors and where a little skeptical whether the idea would take off in Malta. Today we are the smart choice for buying and selling real estate. So much so, that other names in the local Real estate scene are trying to dive into this more targeted business model.
“It was only a matter of time before others followed suit. In fact others have already tried and failed. It is very typical of the Maltese to take a good idea and try to make it their own, to see who is successful and try to steal their recipe, but we have been in business for nine years and we have established our own market niche. Besides, who wants to drink Star Cola when the original Coca Cola is sitting on the same shelf ??? “ – remarked Stefan Consiglio, when questioned about the hearsay that other property auctioneers where about to launch.
“To be a successful property Auctioneer one needs to have extensive knowledge in the local real estate market, an auctioneers licence and a team of highly trained sales agents – Our experience in real estate goes back over 30 years through Pierre Faure Real Estate. The other ingredient for a successful auction, is a large database of highly qualified investors together with an aggressive marketing campaign – both items we have been harvesting and perfecting bit by bit over the last 9 years as auctioneers.
“We are a company that keeps up with current trends in marketing and are always looking into the newest marketing mediums to get the best possible exposure for your property with the intention to sell it to the highest bidder within a short period of time by creating an environment of urgency. Our business model is a win-win situation for all parties and the results are there to be seen . Moreover we are always willing to work together on a commission sharing basis with other agencies or brokers making our sales force even larger – this way we do not close a window of opportunity to anyone but rather open doors to all – pun intended.”
Malta Property Auctioneers’ exact 30th Auction date will be announced shortly but will be held around April/May. We are currently in the process of putting another attractive portfolio of properties together so for those willing to sell their property fast and efficiently – now is the time!

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Malta Property Auctioneers – The only Property Auction house in Malta

In the past, auctions were a relatively uncommon way to negotiate the exchange of property in Malta. Today, we at Malta Property Auctioneers, a brainchild of Pierre Faure Real Estate, have become a household name, synonymous with offering property vendors a different marketing tool. Different because it gets your property sold in a much faster timeframe and with lower expenses.

Malta Property Auctioneers has revolutionized the real estate industry in Malta. We are now the smart choice for buying and selling unique real estate. In practice, haggling and negotiating and sales by set-price have always been significantly more common. Today however, Malta Property Auctioneers have proven that you can sell your property for the highest price and within the shortest period of time.

“We have modeled a process that focuses on creating maximum exposure for a property combined with the element of urgency and efficiency. This is what our sellers are attracted to. What we do really well is delivering what we say we will! – provide a detailed, aggressive and attractive marketing campaign for your property both locally and overseas and combining it with our knowledge, expertise in the local real estate market. We offer buyers the opportunity to purchase properties at values much lower than what they might be advertised at with agencies yet at the price they are willing to pay.

“Our business model is a win-win situation for all parties – the buyers, the sellers and even third party intermediaries, as we are always willing to work together on a commission sharing basis should a purchaser be introduced by another agency or broker.”

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Our next auction will be a milestone as it will be our 30th Auction and we are looking to offer our most exclusive portfolio yet. So what are you waiting for? If you own a luxury property in Malta and are tired of sitting around waiting for the “right” buyer to come along, give us a call now and let us show you the results we can achieve.

Stefan Consiglio – Manager – Malta Property Auctioneers

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www.propetyauctionsmalta.comwww.maltauctions.com www.maltapropertyauctions.com

#propertyauctionsmalta, #maltauctions, #maltapropertyauctions

2015/2016 Budget Measures related to Property in Malta

Pierre Faure Real Estate welcomes the budgetary measures related to the property sector announced by the government on the 12th October 2015.

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The main points covered in the budget included new laws with regards to first time buyers, tax on commercial letting and incentives for properties in Urban Conservation areas.

First-time property buyers:

Any resident of Malta that has never purchased a property will have no stamp duty to pay on the first €100,000 . Basically this is an exemption from the payment of duty on documents up to a maximum of EUR 5,000 on their first property. This will apply retrospectively for preliminary agreements entered into as from 1st July, 2015. Those first time buyers who have in the meantime entered into a preliminary agreement and final deed of sale after the 1st July, 2015 will be refunded the duty on documents they paid.

 This scheme has already proved extremely successful since it was introduced last year, boosting sales throughout all budgets and naturally giving a helping hand to lower earning individuals to get onto the property ladder.

Tax on Rental:

In 2015 the goverment announced that tax on residential letting will be reduced to 15%. This was well welcomed and a large amount of landlords registered their properties with the authrotities and declared their incomes.

In this years budget, complimenting the success of this lower rate in reduction, it has been announced that A 15% withholding tax shall also apply to rental income deriving from commercial properties or from property rentals to companies.

 Inheritance: 

The law shall be amended so that in cases were properties have been inherited and a minority of the heirs do not wish to sell such properties, the properties may be sold after 3 years if the majority of the heirs so wish. Once sold, these properties will be registered on the Land Registration Area register.

The main aim of this measure is to release dilapidated properties which cannot be sold due to family or inheritance disputes, reducing the amount of vacant homes, embellishing areas which look unpleasant due to neglect  and releasing more properties on the market without the need to construct them.

Special benefits for UCA’s

Purchasers of properties in Urban Conservation Areas shall benefit from a reduction in duty on documents to 2.5% instead of 5%,. Subject that the final contract of purchase is entered into between 1 January 2016 and 31 December 2016.

Urban Conservation Areas (UCAs) are important areas within the towns and villages in Malta with certain architectural value. These areas represent the identity of the various localities.  Again we feel that incentives to persons that regenerate old properties into their original former glory is a good measure that should release properties that are high in demand without the need for modern blocks

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On the same line, when a refurbished property in an Urban Conservation Area is re-sold, the Final withholding Tax shall now be reduced to 5%.

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Stefan Consiglio – Office Manager – Pierre Faure Real Estate & Malta Property Auctioneers

Attard Townhouse facade

The Perfect blend of Old & New – House of Character in Attard, Malta

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When  we at Pierre Faure Real Estate sold this house of character 3 years ago, it was in an awful dilapidated mess. We often took clients that wouldn’t even walk through the front door in fear of the ceiling collapsing on their heads. One particular client, however, who was tired of trying to find a home in Malta with a good finish at a fair price, decided that maybe a fixer-upper was the right choice of property for him.

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The features the Malta property had , or at least those that could be seen to the inexperienced eye, where a lovely courtyard leading onto a decent size (approx 80 sqm) garden. Apart from that, nothing in particular stood out, or at least, not in the mess and dust that engulfed the run down property. But the location was good, tucked away in a rather wide alley in one of the most sought after and quiet villages of Attard. After some convincing that the house truly had potential to be something outstanding, the sale was made.

3 years later, the owner contacted me to view his project – As I reached the address, I actually thought I was in the wrong place. The facade, now a typical townhouse totally restored to its former beauty and glory, was already unrecognizable. I couldn’t wait to get inside.

As soon as I entered the front door, I was absolutely gobsmacked. The conversion, done by a group of renowned local professionals was nothing but awe-some. I felt like I had never been to this location before. The entrance hall, with its magnificent high ceiling was overwhelmingly welcoming. The first room, one which i had myself explained will one day host a lovely TV room, was converted into the most elegant formal dining room. The central courtyard was gone and replacing it now is the most grand , bright and spacious , double height living room with more than enough space for a study, library and piano. Overlying this massive room is now the main bedroom, equally grand , bright and spacious with its own walk in closet and en-suite bathrooms as well as ample storage space.

The project itself, unearthed some amazing features, namely a carved stone dating back to the 1700’s and moreover, a lovely arched cellar which underlies half of the well landscaped garden – a perfect place to store wine.

What amazed me most about the house however, is the combination of the old walls and replica patterned tiles , wooden beams and arched doorways mixed with flat wallpapered walls, as well as the mix of tones and materials from granite to hardwood floors and an abundance of different textures all blending well and finished to the highest levels. The bathrooms, 3 in total are of topmost quality and the house enjoys loads of little nooks ideal for storage, one of which is your typical “birth room”. the apertures are large and flood the typical Maltese house with light

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“This place was top notch…and I wanted it on my books….”

3 months of persuasion down the line and the property is now listed exclusively for sale by auction with Malta Property Auctioneers with a Guide Price of €545,000 to €575,000. A very attractive guide price for a family home of this caliber especially with respect to its size, location, outside space, and standard of finish.

You can find more photos and an exact google map location herehttp://www.maltapropertyauctioneers.com/Home/Property?code=HC9308

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Is This The Right Time To Buy  a Property in Malta???

It always seems to be! Says Stefan Consiglio, Manager at Pierre Faure Real Estate.

 

For all those first time buyers, foreigners seeking Permanent Residency in Malta, investors looking to take advantage of the rapid increase in rental prices or homeowners that are just seeking to upgrade their home. YES, this is the time to buy!!

We all know that over time property will always appreciate. Ever since I started my career in the Real Estate field 13 years ago, I always recall hearing the negative people talking about a bubble about to burst. So far, this hasn’t happened here in Malta. Yes there might have been a year or two where the increase wasn’t as large as other years, but Malta has yet to see a property bubble burst, and to be honest, I still don’t see it happening any time soon.  Bank interest rates have remained relatively low for a few years now  and the rental market is still extremely healthy, with prices still on the rise and demand still higher than supply.

Malta is a tiny island with land a true scarcity, but moreover it is one of the most populated countries in the world per capita and thousands of foreigners are still moving here annually. Some move here because of the weather, others because of the culture or friendliness of the Maltese people, others cause of the language or schooling, tax reasons or of late, simply because Malta is the iGaming and finance hub of the world. The place to be if that is your line of work. Whatever the reason, an increase in people moving to Malta will always result in an increase in demand for homes in Malta. There is an extremely good choice of property out there and this is definitely helping to keep the value of homes more competitive.

 

Rental returns a decade ago were a mere 3 to 4 % and you always had some vacant time in between finding “the right tenants.” Today properties in prime areas are never left vacant for very long and the normal yield is 5% with opportunities to invest with better returns also possible. So what more can one ask for?

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Pierre Faure Real Estate has a number of Good Value homes to offer in Malta which can get much better returns than any other types of investment, and that is not even considering the capital appreciated on the property’s value over even a small number of years. So what are you waiting for?  Send us an email or give us a call and we will assist you throughout the whole transaction, from finding the right property to leasing it out to qualifies tenants at a good return.

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Buying Property at Auction

PROPERTY IN MALTA

Traditionally, buyers scour the market for
homes that interest them by attending
open houses, going on neighborhood
tours, scouting multiple online and
newspaper listings and contacting
several agents. Sellers, on the other hand,
typically work with listing agents to sell
their properties to interested buyers.
Unfortunately, this is not always the best
option as it is not always easy to evaluate
the market value of a property and even
the most experienced agent may provide
misleading advice. Real estate auctions
provide an alternative for commercial
and residential buyers and sellers. While
some cautious buyers and sellers might
hesitate, there are advantages for both
through the auction system.
As a seller, real estate auctions afford you
the opportunity to show your property
to multiple buyers at once during a short
period of time and ultimately sell to the
highest bidder. Potential buyers must
qualify for financing before they are
eligible to participate in the auction. As
a result, potential bidders are already
pre-qualified to purchase your property,
which maximizes both the buyers and
sellers chance of concluding a deal.
Why would anyone be interested in
buying a property at auction? Auctions
offer a first chance to snap up genuine
properties at attractive prices with the
knowledge that the vendor is committed
to sell. This is of utmost importance
especially in the case where the property
has been inherited by a number of people
as the purchaser will have peace of mind
that none of the vendors will back out
at the last minute.
Auctions of property for sale in Malta make the
negotiation procedure open and public
eliminating long negotiation periods.
Also the purchase and closing dates are
always known in advance and since the
auctioneer normally prepares most of
the notarial searches on the property, the
period between the promise of sale and
final contract is much shorter. Moreover,
through open competitive bidding one
knows that he has purchased at fair
market price. In theory, some of the
best properties in Malta are offered at auctions
because the auctioneer and his team
put great effort into offering properties
which are high in demand and searching
out vendors that genuinely want to cash
in fast without asking for exaggerated
prices and waiting for the right client to
come along.
Malta Property Auctioneers is the only
Property Auction house in Malta. Working
towards its 28th property auction to
be held in September 2015. Their team of highly
trained staff offer professional advice and
evaluations on any kind of real estate on
the islands.

More info at
www.maltapropertyauctioneers.com

Stefan Consiglio is General Manager at Malta Property Auctioneers & Pierre Faure Real Estate

What makes Malta special?

Malta is just a drop in an ocean. Yet what is any ocean but a multitude of drops? Lying at the very heart of the Mediterranean Sea, a few hours away from Europe and North Africa, Malta is signatory for economic, financial, maritime, transport and cultural matters.

The superb climate in Malta makes it ideal to have fun in the sun. Weather allows for outdoor sport and leisure activities, from swimming, yachting, sailing and diving in the blue waters to horse riding, or cycling and trekking in the countryside all year round. Alternatively, one can opt for total relaxation on one of the many sandy beaches found around the coast. Malta is in many ways vibrant and modern. Romance, nightlife, good food….you find it all here. Numerous events and festivals that tickle every taste bud and appeal to all ages are organized throughout the year.

In addition to this, Malta enjoys a healthy and safe environment with excellent educational facilities. The World Risk Report has named Malta, once again, as the world’s second safest country, the first on the list being Qatar, in terms of its exposure to and ability to cope with natural disasters. Malta is the safest place in Europe, having very low exposure to earthquakes, floods or rising sea levels and its society and infrastructure are well prepared to tackle such events should they come to pass. The country also boasts of close economic and cultural ties with neighbouring countries, north and south of the island.

Malta also boasts from economic, political and social stability. The more recent past, since independence in 1964, has seen the country develop its economy in an impressive way. Malta is becoming rapidly a regional hub for dynamic financial services, i-gaming and back-office services. It also enjoys excellent electronic communications and flight connections. Various sectors offer prolific investment opportunities such as pharmaceuticals, electronics, information communication technologies, agri-foods and precision engineering.

Let’s not forget that Malta possesses a growing professional class of highly trained, qualified, flexible and multilingual workforce. Maltese citizens own a good quality of education, leading to high productivity. The majority of the Maltese population is multilingual. It is fluent in Maltese, English and Italian, with the former two being both official languages. Some also have a good understanding of French, German, Arabic and other languages. Locals are also friendly, warm, lively and sometimes even noisy.

Leveraging all the above-mentioned aspects, it comes as no surprise that Malta is so fascinating and unique and many people from across the world wash up here. Surely an all-rounder destination.

Malta – a culinary delight!

Maltese cuisine is a delicious mixture of the gastronomy influences left behind by the successive conquerors of the islands of Gozo and Malta, such as Sicilian and British influences, as well as Arabic. Malta’s gastronomy, thanks to its location and landscape, is mainly rustic and based on season products and sea food, while other menus are dominated by meat dishes.

It is impossible to mention every yummy morsel the island has to offer but let’s mention some appetizing specialities. You cannot not taste the famous Pastizzi, fresh, hot, cheap and incredibly tasty Pastizzi, cheese or pea cakes in English. What about the Ħobż biż-Żejt, literally meaning ‘bread with oil’, or the Maltese Platter made of Fażola (butter beans in oil and garlic), Ġbejniet tal-bżar (peppered goat’s cheese), Bigilla (a dip made of mashed beans), Maltese sausage (a traditional spiced pork sausage), sundried tomatoes, and many other yummy nibbles. Look out for Lampuki Pie (dolphin fish pie), Rabbit StewBraġioli (beef olives), Kapunata, (Maltese version of ratatouille), and Soppa tal-Armla (widow’s soup).

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For the seafood lovers, fish is surely prominent on this wonderful island surrounded by the Mediterranean Sea. When fishermen get a good catch and fish is in abundance, you’ll find Aljotta (fish soup), Spnotta (bass), dott (stone fish), cerna (grouper), dentici (dentex), sargu (white bream), trill (red mullet), swordfish and tuna. Octopus and squid are very often used to make some rich stews and pasta sauces.

To finish off a Maltese meal try some tempting dessert delicacies such as the Kannoli (tube of crispy, fried pastry filled with ricotta), Ħelwa tat-Tork, (sweet sugary mixture of crushed and whole almonds), or Imqaret (deep-fried date cakes).

Let’s not forget that even drinking in Malta can be a wonderful experience. Some Maltese wines are excellent with main wineries offering guided tours and tastings. A most popular drink for tourists is the local refreshing beer named Cisk; truly an outstanding thirst-quencher. Other also popular local drinks are Hopleaf Pale and Blue Label Ale, as well as some local liqueurs like Anisette (from the aniseed) and Bajtra (from the prickly pear). However, the favourite drink in Malta remains Kinnie, found only in Malta. You absolutely have to try this slightly bitter, fizzy drink which tastes of orange and herbs.

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We promise you will love Maltese food. You just need to be open minded and willing to try new flavours, textures and tastes. So, when visiting Malta, make sure you leave behind your daily diet and dig into some of the incredibly vast good dishes that you can only eat on the Maltese islands.

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Malta Property Market

The property market in Malta was one of the few European markets that did not struggle during the recent recession. The outlook for Malta remained as sunny as ever. Whilst things were certainly difficult for many European countries with bank collapses, property market slumps and rises in unemployment, Malta, the little nugget wedged between North Africa and Sicily,  remained an exception due to a number of factors.

Malta is a small island with a very high population density, with land being very scarce and therefor always valuable. Moreover, unlike other islands, the Maltese market has a large drive of local buyers who have already enjoyed the fruits of their investments over time.

This tiny island has a lot going for it – besides its strategic position in the middle of the med, the island is sun kissed the whole year round, English speaking and very safe, even politically stable. For Brits, Malta is a delightful mix of the exotic and familiar, so it is no wonder they buy property in Malta and soon make it their second home. The schooling and medical facilities are of very high standard, and the fact that foreigners do not need to learn a foreign tongue makes it all the more appealing.

It is to no surprise that foreign buyers are up again in numbers – The Maltese government promotes foreign investment through a number of schemes which are very attractive to both EU and Non- EU nationals. Malta has always been loved by overseas buyers who get to enjoy the historical and cultural diversity the island offers through its past.

Buying property in Malta is a relatively easy process with various experienced agents available to point you towards the right direction and throughout the whole transaction.  The procedure for arranging loans and financing from local banks is not too onerous and those who chose to move here full -time will tend to find the low-tax regime makes life easy – not that Malta doesn’t already have a good quality of life.

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Pierre Faure Real Estate www.pierrefaure.com have been helping foreigners relocated to Malta for over 11 years with ample more experience in the property field. Any queries may be sent to stefan@pierrefaure.com

Stefan Consiglio – Office Manager – Pierre Faure Real Estate & Malta Property Auctioneers.

 

Malta property becomes less costly, as pound nears 16-month high

09.05.2014

One more great reason to buy a property in Malta! Malta property has fallen in price lately, as the pound has reached 1.2247 versus the euro, just shy of its highest in 16 months, or since January 10th 2013.

To put this into context, sterling was at just 1.1371 last March, meaning it’s since bounced back by almost 9 cents. Were you to transfer £125,000 to Malta to buy a property, you’d hence get an impressive +€10,688 more today than March 2013. Clearly, this puts your dream Malta property closer within reach!

Why has the pound jumped against the euro?

Sterling has neared this 16-month high versus the euro, chiefly because the UK economy is growing like there’s no tomorrow. For instance, just this week the OECD upgraded its 2014 growth forecast for the UK +0.8%, to a jaw-dropping 3.2%. This will make the UK the world’s fastest-growing major economy, hence boosting the pound.

At the same time, the euro has weakened of late, because the Eurozone faces the threat of Japanese-style deflation. This is where prices continually fall, which sounds nice, but leads to economic stagnation, as people keep putting off their shopping to see if things get cheaper. So that’s brought the euro low too!

Will the pound continue to climb?

Moreover, the pound looks set to exceed its 16-month high in the near future. This is because, with the UK economy fit and frisky, the Bank of England may soon become the first major central bank since the financial crisis to hike interest rates. This will send the pound yet higher, further cutting the cost of Malta property in 2014!

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About the writer

Peter Lavelle is an economist at foreign exchange broker Pure FX. To get free expert currency advice about the best time to transfer money to Malta, call him on +44 (0) 1494 671800 or email peter.lavelle@purefx.co.uk.