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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

Traditionally, buyers scour the market for homes that interest them by attending open houses, going on neighbourhood tours, scouting multiple online and newspaper listings, as well as 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. 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 simultaneously and ultimately sell it 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 buyer’s and seller’s chance of concluding a deal.


Why would anyone be interested in buying a property at an auction?

Auctions offer an exclusive chance to snap up genuine properties at attractive prices with the security that the vendor is committed to selling. 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 the peace of mind that none of the vendors will back out at the last minute. Auctions make the negotiation procedure open and public, eliminating long negotiation periods. In addition to this, 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 the final contract is much shorter. Moreover, through open competition, the bidder knows that he has purchased a property at a fair market price.

In theory, some of the best properties 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. We are working towards our 22nd property auction which will be held in October. Their team of highly trained staff offers professional advice and evaluation on any kind of real estate on the island.

For more information, visit: www.maltapropertyauctioneers.com

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.