5 Things That Determine Apartment Costs in 2023

Property in Malta will forever be a hot topic. As one of the key economic driving forces on the island, it’s good to know what determines the price of a property you’ve got your eye on.

This applies whether it’s a property you’re looking to buy or a property to rent. While a RE/MAX agent can give you some detailed insights, it’s always good to have prior knowledge.

That’s why we’ve picked out five essential features to consider when determining whether a property like an apartment is worth the price advertised.

1. Locality and location

What are the best places to rent an apartment in Malta? The chief determining factor for both buying and renting is almost always location. Proximity to amenities, ease of access in terms of transport, and the neighbourhood itself are all critical factors that will affect the cost of the property in question. However, other aspects need factoring in too.

Centrality and future development need to be considered, especially when buying. Land is a finite commodity, especially in Malta and particularly in certain towns and cities.

Locations that are already highly developed and have little room for further growth tend to cost far more than localities with space to expand into. It’s also the reason for the increase in construction and availability of apartments in Malta.

However, it’s worth looking at plans for localities with room for development in terms of future investments. If there are plans for new schools, public transport, civic infrastructure, commercial development and healthcare, then property value in that area will soar in the near future. Read more about Malta’s trendiest localities to buy or rent real estate.

2. Property size

The common theme is that bigger is better, and bigger is more expensive. And most real estate agents will agree with that theme. However, here at RE/MAX Malta, we’ll tell you it’s not just the overall footprint that counts. How the space is used will also determine property price or, rather, value, and this becomes more apparent when renting a property in Malta or Gozo.

Liveable space is the key here; en-suites are highly desirable, while garages, gardens and roof/loft spaces offer the chance for extensions. Having said that, don’t go wild with changing the layout. Heavily reducing the number of bedrooms could lower value and attractiveness if you’re looking to sell now or in the future. Something similar could also be said of open-plan kitchens, as this comes down to personal preference.

That’s why it’s always good to first chat with an estate agent before engaging in any home changes to understand what effect this will have on your property’s value.

3. Outdoor Area

As we’ve just established, outdoor space is a big deal when it comes to price as well as desirability. Again, a larger outdoor area means increased property prices, but one must consider other aspects.

How difficult is it to obtain permits for development, if at all? What is the likely cost of upkeep of a large outdoor space? What condition is it currently in? Is it in a state of disrepair and requires plenty of fixing, such as relaying tiles or soil? These pertinent questions will help you correctly assess a property’s value.

4. Finishing

The level and type of finishing your property comes with (if it does) is another factor that heavily influences the final price. Finishing prices are determined by whether the finish is standard or custom, along with the size of the house, respective rooms, and, if applicable, the outdoor spaces and garages.

That’s why, if you’re looking at apartments for lease or any type of property for rent in Malta, we strongly suggest contacting a RE/MAX Malta agent for thoughts, suggestions and number crunching before taking any decisions.

5. Income

The last factor that overrides all of the above is your income. Although there are various schemes and incentives for prospective homeowners, there should always be a budget to stick to. The mortgage obtained will guide you along the path described above.

What you can afford to buy will act as the ground for inclusion or exclusion for location and locality, the property type and size, the outdoor area, and the type of finishing.

RE/MAX Exclusive

Choosing the right letting estate agent is vital to find the property of your dreams. At RE/MAX Malta, we’re more than simply experts in the industry. We’re here to help people genuinely find a property they can fall in love with, whether buying or renting any type of real estate, like an apartment for rent, on the Maltese islands.

If you’re looking to sell quickly, we’ve also got you covered! With RE/MAX Exclusive, we practically guarantee that we’ll be able to find a sale for your home within 90 days of its listing!

Click here to learn more about RE/MAX Priority, or get in touch with one of our agents today, to find your dream property for rent in Malta or Gozo, or help someone find their own. Learn more about the top 6 most popular types of properties for rent on the Maltese islands in 2022.