You have decided to buy a property – but what is next? The whole idea of finding a property in Malta, planning the move, legalities, konvenju’s, mortgages and expenses is enough to make anyone’s hair stand on end.
Buying a property is one of the biggest financial decisions that you will make in your life. It is a lengthy and complicated business, which while exciting is often fraught with stress and worry. But luckily there is a lot of good advice around helping you to make your property-buying experience as easy and problem-free as possible.
After finding a property in Malta that you like, which can take anything from a few days to many months, the process from having your offer accepted to completion of the sale can take as little as 12 weeks.
We have prepared a series of articles as a guide to buying property in Malta.
Property Prices
One of the main factors of the up and downs of prices is the supply and demand chain. How many people are looking for the same property and in the same area you are searching and how many properties are available within your search criteria. If there are more buyers than sellers the prices tend to rise. If there are more sellers than buyers the prices tend to fall. However, it is neither that simple as people buy and sell completely different property types, new and old, studio flats, large villas, furnished or unfurnished, those in good condition and ones that need lots of investment, to name only a few! If buyers only want villas in Sliema and there are only apartments available then the price of the apartments may go down and the prices of the Villas that come available may go up. If everybody wants to live in a certain development and there are only limited units available like let’s say, The Portomaso development in St. Julian’s, the prices may rise regardless of any market conditions as long as the demand remains intact.
To get the property you want and achieve your must haves you may need to compromise on price and area or accept having to live on the outskirts of that area or live without some must haves which may not be the most logical thing to do.
In today’s Malta property market it is as much as a buyer’s market in some areas as it is a seller’s market in certain developments depending on your requirements. There is a good supply of property in Malta in some areas where you can achieve better prices. One is advised to speak to your local RE/MAX associate to present you with further details on the property market and recommend properties according to your search criteria. It is important that you give the real estate agent with as much information as possible so they can narrow down your search and assist you professionally without wasting your time viewing unnecessary properties.
In our next article we will go through tips on buying a property through an estate agents and we will touch on some important tips as well as the questions you should expect from a Real estate agent just doing his job.