Learn all about the fundamentals of the real estate market, property prices and trends before selling or buying property in Malta.
You have decided to buy property in Malta or Gozo – but what is next? The whole idea of finding a property in Malta, planning a move, legalities, konvenju’s, mortgages and hidden costs is enough to make anyone’s hair stand on end.
Buying a property for sale in Malta or Gozo is one of the biggest financial decisions you will make. The process of purchasing any type of hot real estate on the Maltese islands is a lengthy, complicated, and exciting process, often fraught with stress and worry. But luckily, there is a lot of good advice about helping you throughout the buying process to help you make your property-buying experience as easy and problem-free as possible.
After finding the perfect property for sale in Malta or Gozo 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.
Thanks to a series of articles, we at RE/MAX Malta, have created a series of guides to help you during the property hunting or buying process so that you know all the fundamental steps needed to buy a home for sale in Malta or Gozo. These will also include 4 important questions that you should expect from a real estate agent, how to get the best of a Malta agent and many more.
One of the main factors which influence directly the price of your desired home in Malta or Gozo is mainly the supply and demand of the real estate market. This takes the form of; how many people are looking for the same property 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. Explore how RE/MAX Malta simplifies the buying procedure.
However, it is important that you give the real estate agent as much information as possible so they can narrow down your search and assist you professionally without wasting your time viewing unnecessary properties.
Read more about the final stages of the purchasing process when buying a property for sale in Malta or Gozo through an estate agent.