Malta’s economy is absolutely booming at present with a Gross Domestic Product growth rate of 5.6 percent, which is double the EU average.
Malta is also experiencing a huge influx of workers from overseas, who are seeking plentiful job opportunities in areas such as iGaming, the financial sector and tourism.
Buying a property in Malta is the better option
This influx has led to a rent squeeze as landlords have pushed up rent to meet the incredible surge in demand. The property purchase market is also creeping up, but nowhere near as dramatically as the rental market.
This means that if you do have fixed employment, a contract and the means to make a deposit on your own property, you could save thousands by opting for a mortgage rather than paying rent and getting nothing in return.
The fact that the market is edging up means that you will also get a good return on your investment should you decide to leave the country or even upsize or downsize on another property.
What you need to buy a property
Provided that you have a local bank account and proof of employment and that you pass the means test for a loan, getting a mortgage is relatively straightforward in Malta, although the massive swell of property agents can sometimes cause a headache.
While it is not common, ‘gaming’ can sometimes take place, where an agent will push for a higher price for a better commission. This can be a con which needs to be taken into account but can be overcome by getting different agencies to provide asking quotes on different properties.
Like most other countries, to purchase a property here, you must have life and home insurance premiums in your name to secure against mortgage. Put quite simply, buying property is at present, while the market is still not over inflated prices, a no brainer.
While prices are slowly creeping up, ancillary services and commissions demanded by agencies have not yet quite caught up. Mortgage interest rates are quite favourable and any repayments you may have to make will be far cheaper than what you would pay in rent. One small drawback which might influence your decision is the fact that selling a property can take some time because notaries are required to carry out extensive research to ensure that there are no other claimants to titles or deed. So you will need a good legal professional by your side to make sure everything goes smoothly.