Whether you are looking to relocate or just buy a holiday home, Malta’s property market is attracting investors from around the world. The island offers many different housing options, from modern apartments to historic houses and even a few commercial properties to choose from. The key to buying a property in Malta is to do your research and to be prepared for the lengthy process. With the right help, it can be a smooth and rewarding experience.
First of all, you will need to apply for an AIP permit (Approval to Purchase). This is a legal document that allows non-EU citizens to buy and own a property in Malta. However, the property must be used by the buyer and his or her family only; it cannot be rented out to third parties.
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You can start your search for the ideal property in Malta by looking at online listings and contacting estate agents. It is also advisable to visit Malta at least once to get a feel for the neighborhood and view properties in person. Once you find the perfect property, you will need to enter into a Promise of Sale (known in Maltese as Konvenju) with the seller. This will bind both parties to complete the purchase within a certain timeframe.
A deposit is generally requested at this stage. The amount is typically 10% of the agreed price. After all legal searches and negotiations have been carried out, a notary public will carry out the final deed of sale.