While the world economy languishes, Malta’s economy bucks the trend and is booming. The economy is doing so well that multinationals and foreigners with money are coming to the nation in droves. This has proved to be a real boon for the local property market. Consequently, there is ample property for sale in Malta.
As mentioned above, Malta’s booming economy is making real estate an attractive investment and housing opportunity for those who are first time home buyers. Real property prices have increased by 17% in the past two years, but are still affordable by European Union standards. This means that there is no dearth of people who are interested in making their first home in Malta. Housing in Malta fits most Europeans’ budgets, therefore it is easy for them to get their loan approved by European banks. Many home buyers compare loan offers and conditions from competing banks before making a decision. Maltese first time home buyers are well aware of the fact that bank loans only cover 90% of the mortgage and home completion costs, therefore they are responsible for the remaining 10% which can serve as a down payment.
Since buying a home is an involved and emotional process that takes many months to complete because a person buying a first home is buying a dream which reflects his or her personality and lifestyle, he or she should consult with a realtor because this professional will be best qualified and equipped in terms of resources to guide the home buyer through this experience to ensure that the home buying process is a dream instead of a nightmare. REMAX in Malta is the perfect choice for first time home buyers because our real estate agents are trained to excel in sales, are knowledgeable about the Maltese real estate market, and about current and emerging trends, and have access to the infrastructure needed for them to make well thought out and informed decisions for their clients!
Since home prices in Malta are not set in stone, the home buyer working in conjunction with his or her realtor has the option of negotiating the home’s price in Malta to arrive at a price that satisfies both him or her and his or her seller. Once the buyer and seller have arrived at a property price that is acceptable for both parties, they sign a Preliminary Agreement which is known as a Konvenju in Malta. This agreement binds both parties to the transaction and specifies the date when the transaction is finalized and the funds are transferred.
While buying property in Malta can be a complex and emotionally involved process, it is not an insurmountable one. A buyer who follows the tips offered in this article, and which his or her realtor advises will have no trouble finding a the home of his or her dreams in this dream European nation!