Malta is a country which is financially booming at present with the GDP rate of 5.6 percent, which is double the European average. The state is experiencing a huge influx of foreign workers, who are looking for amazing job prospects in areas such as tourism, finance, and iGaming.
Purchasing Property In Malta Is The Best Option Today
This influx has created a rent squeeze as landowners have increased the renting criteria to meet the amazing surge in demand. The latest properties for sale in Malta are also growing, but it is nowhere near as dramatically as the rental market.
This indicates that if you work as a permanent employee, have a contract and the means to make a deposit on your own house, you could save literally thousands by opting for a mortgage plan rather than paying rent each month and getting nothing in return.
The fact is, the Malta real estate is edging up, which means that you will enjoy a great return on your investment, in case, you consider leaving the country or even upsize/downsize on some other option.
What Do You Require to But A Property?
Provided that you have proof of employment and access to a local bank account, you get through the means test for a loan obtaining mortgage is relatively simple in Malta, though the massive swell of real estate agents can often be a headache.
Although it is not very common ‘gaming’ can oftentimes take place, where a real estate agent will push for a higher price on houses for sale in Malta for a better commission. This can be a con which should be considered but can be easily overcome by involving several real estate agencies to provide quotes on a number of different properties.
Like it is in other countries, to buy real estate in Malta, you must have home and life insurance premiums on your name to secure against a mortgage plan. Putting this simply, buying property at the moment, while the market is not overinflated, is a no brainer.
Though the prices are gradually creeping upwards, commissions and ancillary services demanded by the agencies have not so far quite caught up. Mortgage rates are also quite favorable and any repayments you perhaps have will prove to be far cheaper compared to what you would end up paying in rent.