It’s easy to see how Malta is a popular choice for many. The cost of living is also very affordable in Malta. This stunning archipelago of islands is popular with UK retirees and expats who want to enjoy the sun, work, and play. You will need to find somewhere you can live if you are considering moving to Malta. Our essential guide to buying property in Malta for foreigners includes information about real estate market in Malta, average property prices, tips on mortgages, fees, taxes, and more.
What Is The Property Market In Malta Like?
The coronavirus pandemic of 2020 has affected Malta’s economy and property market, as well as many other countries around the world. Prior to the global health crisis, Malta’s property market experienced steady but modest growth. Prices increased by almost 12% in 2018 and 2.5% in 2019, respectively. The pandemic was a major factor in Malta’s resilient property market. Prices rose by 5% in 2020. Experts predict that property prices and demand will increase rapidly as Malta’s economy recovers and opens its borders to tourists. This could be the best time to buy a property at a lower price.
Is It Easy To Buy Property In Malta As A Foreigner?
To buy property in Malta, you don’t have to be a resident. However, an AIP (Acquisition of Immovable Properties) permit is required. You will receive your permit in around 35 days. There is a fee. There is a limit of one property for both EU and foreign citizens who purchase property in Malta. You can only buy one apartment or house, unless you are buying in a Special Designated Area. You can purchase as many properties as possible in these areas of luxury, resorts, or developments where foreign investment is encouraged.
Property Purchases In Malta After Brexit
Good news: British expats still have the option to buy property in Malta after the UK leaves the EU. Brits will have to obtain an AIP permit. You can only search for one property unless you are focusing your property search in a Special Designated area.
Is It Possible To Buy Property In Malta And Get A Residency?
Most foreign buyers will need to obtain the visa or work permit required to stay in Malta for more than 90 days. If you have sufficient cash, you can purchase property in Malta and obtain residency status. The program is known as the Malta Citizenship by Investment Program and is aimed at individuals with high net worth. You can earn citizenship by investing between EUR600,000.000 and EUR750,000. After 1-3 years, you will be eligible to apply for a second Maltese passport and citizenship.
