It is quite amazing to realize that there are real estate opportunities in Malta worth looking into. The island has been growing by leaps and bounds over the past few years, which means that property prices here have clearly reached a level where they can be attractive for foreign buyers. One of the attractions of this emerging market lies in its very small size. It is not unusual to find many properties for sale in this island that are selling at prices lower than the average ones of similar properties sold in other European countries. This does not mean though that it is an easy place to buy real estate.
Before looking into how you can invest in real estate Malta (https://www.bluehomes.com/Immobilien-Malta/M/de/debut.html), perhaps it’s worth pointing out some thingsthat are normally not considered by foreign buyers. Foreigners may need to consult a tax expert before buying real estate Malta because if they spend 183 days or more on the island during any year, they have to pay taxes on all their income worldwide. The local laws require foreigners who buy property worth 350,000 Euros or more to present proof of use of the capital gain accumulated through the investment within 3 years after purchase. Then there is stamp duty at 1% plus VAT, which can be as highas 18%.
The first step towards identifying an area where you would like to invest is surely locating a suitable property or project. It is important that this should be something within your budget and also meet your specific needs as a buyer. For example, if you love being near the sea then look at properties in Marsascala, Golden Sands etc. If you are looking to invest in commercial property in Malta then try Marsaxlokk or Pembroke. While different properties have different price tags, it is important that you should not rush into a purchase and make sure the deal is right for you; i.e. ensure that there are no hidden costs involved and that all your requirements – such as whether you need a sea view or a pool – are met by the property concerned.
Once you’ve chosen an area and found a suitable property to invest in, one of the most crucial factors that needs to be considered before purchasing real estate Maltais legal fees, because this will help avoid problems later on down the line when you’re trying to sell. If these aren’t taken care of at the early stages of acquiringproperty, it could lead to significant delays and even worse, potential problems with the sale.
One of the first things you should consider is how easy the property is to resell. As mentioned above, you might need an agent when buying real estate Malta; but agents tend to earn their money on the sale side, so if you have your own agent, they will be biased towards choosing the right agent for the sale if and when you decide to resell. In terms of actual legal fees, there are a number of options that will depend on how much control you want over things. You can either hire an attorney or a notary public who will take care of all the details required in preparing a contract for buying real estate Malta. If you choose this option, it may cost between 1% and 4% of the property price depending on its size.
It is also possible to go directly to a law firm yourself instead of using an agent as well as having one handle all your documentation after finding out their rates beforehand to work out whetherit’s worth hiring them. However, if you do decide to arrange it all yourself and don’t use an agent, you must ensure that the contract is in the Maltese language and checked by a notary or legal counsel. You should also be aware of the required documents needed when purchasing real estate Malta so you can prepare everything beforehand.
Posts from the same category:
- Process of buying property in Moldova can be somewhat complicated
- Why Purchase Real Estate Greece
- What You Need to Know About the Belgium Real Estate Market
- Italian Real Estate and Luxury Property
- Tips to Find and Buy Cheap Ljubljana Apartments for Sale
- Buy a Farmhouse
- Living a stone’s throw from Italy