The Property Market Malta is a very important part of the Maltese economy. The property market is also one of the main sources of employment and income for the country.
Despite the current economic situation in Malta, there is still a strong demand for real estate on the island. This has been the case for a while and will likely continue in the future.
A number of factors are contributing to the growing demand for real estate on the island. For example, Malta is an attractive option for buyers from abroad, due to its political stability, low crime level and its central location in the Mediterranean.
As a result, there is a strong demand for property on the islands of Malta and Gozo. Moreover, the properties available for sale in these areas are of high quality.
Many people have already made the decision to move to Malta. Some of them have been living here for years. Others have only recently arrived and are looking for their first home in the island.
When purchasing a new house, people usually turn to an estate agent who can help them find the perfect place for their needs. They will explain the budget, show them a selection of apartments and houses, advise them and help them with the purchase process.
This is a very time-consuming procedure, and if you are not familiar with the Property Market Malta on the island, it can be very difficult to make a wise decision. Fortunately, there are a number of property websites on the internet which can provide you with valuable information.
Another factor affecting the property market on the Maltese islands is the increase in inflation. This has had an impact on the price of everything, including property.
According to data from the National Statistics Office, inflation in Malta rose significantly by 6.8% in July 2022. This is a significant jump from the average rate of 0.7% that was recorded in the first half of 2022, which shows that there is a growing demand for goods and services.
In addition, there is also a growing demand for housing in Malta and Gozo, especially by foreigners. This is because the government has created an open environment for immigration, allowing citizens of certain countries to acquire property on the island.
These include citizens of the European Union, Iceland, Liechtenstein and Norway. There is also a growing interest amongst non-European Union residents, who are looking to secure a property in the island for its potential investment value and tax benefits.
For example, the stamp duty is reduced to 1.5% if the property’s purchase price is below EUR400,000. In order to take advantage of this reduction, the buyer must sign a promise of sale agreement before 31 March 2021.
The majority of Maltese people speak English, making it easy for international residents and investors to communicate with the local population. The government has also been promoting English language training for its workforce, making it even easier to find and connect with people on the island.
